I still think it’s all relative. Wanting something for 2.3 million straight up is my whole point though. I can understand kids may want to live where they grow up or somewhere really desirable but without help you need to start at the bottom to get where you want and I don’t think a lot of people are prepared to do that
The problem is that even 2-3 bedroom houses that need work on small blocks in the Central Coast, South Coast or Blue Mountains cost between 600k-800k now. And many of those aren't even in the nicer areas in those regions.
No it’s not. I know plenty of people who have done it on their own as well as couples on low wages and without any fantastic incomes
I agree with that and the cycle is at a peak. Our average salaries are high though too. People also being able to work from home has inflated regional demand and associated prices as well.
Yeah so many people moving from Sydney to there or people buying holiday homes/properties to air bnb there have inflated prices..
I’m talking about houses (not apartments, townhouses, duplexes). And in the last 6 months try and go buy a duplex in the shire, 1.8m+ all of them. And all you get is 5 pokey “bedrooms” on 250sqm.
Its alright you can come have a beer in tha woy with me
Values in the land for that one. Duplexes going up at 3M each.
No mate, he’s an agent in the area you’re looking at and a good bloke. We still live in a country where unskilled labourers and wharfies earn more than doctors. 20 years of savings? Where mate?
1.8, 2.4, 5 bedrooms etc? My point is just being reinforced
In Eastwood? It’s basically China. I wouldn’t touch the area personally
Yep and they’ll all get set for a rise. The reserve banks predictions will be a year or so off. I can only give my advice but at the end of the day I’ll keep buying at the right times and helping friends and family who want to listen
Oh fair enough.. I meant 20 years of savings to buy one place outright these days.. They bought their five places outright in that same amount of time.. I don't think they had one mortgage during that time.. And the properties they did buy (mainly out West) barely went up in value unlike today.. In the 60's they sold a terrace on Oxford St to build a house in Condell Park.. If they'd bought houses in better areas, the whole family would have been laughing.. Instead they bought five Old Kent Roads instead of three Leicester Squares.. Haha..
I think the first thing they definitely have to do is abolish Stamp Duty. It prices so many first home buyers out of the market. It is such a volatile tax anyway that depends on how the market is performing. It should be changed to an annual payment.
It's the phenomenon known as pulling the ladder up. Where once upon a time owning a home was affordable for everyone if they made sacrifices, we entered an era where those who bought multiple properties when it only took a few years of savings and hard work now recognise the benefit of it and will probably die with reasonable wealth. But to do that they've been quite happy to create a situation where their grandkids are probably going to have to work for 20 to 30 years to afford a small basic home. It began under Howard. Back when he was in the PM job house prices were getting pushed up and it's pretty much been steadily inflating prices since because that's pretty much all the liberal party knows to keep the economy rising. One of their schemes was to give people from overseas free citizenship of they bought houses here (at least that was the case a few years back, not sure about now) and that pushed the average prices above a million. But a lot of people think it'll keep rising forever. If the ass drops out of the market as I expect it will, plenty of people are going to be paying 20 to 30 year loans on property that won't ever be worth what they paid for it. And I think there's a level of delusion and desperation for the prices to keep rising.
Agreed and I didn’t say that’s an average wage. I was just saying I know numerous people on much less money who have got into the property market by buying dumps in less desirable areas. Some have self renovated, some haven’t. Most have upgraded to nicer places or areas but it’s taken time.
