Sydney House Prices - Seriously Though WTF

[B-Train]

My wife's old man's parents passed away 7 years ago, they put 8n the will that their sister could live in the house untill she gets married, she's over 50 now and doesn't look like she'll ever get married, not fair on the other siblings but they can't do anything about it cause it was in the will.

That's the other thing I forgot to mention earlier. Often some parents put some weird stipulations in their will or completely screw over/leave out a particular child or two and favour others which then often get contested..

 

[N4TE]

My wife's old man's parents passed away 7 years ago, they put 8n the will that their sister could live in the house untill she gets married, she's over 50 now and doesn't look like she'll ever get married, not fair on the other siblings but they can't do anything about it cause it was in the will.

Yeah why would she even if she meets a guy just don’t get married.

 

[Psycho Doggie]

Stuff about money laundering and international cartels using the Aus property market due to lax regulations has been hitting the news over the last few days. No doubt it exists, and if it is happening in a big way it would explain the more recent rises. But how much impact is it actually having?

Widespread money laundering is contributing to Australia's inflated property prices, a senate inquiry has heard

Widespread money laundering is contributing to Australia's inflated property prices, a senate inquiry has heard.

www.businessinsider.com.au

 

[SPEARTAKVIDREFS]

Same here brother I've got a couple of places in Logan - nothing flash, wouldn't mind two or 3 more but am more than content if this is all I ever own.

Sounds like your set Caveman. A nice nest egg for later.

 

[Natboy]

Your point is that low income couples can buy property… that’s not true because you can’t build any wealth on those wages and you can’t borrow enough unless your combined income is 300k+. Go speak to some lenders and get some figures

I speak to lenders all the time and know several people that have done exactly what I’ve said including myself. Not just couples, single people as well and with no help from families

 

[BELMORE]

I speak to lenders all the time and know several people that have done exactly what I’ve said including myself. Not just couples, single people as well and with no help from families

Have you watched the market move in the last 3, 6 months? Im not talking about the market in 2020, it’s different. Lenders also treating customers differently. The fact is you need over 300k to borrow 1.8. 300k is more than average combined salary.

 

[Chris Harding]

We even looked into that as both of us love Tasmania and have been there a few times. Our friends bought down there two years ago and I was shocked and how expensive places were down there. They'd be even more costly now.

We rented an AirBnB earlier in the year in Currarong on the South Coast. It's about 2 and a half hours away from Sydney. Nice little beach town but a fair way away from main shops and Sydney.. It somehow cost us 1k for three days there in tiny 2 bedroom little beach cottage on a small block outside of peak season in mid February.. Out of interest I thought, how much would a place like this cost? Looked at what it sold for and it was 700k! At that point I finally gave up and said we'll never be able to buy anywhere.

Five years earlier I saw the same property sold for 200k. So if they bought it then, airbnb'd it this whole time. They'd make a fortune.. Shit is totally out of control. I don't know how far south or North you have to go to be able to afford something.

Other friends recently moved as far as Port Macquarie just to be able to afford something..

I bought a unit at Forster way back when they had a pollution problem with oysters in Wallis Lake. Property prices were depressed because of the scandal, so I said to my wife, we should take the risk and buy something while we can borrow enough from the bank - I was able to draw some of my super to help pay for it. We bought a beach front unit at Pebbly Beach. It was tough, and we made sacrifices to afford the mortgage, but it worked for us in the long run, and we had a holiday place for the family. Sold it a few years ago and put it all into super and home renovations in Sydney.

After we paid it off, we bought lake side unit at Forster ten years ago, and the tenant is helping us pay that one off. That unit, and our Sydney home will go to our children when we pass on. It's the only way they will get into the market.

We could buy in Forster, because we don't need to live and work there. Very hard to do if you have a young family and one income. There's not much work up there- unless you are a tradie. But, you could find something cheaper out of Sydney, and rent it out to help cover the mortgage. It at least gives you a nest egg, and one foot in the market; and you become a hated landlord and negative gearer as well.

 

[B-Train]

I bought a unit at Forster way back when they had a pollution problem with oysters in Wallis Lake. Property prices were depressed because of the scandal, so I said to my wife, we should take the risk and buy something while we can borrow enough from the bank - I was able to draw some of my super to help pay for it. We bought a beach front unit at Pebbly Beach. It was tough, and we made sacrifices to afford the mortgage, but it worked for us in the long run, and we had a holiday place for the family. Sold it a few years ago and put it all into super and home renovations in Sydney.

After we paid it off, we bought lake side unit at Forster ten years ago, and the tenant is helping us pay that one off. That unit, and our Sydney home will go to our children when we pass on. It's the only way they will get into the market.

We could buy in Forster, because we don't need to live and work there. Very hard to do if you have a young family and one income. There's not much work up there- unless you are a tradie. But, you could find something cheaper out of Sydney, and rent it out to help cover the mortgage. It at least gives you a nest egg, and one foot in the market; and you become a hated landlord and negative gearer as well.

That's one of of main downsides of moving to more regional areas out of Sydney... Like you said unless you're a tradie or self employed then work is way harder to find.

 

[Natboy]

Have you watched the market move in the last 3, 6 months? Im not talking about the market in 2020, it’s different. Lenders also treating customers differently. The fact is you need over 300k to borrow 1.8. 300k is more than average combined salary.

I sure have and am heavily involved in the property market. Where are you buying to need to borrow 1.8? (My whole point)

 

[BELMORE]

I sure have and am heavily involved in the property market. Where are you buying to need to borrow 1.8? (My whole point)

Sydney, Sutherland shire, st George areas. Houses only (not duplex or townhouse). Sutherland shire in particular is messed up, so overvalued in my opinion.

Edit: I’m not buying, I just monitor the market.

 

[Natboy]

Sydney, Sutherland shire, st George areas. Houses only (not duplex or townhouse). Sutherland shire in particular is messed up, so overvalued in my opinion.

I agree and everything is currently over-valued but whilst most will shift soon with higher supply, increasing interest rates, lower clearance rates etc, areas like the shire will always be more inflated. It’s not out of reach but the people who bought houses in the fringe areas like Engadine, Heathcote etc & have just sold very high with a lot higher profit margin than they would buying a two bedroom unit in Cronulla/Woolooware/Caringbah etc for the same or less money

 

[doggieaaron]

20-30% increase this year

 

[Noeasyday]

My mum is a barrister who's handled a million family law cases and estate disputes. The shit often takes years to settle and so many times it gets messy where the siblings turn on each other and get nasty. Often true colours are revealed once their parents pass away. I hope whenever the time comes (and hopefully not for a while for your parents) that your family and anyone elses sort it out amicably.

It's a shame to see families torn apart by greed. Our family is pretty close but I can sense the vultures circling even most of her six kids all earn lots of money and have properties all paid for.. Once my grandmother passes (again which hopefully isn't for a while) I know shit is going to get messy. It's amazing how greedy people are. But never surprising..

I've been living this the last 12 months.
My Dad sold some land and I got an early inheritance, nothing much, but enough to make life a bit more comfortable.
My two older sisters, both estranged from my Dad for 20 plus years haven't spoken a word to me since I told them about it.
They never had an issue with my relationship with Dad until money was involved. I offered them 10% each of the inheritance as a peace maker upfront and all I was met with was 'we'll wait for him to die and go after it all then'.
Needless to say, I gave my old man the heads up and my affidavit of that conversation has been added to his will as a measure to ensure they don't get anything.
The worst bit about it is the pressure it puts on the relationship between my kids and theirs, but mostly it puts our Mum in the most difficult position because she doesn't want to be stuck in the middle of the shit between her kids (Mum and Dad separated 30 years ago). Even Mum told the sisters to pull their heads in and act their age, that they chose to have nothing to do with Dad and it's his choice to do what he wants with his money.

 

[wendog33]

I've been living this the last 12 months.
My Dad sold some land and I got an early inheritance, nothing much, but enough to make life a bit more comfortable.
My two older sisters, both estranged from my Dad for 20 plus years haven't spoken a word to me since I told them about it.
They never had an issue with my relationship with Dad until money was involved. I offered them 10% each of the inheritance as a peace maker upfront and all I was met with was 'we'll wait for him to die and go after it all then'.
Needless to say, I gave my old man the heads up and my affidavit of that conversation has been added to his will as a measure to ensure they don't get anything.
The worst bit about it is the pressure it puts on the relationship between my kids and theirs, but mostly it puts our Mum in the most difficult position because she doesn't want to be stuck in the middle of the shit between her kids (Mum and Dad separated 30 years ago). Even Mum told the sisters to pull their heads in and act their age, that they chose to have nothing to do with Dad and it's his choice to do what he wants with his money.

Difficult situation but happens all too often.

People need to think thru ALL the ramifications of estrangement from family, like missing out on inheritences. If their principles are higher than accepting the money when a parent dies, then they need to deal with that and the consequences...or else stay in the mix and have a relationship with Dad or Mum and work out the problem.

How people think they can have their estrangement, and the money, is astounding and entitled but you get that sadly.

All the best with dealing with it as the sibling caught in the middle. Continue to be true to yourself.

 

[B-Train]

I've been living this the last 12 months.
My Dad sold some land and I got an early inheritance, nothing much, but enough to make life a bit more comfortable.
My two older sisters, both estranged from my Dad for 20 plus years haven't spoken a word to me since I told them about it.
They never had an issue with my relationship with Dad until money was involved. I offered them 10% each of the inheritance as a peace maker upfront and all I was met with was 'we'll wait for him to die and go after it all then'.
Needless to say, I gave my old man the heads up and my affidavit of that conversation has been added to his will as a measure to ensure they don't get anything.
The worst bit about it is the pressure it puts on the relationship between my kids and theirs, but mostly it puts our Mum in the most difficult position because she doesn't want to be stuck in the middle of the shit between her kids (Mum and Dad separated 30 years ago). Even Mum told the sisters to pull their heads in and act their age, that they chose to have nothing to do with Dad and it's his choice to do what he wants with his money.

Sorry you have to go through all of those dramas man. I've seen it so many times before with Mum telling me so many stories of horrible cases she's worked on. Hopefully you guys can resolve it soon. I'm not looking forward to my Uncles and Aunts bickering and disputing when the time comes for my Grandmother..

Thankfully when it comes to myself and my two brothers for my Mum's house, which hopefully is a long time away, I know there won't be any issues. I'm sure we'll get a third each and no one will argue or dispute anything because the three of us and Mum aren't driven by money and love and care for each other too much to let it be a problem.

 

[Caveman]

I've been living this the last 12 months.
My Dad sold some land and I got an early inheritance, nothing much, but enough to make life a bit more comfortable.
My two older sisters, both estranged from my Dad for 20 plus years haven't spoken a word to me since I told them about it.
They never had an issue with my relationship with Dad until money was involved. I offered them 10% each of the inheritance as a peace maker upfront and all I was met with was 'we'll wait for him to die and go after it all then'.
Needless to say, I gave my old man the heads up and my affidavit of that conversation has been added to his will as a measure to ensure they don't get anything.
The worst bit about it is the pressure it puts on the relationship between my kids and theirs, but mostly it puts our Mum in the most difficult position because she doesn't want to be stuck in the middle of the shit between her kids (Mum and Dad separated 30 years ago). Even Mum told the sisters to pull their heads in and act their age, that they chose to have nothing to do with Dad and it's his choice to do what he wants with his money.

That sucks man, its never nice having people you grew up with and love bitterly drift apart.

 

[coach]

I've been living this the last 12 months.
My Dad sold some land and I got an early inheritance, nothing much, but enough to make life a bit more comfortable.
My two older sisters, both estranged from my Dad for 20 plus years haven't spoken a word to me since I told them about it.
They never had an issue with my relationship with Dad until money was involved. I offered them 10% each of the inheritance as a peace maker upfront and all I was met with was 'we'll wait for him to die and go after it all then'.
Needless to say, I gave my old man the heads up and my affidavit of that conversation has been added to his will as a measure to ensure they don't get anything.
The worst bit about it is the pressure it puts on the relationship between my kids and theirs, but mostly it puts our Mum in the most difficult position because she doesn't want to be stuck in the middle of the shit between her kids (Mum and Dad separated 30 years ago). Even Mum told the sisters to pull their heads in and act their age, that they chose to have nothing to do with Dad and it's his choice to do what he wants with his money.

That’s a shame mate, sounds like your a decent fella
I never understood family’s being disgruntled etc
I understand divorces etc, and people being pissed for a while
But to have nothing to do with your dad
Wow

Anyway good luck with everything mate
Hope all goes smoothly

 

[Baseball Furies]

I love the Canterbury-Bankstown area which I’ve lived my whole life. But even a fibro shit box is over $1m it’s off it’s head. So hard to buy now. Then I look on the Gold Coast and for $600k you can get a modern home on the water. Although I’m not sure abou thow much work there is and how much you get paid.

Flick me the link to these houses on the Goldy brother lol, house prices here have gone up crazily in the last 12 months.

$600k buys you a decent place on the north of the Gold Coast - Coomera/Ormeau - up near Dreamworld, and nowhere near water, about 30km from the beach or say Broadbeach.

 

[Caveman]

I love the Canterbury-Bankstown area which I’ve lived my whole life. But even a fibro shit box is over $1m it’s off it’s head. So hard to buy now. Then I look on the Gold Coast and for $600k you can get a modern home on the water. Although I’m not sure abou thow much work there is and how much you get paid.

Pay rates are kind of irrelevant, I can get paid between 100k and 180k in the same role in different companies and that applies in each state, I could do an internal transfer from state to state and get paid roughly the same money, or I could look around for higher rate at a different company, or settle for a lower rate if it suits my lifestyle.

 

[N4TE]

Yeah tough situation but if it's your father's wish for his legacy to be equally divided between his equally loved children, then if your sis is hindering that outcome, you need to fully explore the legalities of the situation and any possible pitfalls.

Sadly your sister is being a bit selfish if she can't see that she needs to include, and consider your opinions and rights, as the equal inheritor with future decisions about the property.

Probably you don't need to worry at this stage with any hassles, but I would def seek legal advice bc she could possibly say you never objected to her clear stated intention to remain in the house.

You don't want to be dealing with issues like that during grieving times. All very awkward for you and I'm not sure on your circumstances but better to be informed on all ramifications beforehand.

There are obviously a lot more facets to it then I will say on here but things like yeah she has not worked for quite a few years now and made a few very silly life decisions (as we all have) anyway shouldn’t bad mouth her because we are very close but I worked hard for my privileges and it’s not fair to just get stuff handed to you because you haven’t wanted to put in the hard work. And I don’t want to get the “well I’m a single mother” thing used against me because that was not of my making and it’s a good guilt trip but be more adult that was not my decision.

I’ll always support and help her but don’t appreciate being manipulated.. Especially by a very loved little sister. She is good at playing the little sister card bloody bitch because she knows I always bite but I don’t think this one will go how she envisions which I hope doesn’t damage our relationship.

And again like I keep telling her this is so incredibly morbid let’s not go through this can we at the moment..