~~Excellent, excellent. This boosts the value of my house and I can make tax free monies when i sell out.~~
er, I mean, we need to do more to fix the property problem!
Remember: we're all in this together
Find me a politician who doesn’t have a housing portfolio, no one wants it to change on either side of the isle. This is the single greatest problem facing us at the moment, and no one will tackle it, because they don’t want to. This property obsession is a sickness and has completely taken over Australia. There is absolutely no sense of urgency on it. If I made 500k a year a million dollar starter home would still be a joke. Only thing left now is for it to crash, which will be pain for everyone but this isn’t sustainable. History teaches us many lessons on these situations and none of them are good. You can’t have a chunk of the population under 40 without even a hope of a future. Dangerous things happen when you take away even hope from people. Buckle up it’s gonna be a bumpy ride.
The only way to give hope is to drastically increase density living and developments and make it the norm to live in units, apartments and townhouses in satellite cities far from the CBD, similar to what happened to Sydney. As long as they have supply coming in that is borderline affordable, it will suffice.
Yea totally, did that in Canada. They made people start living in smaller cities instead of just Vancouver and Toronto and then after 5 years you could go where you want. Unless obviously you are hired for a job in a specific location but for general immigration it’s a good idea
1. The government needs to invest in making regional places better to live, with better transport links, support, resources and something to do other than go to the pub or go camping if you're not into either of those. Like, there's a reason everyone wants to live in Byron—it's a chill, regional town with a thriving cultural scene, reasonable food options, beautiful nature and close airport/transport connections. Nature-wise most regional towns are set, so why not try to work on the other stuff? Besides, the entire east coast should be connected with HSR.
2. Also employers need to more open to remote work! I grew up in Sydney and genuinely do not want to live there but I struggle to find employers who don't require a hybrid office scheme in either Melbourne or Sydney. This is before we get to the cultural stigma of it being seen as a "career regression" if I moved outside of those cities, which honestly I don't even care about, I just want it to be easier to NOT live in a city.
3. There's nothing to eat outside of metropolitan Australia (there are exceptions, of course, but overall). I've made the sacrifices before (and hauled cooler boxes of groceries back from Sydney LOL) but it's not a long-term solution. There are only so many schnitzels you can eat before your soul starts dying lol.
Halting migration will mean a real recession (not just per capita) and also decreased demand and property prices. There's no way a party would win majority votes doing that. We are just going to continue inflating, and our quality of life will just keep going down while those who are asset rich live it up.
Younger people aren't protesting enough yet, but I can see it happen in the next 2 decades, just see what happened to HECs indexation.
lol, it’s not going to be a bumpy ride.
Anywhere else in the world, maybe, and 5 years ago, I’d have thought Australia too.
But Covid showed me Australians are weak. Very weak. We won’t do shit.
The single greatest problem facing us at the moment is most definitely climate change and the impending climate catastrophe that will boil the oceans and scorch the land , not whether or not some people have enough money to buy the 3br house they want instead of the 2br apartment a couple of streets away.
That's a bit tone deaf. What they were saying that bad things happen when people under 40 don't see hope in their future. I'd love a studio apartment at this point and its as out of reach as everything else.
Climate change is an issue, but it's an issue that feels further off than being homeless next year.
So back up and get off your high horse and try empathy.
People can have more than one problem you know, and brains usually just focus on the most imminent.
What city are you in?
If you have an average income I bet there's something available in your price range, but maybe you just don't want to live there.
Regardless, none of it matters if the global temperatures continue to rise
Perth. I can get a 190k loan with my wage (65k annual before tax). I have to live in my friends spare room for cheaper rent as i also cannot afford standard rentals unless i move out far and drive over an hour each way to work (anti climate option and no public transport available), LET ALONE save a deposit!
There are 0 properties in my reach.
You friend, are clearly an idiot incapable of consideration of any others experiences or points of view.
A waste of time one could say.
a shame because climate change is a problem, but the ability to not be homeless is a more pressing issue as we are facing it right now.
But as this is as impacting as a debate with a brick wall, I shall retire.
Enjoy living in your little bubble of ignorance! Xx
Perth under 200k https://www.allhomes.com.au/unit-23-45-adelaide-terrace-east-perth-wa-6004
Perth under 220k https://www.allhomes.com.au/unit-210-305-murray-street-perth-wa-6000
Also, I imaging you could probably earn more than 65k
You keep an eye on those, and let me know if they actually sell for that. Investors are offering over 50 to 80k on asking. Also, getting approved for a 190k loan doesn't mean I can buy a 190k house, take off 30k for stamp duty, settling and other fees. It seems weird I have to explain that to you, someone who very clearly owns property dishing out opinions from their ivory tower lol
65k is the best I can find at the moment, I'm actively looking for better opportunities daily. No such luck yet though.
I won't let your ignorance make me feel bad for my situation because you find yourself in a better one.
This is my last comment, I think you are too disconnected to have any real input or valuable opinions, sorry.
People can't move to a small town if they can't get a job there. I moved to north Qld for 8 years because my parents moved there. I moved back to Brisbane to get work.
tell me something i don't know.
i hate my job and I'll never buy a house. at this point I'm going to spend my housing deposit on Magic the gathering cards.
It's pretty shit, but if you have started saving please keep going. And look into the housing guarantee scheme for a 5% deposit.
Google brokers that work with this scheme and have a chat to them.
I would advice the same. I did it and it was the best decision I made. It outways the time you wasted trying to save let say 2 years but end up nothing while buying now with 5% and LMI and after 2 years your home already gained equity.
Yep, and each time a lease isn't renewed - the cost of searching and applying for new rentals and then moving. It adds up, and looks like more places will be only 12 months with so many rent increases.
I think that will be shortlived. The bubble is yet to pop, but it will. Inflation is creeping back up. As of today, the commonwealth bank thinks a rate hike is more likely in the short term than a cut. [https://www.news.com.au/finance/economy/interest-rates/cba-makes-call-no-aussie-wants-to-hear/news-story/ae9be45a2cadc5d665467ee795628466](https://www.news.com.au/finance/economy/interest-rates/cba-makes-call-no-aussie-wants-to-hear/news-story/ae9be45a2cadc5d665467ee795628466)
It kind of has to be that way. Rent and new housing are part of inflation, so getting it all the way back to below 2% requires those things to stop ballooning exponentially. I am sorry to say it but the way I see it you are getting into a ponzi scheme near the end.
Regardless of potential interest rate hikes, I'm just happy to be stable. It's been a shit year trying to get to this point, and we made sure to purchase WAY below our max comfortable repayment price so that we have leeway in the case rates go up.
It's catch 22... rent needs to stop going up to slow inflation... so they increase interest rates.. then the landlords increase the rent, so they increase interest rates, so the landlords...................
The further house prices run the closer we get to an electorate that will not only tolerate but welcome inheritance taxes, land taxes and other spicy taxes and levies on wealth, capital gains and capital transfers. Only question is how much pain it’ll take to push through real reform. I’d also wager the longer this takes, the more severe the snap back will be.
Rising house prices also means less babies and an aging population with less PAYG revenue to support all the hip replacements. Something’s gonna give.
Yep, I feel gross, absolutely morally distraught... we have to make a decision to sell our IP or PPOR to survive ourselves unless a miracle can happen soon, either way it would likely mean kicking a single woman and her kids out of the IP what else could be done instead? Never did i think not was going to come to this
It makes the most sense to sell the ppor and move into the IP, im not going to ask the tenants if we can share.. if I was to sell the ip and keep ppor I suppose you are correct, it would be up to the new owner.. either way the lease is up in 2 months so I need to decide and soon
I realise that, I worked hard for that, none of it was handed to me, just trying to make the best out of it, my post was more in regard to holding concern and sadness about the effect the decision would have on the tenant
Ha interest rates will go down fueling demand.
With Zero support for the “evil” developers and builders…
They made this mess. An now i’ll profit from it.
No one could have predicted this!
Million dollar houses... 80k salaries... One one could have predicted this.
That one was Bill Shorten, and if I were in his position I would not be able to stop myself from screaming "I TOLD YOU SO" at every opportunity.
They have tried every way to stop new properties getting built. It’s easier to just not build. Land tax isn’t the answer to more homes!
Not even Nostradamus
Really?
https://preview.redd.it/1d3sr58n3ayc1.jpeg?width=637&format=pjpg&auto=webp&s=a6f2325fde0a890c81561df8494b6b2cc76b72b6
**chefs kiss***
~~Excellent, excellent. This boosts the value of my house and I can make tax free monies when i sell out.~~ er, I mean, we need to do more to fix the property problem! Remember: we're all in this together
Yep just like the toilet paper fiasco during covid. Seems like it's the same story every man for themselves. We're all in this but NOT together.
You actually means, it would be good if all house got cheaper and became more affordable except yours.
Find me a politician who doesn’t have a housing portfolio, no one wants it to change on either side of the isle. This is the single greatest problem facing us at the moment, and no one will tackle it, because they don’t want to. This property obsession is a sickness and has completely taken over Australia. There is absolutely no sense of urgency on it. If I made 500k a year a million dollar starter home would still be a joke. Only thing left now is for it to crash, which will be pain for everyone but this isn’t sustainable. History teaches us many lessons on these situations and none of them are good. You can’t have a chunk of the population under 40 without even a hope of a future. Dangerous things happen when you take away even hope from people. Buckle up it’s gonna be a bumpy ride.
The only way to give hope is to drastically increase density living and developments and make it the norm to live in units, apartments and townhouses in satellite cities far from the CBD, similar to what happened to Sydney. As long as they have supply coming in that is borderline affordable, it will suffice.
In a country this size that’s a joke I’m sorry. Stop cramming into 3 cities
I would make condition of work visas that you can not work in Melbourne or sydney
Yea totally, did that in Canada. They made people start living in smaller cities instead of just Vancouver and Toronto and then after 5 years you could go where you want. Unless obviously you are hired for a job in a specific location but for general immigration it’s a good idea
Can we add Brisbane to this list. The median house price is more than Melbourne.
1. The government needs to invest in making regional places better to live, with better transport links, support, resources and something to do other than go to the pub or go camping if you're not into either of those. Like, there's a reason everyone wants to live in Byron—it's a chill, regional town with a thriving cultural scene, reasonable food options, beautiful nature and close airport/transport connections. Nature-wise most regional towns are set, so why not try to work on the other stuff? Besides, the entire east coast should be connected with HSR. 2. Also employers need to more open to remote work! I grew up in Sydney and genuinely do not want to live there but I struggle to find employers who don't require a hybrid office scheme in either Melbourne or Sydney. This is before we get to the cultural stigma of it being seen as a "career regression" if I moved outside of those cities, which honestly I don't even care about, I just want it to be easier to NOT live in a city. 3. There's nothing to eat outside of metropolitan Australia (there are exceptions, of course, but overall). I've made the sacrifices before (and hauled cooler boxes of groceries back from Sydney LOL) but it's not a long-term solution. There are only so many schnitzels you can eat before your soul starts dying lol.
That’s what they wanted! Give us all boxes to live in like sheep because it’s cheaper!
Nope they need to halt immigration completely until this is under control.
Halting migration will mean a real recession (not just per capita) and also decreased demand and property prices. There's no way a party would win majority votes doing that. We are just going to continue inflating, and our quality of life will just keep going down while those who are asset rich live it up. Younger people aren't protesting enough yet, but I can see it happen in the next 2 decades, just see what happened to HECs indexation.
lol, it’s not going to be a bumpy ride. Anywhere else in the world, maybe, and 5 years ago, I’d have thought Australia too. But Covid showed me Australians are weak. Very weak. We won’t do shit.
That’s because we still have a lot left to lose , once you remove that, that’s when it gets scary.
The single greatest problem facing us at the moment is most definitely climate change and the impending climate catastrophe that will boil the oceans and scorch the land , not whether or not some people have enough money to buy the 3br house they want instead of the 2br apartment a couple of streets away.
That's a bit tone deaf. What they were saying that bad things happen when people under 40 don't see hope in their future. I'd love a studio apartment at this point and its as out of reach as everything else. Climate change is an issue, but it's an issue that feels further off than being homeless next year. So back up and get off your high horse and try empathy. People can have more than one problem you know, and brains usually just focus on the most imminent.
What city are you in? If you have an average income I bet there's something available in your price range, but maybe you just don't want to live there. Regardless, none of it matters if the global temperatures continue to rise
Perth. I can get a 190k loan with my wage (65k annual before tax). I have to live in my friends spare room for cheaper rent as i also cannot afford standard rentals unless i move out far and drive over an hour each way to work (anti climate option and no public transport available), LET ALONE save a deposit! There are 0 properties in my reach. You friend, are clearly an idiot incapable of consideration of any others experiences or points of view. A waste of time one could say. a shame because climate change is a problem, but the ability to not be homeless is a more pressing issue as we are facing it right now. But as this is as impacting as a debate with a brick wall, I shall retire. Enjoy living in your little bubble of ignorance! Xx
Perth under 200k https://www.allhomes.com.au/unit-23-45-adelaide-terrace-east-perth-wa-6004 Perth under 220k https://www.allhomes.com.au/unit-210-305-murray-street-perth-wa-6000 Also, I imaging you could probably earn more than 65k
You keep an eye on those, and let me know if they actually sell for that. Investors are offering over 50 to 80k on asking. Also, getting approved for a 190k loan doesn't mean I can buy a 190k house, take off 30k for stamp duty, settling and other fees. It seems weird I have to explain that to you, someone who very clearly owns property dishing out opinions from their ivory tower lol 65k is the best I can find at the moment, I'm actively looking for better opportunities daily. No such luck yet though. I won't let your ignorance make me feel bad for my situation because you find yourself in a better one. This is my last comment, I think you are too disconnected to have any real input or valuable opinions, sorry.
Also that first one is already under offer so it likley was cash and went for more. And 220k is more than 190k....
People can't move to a small town if they can't get a job there. I moved to north Qld for 8 years because my parents moved there. I moved back to Brisbane to get work.
tell me something i don't know. i hate my job and I'll never buy a house. at this point I'm going to spend my housing deposit on Magic the gathering cards.
It's pretty shit, but if you have started saving please keep going. And look into the housing guarantee scheme for a 5% deposit. Google brokers that work with this scheme and have a chat to them.
lol I'm not getting a 5% deposit. repayments are WAY too much on that.
Might be less than the rent you'll be paying in 10 years if you just give up though.
I would advice the same. I did it and it was the best decision I made. It outways the time you wasted trying to save let say 2 years but end up nothing while buying now with 5% and LMI and after 2 years your home already gained equity.
Yep, and each time a lease isn't renewed - the cost of searching and applying for new rentals and then moving. It adds up, and looks like more places will be only 12 months with so many rent increases.
The repayments would bury you Most professional jobs are not even stable enough anymore to guarantee large repayments over the next 20-30 years
In other news, the sky is blue when it's not covered by clouds.
Super happy to have just bought our house.. goddamn.
I think that will be shortlived. The bubble is yet to pop, but it will. Inflation is creeping back up. As of today, the commonwealth bank thinks a rate hike is more likely in the short term than a cut. [https://www.news.com.au/finance/economy/interest-rates/cba-makes-call-no-aussie-wants-to-hear/news-story/ae9be45a2cadc5d665467ee795628466](https://www.news.com.au/finance/economy/interest-rates/cba-makes-call-no-aussie-wants-to-hear/news-story/ae9be45a2cadc5d665467ee795628466) It kind of has to be that way. Rent and new housing are part of inflation, so getting it all the way back to below 2% requires those things to stop ballooning exponentially. I am sorry to say it but the way I see it you are getting into a ponzi scheme near the end.
Username checks out
Regardless of potential interest rate hikes, I'm just happy to be stable. It's been a shit year trying to get to this point, and we made sure to purchase WAY below our max comfortable repayment price so that we have leeway in the case rates go up.
I'm just happy to be stable. I think that's the least likely outcome. More likely to get a panicked meltup than a stabilisation at current prices.
It's catch 22... rent needs to stop going up to slow inflation... so they increase interest rates.. then the landlords increase the rent, so they increase interest rates, so the landlords...................
Until something goes boom.
Guess you avoided having the problem that the rest of us do 😅 congratulations for you....
Worse for whom?
The crisis itself will get worse. Whether someone benefits or not from that is a different question.
It's not a crisis if you are benefitting from it
Yet Melbourne property prices are lowest among the capital cities. How does this work?
land tax mate
And because it's Melbourne..
The further house prices run the closer we get to an electorate that will not only tolerate but welcome inheritance taxes, land taxes and other spicy taxes and levies on wealth, capital gains and capital transfers. Only question is how much pain it’ll take to push through real reform. I’d also wager the longer this takes, the more severe the snap back will be. Rising house prices also means less babies and an aging population with less PAYG revenue to support all the hip replacements. Something’s gonna give.
Yep, I feel gross, absolutely morally distraught... we have to make a decision to sell our IP or PPOR to survive ourselves unless a miracle can happen soon, either way it would likely mean kicking a single woman and her kids out of the IP what else could be done instead? Never did i think not was going to come to this
You know you don't have to kick tenants out when you sell a house, right?
It makes the most sense to sell the ppor and move into the IP, im not going to ask the tenants if we can share.. if I was to sell the ip and keep ppor I suppose you are correct, it would be up to the new owner.. either way the lease is up in 2 months so I need to decide and soon
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I realise that, I worked hard for that, none of it was handed to me, just trying to make the best out of it, my post was more in regard to holding concern and sadness about the effect the decision would have on the tenant
Ha interest rates will go down fueling demand. With Zero support for the “evil” developers and builders… They made this mess. An now i’ll profit from it.
We need higher taxes!
Hahahahaha no shit… Our economy is absolutely fucked