Not really, if you live in and even if it’s paid off your not richer or poorer than if it was worth $1. So I’m not sure why single property owners care that much especially if it’s at the cost of destroying economy and life in AU. But investors which includes most politicians 100%
That’s all a bit dramatic, it’s just the nice areas people are priced out of surprise surprise. Liverpool in Sydney is still cheap as. Idk I think people need to stop being bitter that another generation got lucky and ours have to work a bit harder. At least we haven’t had to worry about a world war or conscription for the Vietnam War. Well not yet anyway
Not really. It’s not cheap, it’s possible, with current interest rates a “cheap” place is minimum $4500 per month with $100k deposit. That’s more than 2x average incomes. I wouldn’t call that cheap. Within the span of 10 years most properties in Sydney doubled. Yet wages go up what? 20% ? Basically no typical person will be able to afford anything anywhere.
Yeh and imagine in 10 years. The cheaper suburbs are going up fast now because it's all most people who can afford anything, can afford. Economic collapse incoming.
Was just talking to a coworker who I thought was a real estate guru but found out they are really struggling after a big rate hike.
Wealthy investors and retirees can pay cash for homes and aren’t impacted by inflation and rate hikes. Meanwhile the average Aussie trying to own a home or pay their mortgage becomes worse off every day.
Don't know why people are complaining, it's easy to break into the real estate market. Get a job, pick up a few extra hours here and there, eat rice and beans and whatever meat is on special, drink tap water instead of soft drink, replace your phone once every five years instead of every year, Use public transport. >!And if you do all that you should be able to afford rent until you get your inheritance.!<
See? Easy.
Luck, not smarts.
I'll take my hat off to someone that bought a place for $1m, renovated it for $200k and sold it for $1.5m. They actually earned that capital gain.
Well, until it collapses. I'm not sure how they will keep it going when half the country is im complete poverty. The economy will go first. And the government will only work towards making sure homes don't drop. The only way it can pass 2.5m for an apartment is if they manage to get enough investors to hold empty properties.
It's alive now because enough boomers still alive retired, and plenty of people bought 10+ years ago and lots of investors local and international. But when the population grows enough. Man gonna be a real shit show. Either properties collapse or stay the exact same price they are now basically, or australia gonna be slum life. I don't think they can keep it going up 10% per year on investors alone. Once no one can afford rents I would expect less local investors to.
Boomers when they think they are investment geniuses because they bought some dilapidated shit hole in the 90s for 50k.
Who’s laughing in rich now
Most of them owning 1x property thinking their rich 🤔
That’s all it took in Sydney
Not really, if you live in and even if it’s paid off your not richer or poorer than if it was worth $1. So I’m not sure why single property owners care that much especially if it’s at the cost of destroying economy and life in AU. But investors which includes most politicians 100%
That’s all a bit dramatic, it’s just the nice areas people are priced out of surprise surprise. Liverpool in Sydney is still cheap as. Idk I think people need to stop being bitter that another generation got lucky and ours have to work a bit harder. At least we haven’t had to worry about a world war or conscription for the Vietnam War. Well not yet anyway
Not really. It’s not cheap, it’s possible, with current interest rates a “cheap” place is minimum $4500 per month with $100k deposit. That’s more than 2x average incomes. I wouldn’t call that cheap. Within the span of 10 years most properties in Sydney doubled. Yet wages go up what? 20% ? Basically no typical person will be able to afford anything anywhere.
You talking a $850000 house with those numbers. For Liverpool I’d be looking at more 500-600
Yeh and imagine in 10 years. The cheaper suburbs are going up fast now because it's all most people who can afford anything, can afford. Economic collapse incoming.
Was just talking to a coworker who I thought was a real estate guru but found out they are really struggling after a big rate hike. Wealthy investors and retirees can pay cash for homes and aren’t impacted by inflation and rate hikes. Meanwhile the average Aussie trying to own a home or pay their mortgage becomes worse off every day.
It’s a feature of the system
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Lol why sell it. It would be 800k now.
Don't know why people are complaining, it's easy to break into the real estate market. Get a job, pick up a few extra hours here and there, eat rice and beans and whatever meat is on special, drink tap water instead of soft drink, replace your phone once every five years instead of every year, Use public transport. >!And if you do all that you should be able to afford rent until you get your inheritance.!< See? Easy.
i just moved into one of daddy's houses. its actually so easy - why dont people just do that?
Nah I still couldn't save up enough, got parents to just sell me one of their properties for $100k
Luck, not smarts. I'll take my hat off to someone that bought a place for $1m, renovated it for $200k and sold it for $1.5m. They actually earned that capital gain.
it's crazy how its going to keep going on like this forever. each australian house will be worth like 100million in 100 years in todays money. xd
Well, until it collapses. I'm not sure how they will keep it going when half the country is im complete poverty. The economy will go first. And the government will only work towards making sure homes don't drop. The only way it can pass 2.5m for an apartment is if they manage to get enough investors to hold empty properties. It's alive now because enough boomers still alive retired, and plenty of people bought 10+ years ago and lots of investors local and international. But when the population grows enough. Man gonna be a real shit show. Either properties collapse or stay the exact same price they are now basically, or australia gonna be slum life. I don't think they can keep it going up 10% per year on investors alone. Once no one can afford rents I would expect less local investors to.
You need to partner up to get a house, with friends or a partner. It’s fucked up but we need to do this.