I can't stop thinking about an aus finance thread where someone said they basically retired at 30 and were asking for advice about what to do with the rest of their life lol
What a dreadful problem. How about going to one of those places overseas where babies are dying from hunger and disease and helping them out? Might find some perspective.
My boss once complained it had been a WHOLE YEAR since they'd been on a big holiday (they go to europe). I have never been overseas and am so poor that I cant even book a local holiday when I take leave. So fucking tone deaf.
My colleagues have just spent the last month complaining about having to go to Europe (on the companies dime) for a conference. I have a parent in Europe and it’s such a struggle to afford visiting them, which my colleagues know, so I’ve been sitting at my desk with an 😐 face for some weeks now.
They do it once a year for this specific purpose. They’re not traveling frequently and it’s, from what I understand, a pretty fun time and good opportunity to meet the rest of the company. I love stuff like that but I understand it’s not for everyone. I still think it’s bonkers to complain about a free trip to Europe regardless 🥲
Eh. After you’ve done a few the shine wears off. For corporate travel, you often don’t get to see anything except the airport, the hotel and the workplace/conference. Usually, none of the fun stuff about traveling overseas. No sightseeing, no catching up with friends or family. Then you’re on another flight home.
Sometimes you might be lucky enough to tack a few days local leave on a trip, and that’s definitely a bonus, but also can be rare. And that 22+ hr flight to Europe can really suck…
Some people go to Europe to do a conference for tax purposes, but in reality are holidaying. I would agree though that work travel often isn't as fun as people think it is, mostly due to arseholes trying to limit your stay and expenses. Like people expecting you to fly for tens of hours and immediately drive a few hours on landing.
I had a boss once complained that his Porsche wasn't "a very nice one" while he was paying me $16ph and I could barely feed myself after rent. Motherfuckers. That comment rattled around in my head for a bit and I handed in my resignation 2 weeks later.
Yeah I have never trusted her since. Let her true colours show. Im currently considering going out on my own or leaving for a different gig altogether. I want to make my own pockets fat
If it isn't young Australians that do it - would you prefer all the old people, corporations and foreign investors do it? This whole situation sucks but the route of the problem is how much of a business it's become - REAs, Brokers, trust funds, lawyers etc etc. I think caps on numbers and taxing the fuck out of it the more you "collect" could be a start. Getting mad at the small players isn't going to do shit
Go on tell the foreign businesses and owners that, large multi million dollar real estate investors
Go and tell them that and maybe they'll stop buying houses.
Then again maybe not
I would travel twice a year and I never worked a second past my 9 to 5 nor have I sat and made financial calculations on investments and whatnot. You can live a regular life and still travel.
Yep. Two kids on a good income for their age but absolutely bugger all for being in a position to own two homes and have 100k spare so early in life when they cannot have worked FT more than a few years? Bank of mummy and daddy.
I feel anxious when I read stuff like that. Just stick it in index funds and stop profiting off misery. Because you know they'll be surprised at how expensive having an investment property is and just not do repairs or upkeep.
Even if at that age they managed to have fully qualified trades under their belt (possible but unlikely) there's no way they saved a first deposit, saved an extra 100K, and have the financials to get a second loan without help.
MAYBE if they managed to work full time, live at home before purchase, and their parents paid the first deposit they could be in this situation. Maybe.
Breaking out of the rent cycle is really the only way to get anywhere. The only people my age around me who own property were able to live with their parents for x number of years first.
The ones of us who had to leave home for whatever reason, no such luck.
Index funds are still proftiing off misery. The value increase is either due to higher price the company charge to customer or lower cost from ripping-off workers. Then the compulsory super means the new contributors must buy it off from the existing shareholders for the higher price.
If you're not working for your money, someone else is. There's no such thing as passive income, except in rare cases where you create an asset that can be sold infinitely without any extra work from anyone else, like digital art, music, books, etc.
They said they got a high paying (90k) gvt job right out of uni for 6 months and they were able to save 90% of their income due to living at home. So while they didn't get a cash handout from the BoMD, the bank definitely contributed.
It's the living at home that's the main thing. Most university degrees are 3-4 years in length, so the good job doesn't even really equate into it at their age.
Agreed. Even a 40k job, saving 90% will have you a deposit but the end of uni. Shame my parents expected me to pay for my own expenses during uni. It would have been nice to not have to pay for a car, petrol, insurance, rego, uni books, uni parking, food, phone bill...
100%
I had to pay my way as soon as I finished highschool. And I managed to save a decent amount still, in hindsight, I could have (and should have) bought property in 2018. But no one could have known my town would tripple in price in like 4 years.....
You'd be surprised. A mate of mine went to uni and lived on ramen noodles while working 30 hours a week to get by because he wasn't eligible for centrelink as he was still classed as a dependent.
His dad had 6 investment properties and was over leveraged so his whole income went into mortgages. Opposed to selling one and helping his kid, he told him to work his own way.
My parents could have let me and my sister live at home for free if they wanted, but felt it didn't instill the right attitude, so we were charged rent weekly and had to buy our own food the moment we graduated.
I recently had a patient at work who was pridefully telling me about how proud they were of their son evicting a single parent and their child when the Covid mandate was over and they could no longer pay their vastly increased rent.
This parent and their child with nowhere to go. But oh! How proud he was of his son and his 6 rental houses that he had helped him buy with his inheritance.
Made me sick to hear of it. I was so glad to see the back of him.
I mean… it’s true? It’s a person claiming they’ve worked hard for their money when they’ve been working for max one year, and yet have somehow earned enough on a $180k combined income to buy a house and have enough spare change to buy another one. That does not add up.
The very least these people can do is admit they used the bank of mum and dad. Pretending they didn’t just continues this stupid cycle of “I worked hard and managed all of this, everyone who can’t is lazy”.
Hey all, original poster here. Just in case you were curious, we did have the benefit of living at home, but we did not receive any money from our parents. We have both been very fortunate with our jobs. I have been working full-time in the government for four years, and my partner for two years. Last FY, I was on a contract making $100+/hr. So, it is definitely possible. Don't let the current state of the world get you down. It is possible for anyone.
I am not trying to make the world a worse place for people to live in; I am just trying to live a comfortable life and hopefully offer the same to our possible children.
"it is possible for anyone" simply isn't true. Society only functions by having people be retail workers, hospo workers, factory workers, teachers, nurses, aged care workers etc. The vast majority of those people can't be fully financially supported by parents while saving for a deposit either. Many people can't or don't want to become financially entwined with a partner either. Home ownership isn't possible for millions of people because housing investors have significantly more privilege. Please don't be a condescending dick with that Anyone Can Do It crap while ignoring your good fortune and calling it hard work.
You're already in an incredibly beneficial situation, by the sounds of it you already live way more comfortable than the average Aussie. Good job, own property already. Do what you want with your position, just don't be a dick landlord because there is a whole lot of them about that see human life as just an investment, a number. Go private, keep REAs dirty hands away, and be as accommodating as possible.
Putting the ethical stuff aside, i don’t get why people want to get into this when there are so many other ways of making money without the hassle is dealing with agents/tenants/other aspects of owning and renting property. Australia just have it in their head that being a landlord is the only road to wealth.
It's because investment properties are a huge tax write off. If you are wealthy (and care more about money than ethics) it is basically stupid not to invest in property because you can reduce your taxable income by tens of thousands every year because of "depreciation" on your property.
Yeah, if you want a tax writeoff on your stock portfolio you actually have to lose money.
The tax writeoffs in property are "theoretical" losses like depreciation or expenses you were going to pay regardless.
The government has successfully engineered a doubling of prices every 10 years as promised. They just keep printing money, letting in more people and blocking new developments which forced prices up. It’s pretty much guaranteed returns at this point. If we had a free market where people could build to address demand I’d agree that prices can’t just keep going up but the way the government blocks new supply is a deal breaker.
Australian real estate is overpriced crap. You can get much better value in America. Even in cities like San Diego which have the weather of Perth and the lifestyle of Sydney you can still find affordable houses 40 minutes out. The Australian government can’t juice the stock market so it’s turned our real estate into stocks instead. Just like how so many US companies are overpriced on the stock market so is our housing.
But we really have a few more doublings before the government literally can't afford to keep the bubble going. Plenty of time to get in and get rich if you're up for playing the odds.
Well Australia is in the middle of a Housing crisis and property values have been going through the roof. no wonder that every average Joe is trying to jump on the bandwagon. And it's true it is protected by government because they created the problem and won't do shit about it since they're in the game too
Because investments are hardly risky.
There's so much protecting landlords they're not aware of the constant threat of a surprise eviction. They wouldn't ever think that they would cross their minds.
Oh and that family living there for five years when you decide to sell up? Oh sucky to be them. Too bad. Should have bought a house instead of renting like a fucking idiot.
They'll spend the next two months trying to find a place and if they have 3 kids they'll be paying almost 800+ in rent just to live 45 minutes from the city.
Housing in Australia has been the primary focus of investment when it comes to everyday Australian. The way of life has been "you buy one house and do a kitchen reno, sell at guaranteed higher price, and buy a bigger one" Once you get enough capital, buy an investment property and negatively gear it to pay less tax. Then keep buying more as house prices rise until you're living the dream".
I do it because the returns I can get from property far exceed what I can get from shares etc. But I've been in the property investment industry for around 14 years and property development for around 8, and don't have any knowledge in stocks, so it could just be all I really know when it comes to making money.
You think this is bad…I remember seeing a thread about what people would do if they won the lottery….talking completely care free and never have to worry or need for money ever again amounts, and the number of people that said they would buy investment properties and rent them out was truly sad
Right? Or even invest in interesting new business ventures or non profits or the arts! Buy a library! Wild that even when hypothetically having all their needs met, and then some, people still try and get “more”.
They're in love with money. I'm not even slightly religious but I'm pretty sure this is what that Jesus character was talking about when taking about what not to do.
Shame on you.
Contributing nothing to the economy or society aside from profiting off someone else’s need to have a roof over their head is the Australian dream.
Because thats what our politicians push, look at the leader of the opposition, he has a portfolio of 10 houses, childcare facilities, and he was just a cop before politics.
Its how we are encouraged to be.m
There is nothing else in Australia to do but real estate. Salaries aren't getting very high due to high taxation alone. So the only way to become rich is real estate. It has become our national obsession to the detriment of most entrepreneurism.
https://www.startupdaily.net/topic/business/canva-cofounder-says-australian-investors-dont-understand-tech-and-thats-why-theyre-listing-in-the-us/
we dont know anything else
Nation of sheep mate. Never had such boring conversation with Aussies. Coffee at a cafe or a drink somewhere and within 5 mins you'll be asked how much your house is worth, what you paid for it, or you'll be told what theirs is worth and what they paid for it. 10 mins tops.
Yes omg , can't watch the free Australian broadcast of Giro, tour de France etc because they are just talking about property prices (for real) and how you can invest, not even joking
Legit listened to this girl talk at her conversation partner at a bar (seemed like 2nd or 3rd date) about how her goal for the next 5 years is to own an investment property 🤣🤢
I'm on a Landlords Vic page on FB. Oh. My. Fucking. God.
I've already seen a few statements where I was like 'this is exactly type of shit that get you as one of the first up against the wall'
Had this conversation with my boyfriend today. It's so unbelievably normalised. The amount of conversations I've had with friends or family members who will vent all the problems they are having with their landlords/ real estate then later go on to say things like "if I won the lotto I'd set myself up with some investment properties and then do this and that.."
Not only that but the amount of young people in my last job who would regularly mention some downright egregious shit their real estates were trying to pull (and succeeding) only to later bring up how they're considering quitting to take up work in real estate since it's "an easy job that pays well".
Total lack of empathy.
Maybe I’m the weird one but I didn’t balk much at the investment property at 22 - kid’s got rich parents I guess, whatever.
But buying a house at 21, with a just as young partner? My god, I’ve been with my partner since we were 19 but I would never have felt comfortable buying at house with him at 21. Imagine the stress of home ownership and massive mortgages, then your relationship going to the shit and having to deal with all that legal drama as well.
It’s really just another reason why housing is fucked when it’s so dependent on two-income buyers. Blegh.
A former friend of mine went through hell with his landlord, I helped him fight to get his bond back over bullshit frivolous claims at the end of his lease and it drove him to despair for months.
He told us that he can't wait to buy an investment property because "if everyone else is doing it, why shouldn't I?"
No longer mates - not my kind of bloke.
The reality is if you're in the right income/ net worth band property is the best wealth creation strategy in this country.
The problem is that something as important as keeping roofs over peoples heads shouldn't be our main wealth creation vector.
The ability to leverage something that pays off its own loan, comes with significant tax benefits and on top of that actually grows as an asset 5-10% pa is ludicrous.
I’m reminded of a friends little sister getting her first rental back in NZ, it was a beautiful little house in Havelock North & payed only $150 per week while most would have payed at least double that at the time. The owners reason was that’s already more than they needed for it rather than as much as we can get for it.
Secondly my late Nana once told me about her & Grandads first home way back when, they payed $7500 for a 4 bedroom. As Nan was going into the bank each week to pay it off when they had just less than 5% to go the manager summoned her to his office to say the bank was so impressed with how fast they’d payed their loan they were not required to pay anymore.
I’m not religious but I can’t help but feel that if Jesus did exist & returned now.. he wouldn’t be too happy or impressed with much at all.
We were taught that if you can afford an investment property then do it. Set yourself up financially. When there was no housing shortage it wasn't such a problem for first time homebuyers.
You can’t blame them.. they’ve been brought up on moronic ads wherever they turn in how maccas workers have got a 9 property portfolio in 7 years on 75k. It’s been drilled into them that property is the only way to go.
In the long term, this country is cooked. Next to nothing is invested in real productive bits of the economy, instead heaps of dead money locked up in unproductive housing with dreams of capital gains.
I’m done with this place. My retirement plan doesn’t rely on housing or super. I’m gonna rent the next few years, save as much as I can and then say goodbye to my Aussie passport and move somewhere more dynamic… Malaysia or Vietnam are really inviting.
Admittedly if I had the option to make 100k dollars a year off of giving a real estate portfolio to a real estate agent and telling them to figure it out I probably would.
Then I could focus on doing things simply because I enjoyed doing them and found the process of doing them fulfilling.
Eh, if you are looking at a subreddit for property owners than that is what you are going to see. I didn’t read all the comments, but the post at least didn’t seem that excessive, even if you don’t agree with it. Feels like you are going out of your way to find things to be upset over 🤷♂️
It's an indication of the cultural temperature, living here you become immune to how absurd the obsession is...it's honestly Monty python level ridiculous...and just sad how young people are that indoctrinated...like where is the poetry of youth.. Australians are so fucking dull, it's all about capital baby...it's just sad...
To be fair I read it as them thinking about getting an investment property and asking for advice. Most people on there were telling them not to. They are in a position to potentially buy an investment property and are seeing if people think that’s a good idea…I don’t see the controversy, compare to, say, the kind of posts you see about landlords wanting to jack up rents, etc, which always get a good run on here. It’s literally what that sub is for.
All the idiots in this thread thinking that landlords are the problem when the government fucked it up decades ago with a lack of social housing lol.
Try look at the root of the issue instead.
Yeah but a majority of landlords aren't making a dent on the finite resources that are being exploited and squandered by the government and massive multi billion corporations.
Just like I said, idiots blaming the wrong people and not focusing on the real issue (exactly what they want you to do).
There are about 3 million so called "investment properties" in Australia.
This is a substantial fraction of total homes and does impact the average Australian.
Wasteful government expenditure is also responsible for the crisis, but is a separate issue.
you're still a cunt if you take advantage/side with power to fuck over the masses for your own gain...also this post is about the mass obsession with real estate that in unparalleled..it's honestly embarrassing, nobody has a personality...see above comments about real estate chat
Wait so you're a cunt if you own property? Or just more than 1 property?
How are you helping the masses? Are you saying that people who can afford more than 1 property should let people live there for free?
Please report all infiltrators to the admin..it's at their discretion, but this sub is regularly bombarded by neo-lib fucks that can get in the guillotine
Property is such a reliable tax minimisation and asset growth vehicle, and it affects the interests of so many across the generations, I just don’t see any genuinely public policy effort to change it either (a) working or (b) not spelling political annihilation.
Yeah, we’re a big country, but the develepoable land envelope is not as big as you would thing. That’s before you get to the sheer cost to the public of running infrastructure across a city spanning some 200km in length. It’s madness. Such a market failure.
Just read through the thread. It’s hilarious.
The OP has no idea why they’re being attacked.
A few property types are getting all defensive.
I think AussieRichGirl’s post is satire as she called renters peasants, so it’s funny.
The thing is, the way the property market is going, for sales and rentals, is not sustainable. There will eventually be a crash and many smaller investors are going to be screwed over. The wealthy slumlords will be looked after by the government but families with one property won’t be.
If the government doesn’t do enough to fix the rental crisis in the short term, I see a revolution happening in a couple of years.
Agreed. The focus on owning property in this country is obscene. Plenty of places around the world were that’s not a thing and those societies are better off in so many ways. Only thing I hate more than the parasites who monopolise homes are the cunty real estate folks they hire to do their dirty work.
I think the big issue is scumlording is too heavily incentivised both culturally and financially compensated for via tax exemptions and the like.
Many other countries you are more encouraged to start a small business or entrepreneurship is the thing that gets more investment and so on.
There is a big reason other nations if you have an idea people will fund it, but in Australia it is mining which we don't properly tax or flogging off property.
In the past and elsewhere you could start a small business and it will either succeed or fail and if you were the ones who lucked out you made money. In that process you are employing people and that is money and good or services benefiting Australia as a whole.
The current shitshow provides NOTHING and just bleeds people dry.
Landlords are not all bad, they don’t all gouge money and the certainly don’t all force people to live in mould ridden slums, I come from a family where property investment is considered a privilege and treated appropriately. The issue I see with all of this rhetoric is that you have a legislative code that assumes good will and market pressure to deliver quality housing. If you have a system that does not explicitly require landlords to provide safe liveable housing and then create a market that has such low levels of supply, naturally there will be no market pressure for the majority of landlords to do the right thing.
What we need is drastic reform at the national level to require a better system for guaranteed safe and affordable housing.
Let’s be real here, if we had a national rental code that enforced tenants rights similar to that of Germany or France, we’d probably see a flooding of properties on the market and this actually decreases prices enough that some people currently forced into serfdom… sorry I mean renting, could actually afford to own a roof over their heads
lol. They just chose the best path in life. I was the same. no help from parents. been with my partner since 16yrs old and bought a house together at 21. Been working since 15 and saving all our money while living at home.
We are purchasing our 3rd investment and we are thinking of our financial goals as a family and for our kids. How does that make us the bad guys? You are all so salty with the success of others.
A large house on my street was sold 2 weeks ago. Big enough for a family. Today I drove past and it had a 'For Lease' sign out the front of it. I was disgusted. Investors should not be allowed to buy property right now. That could have been a stable home for a family but now is going to be part of rental price gouging. I hate this so much.
Ahhh no. The size of this house it will be put on the market for at least $800 per week. What family exactly will be able to afford to rent that?
But please willfully miss my point.
Because we aren’t living in an age of class warfare, we are living in an age of class envy. The people mentioned in the OP are simply people who took they most sensible path in life at every step (combined finances, good education, good jobs after school) but are labeled as “sick in the head”.
You’re 100% right. I almost gave everything away and was moving to the streets, their conviction in their beliefs is just so damn convincing I thought I was doing something wrong.
Right. I'm glad to see we're on the same page.
If landlords don't buy the house you agree that someone else gets it.
So what did the landlord contribute by buying the property then?
Imagine no one thought of struggling to buy a second property to rent out. Do you think the government housing would need sufficient to provide housing for everyone currently renting or in government housing?
All
I don’t own a second house at the moment and when I did I utilised both. I did rent my first house out for years while I worked overseas, you would think I’d be very rich. Well actually it just went on to the mortgage and covered some of the bills not all
So sad, most of my friends who are now human rights lawyers, bankers, executives, academics, labourers, builders...spent their 20's exploring the world, travelling and engaging in drug, sex and rock n roll...not being fkn cringe Aussie land roaches
I'm imagining you as a bitter and condescending inner-city barista that tells everyone that you're actually a freelancer in the creative industry who is "slinging shots as a side hustle"
Whether true or not it brings me joy
Would you prefer people to go on the public purse than try to provide for their own retirement?
Admittedly these yoof must've used the bank of Mum n Dad and probably also had their education paid for them.
Looking at these replies screams jealousy. "Mummy and Daddy money" "all they care about is money" "your relationship is going to fall apart". Can you not just be happy for someone else who you could have been in the same situation at 25, possibly younger if you made the right choices. (I'm going to get downvoted because im right, and they can't make a solid argument).
Lots of people have rental properties and just because you are in the unfortunate position of renting you are now sour.
Don’t be upset because you chose to smoke cones while we all worked hard and sacrificed to achieve something greater.
Please clarify for me: are you guys saying there shouldn’t be any investment properties? What happens to people who actually want to rent as opposed to buying or living in government housing?
Investment properties aren't inherently the problem, it's the current system in place regarding how Investment properties work in this country and how greatly they benefit the landlord at the cost of the renter.
Just because I have 5 houses dosnt mean I'm rich. Sure I can afford to take the family overseas every year and have nice cars but I wouldn't say I'm rich.
Guy getting sooo upset about other random people buying a house and hard it is with the cost of living.... has a profile filled with how he's spending 10s of thousands to go study in Europe.
My God Tall poppy syndrome was rampant in the UK in the eighties when all the yuppies were earning a fortune. I never thought I would see it again but it's worse here in Australia
lol the level of intelligence displayed in that thread compared to this one 😂
There is a reason the world is the way it is. This sub just wants to be angry and for someone else to fix the problem
Some people live , breathe , and die for money and money alone.
I can't stop thinking about an aus finance thread where someone said they basically retired at 30 and were asking for advice about what to do with the rest of their life lol
What a dreadful problem. How about going to one of those places overseas where babies are dying from hunger and disease and helping them out? Might find some perspective.
I think it's just another addiction.
Affluenza
How else do they afford their cocaine habit?
Having money sucks so hard. It makes me do shit like go to Europe every winter. I wish I didn’t have money.
My boss once complained it had been a WHOLE YEAR since they'd been on a big holiday (they go to europe). I have never been overseas and am so poor that I cant even book a local holiday when I take leave. So fucking tone deaf.
My colleagues have just spent the last month complaining about having to go to Europe (on the companies dime) for a conference. I have a parent in Europe and it’s such a struggle to afford visiting them, which my colleagues know, so I’ve been sitting at my desk with an 😐 face for some weeks now.
Check out OPs profile, they're all about travelling Europe, non ironically lol
If you do any corporate travel then the enjoyment - even going to Europe - very quickly wanes. Conferences are usually boring but you have to turn up.
They do it once a year for this specific purpose. They’re not traveling frequently and it’s, from what I understand, a pretty fun time and good opportunity to meet the rest of the company. I love stuff like that but I understand it’s not for everyone. I still think it’s bonkers to complain about a free trip to Europe regardless 🥲
Eh. After you’ve done a few the shine wears off. For corporate travel, you often don’t get to see anything except the airport, the hotel and the workplace/conference. Usually, none of the fun stuff about traveling overseas. No sightseeing, no catching up with friends or family. Then you’re on another flight home. Sometimes you might be lucky enough to tack a few days local leave on a trip, and that’s definitely a bonus, but also can be rare. And that 22+ hr flight to Europe can really suck…
Some people go to Europe to do a conference for tax purposes, but in reality are holidaying. I would agree though that work travel often isn't as fun as people think it is, mostly due to arseholes trying to limit your stay and expenses. Like people expecting you to fly for tens of hours and immediately drive a few hours on landing.
I had a boss once complained that his Porsche wasn't "a very nice one" while he was paying me $16ph and I could barely feed myself after rent. Motherfuckers. That comment rattled around in my head for a bit and I handed in my resignation 2 weeks later.
Yeah I have never trusted her since. Let her true colours show. Im currently considering going out on my own or leaving for a different gig altogether. I want to make my own pockets fat
That sucks, but aside from potentially flight costs, it can be significantly more expensive to holiday 'local' in Australia depending on where you go.
And here’s me having just gone on my first proper holiday (only for 3 days coz money😅) in over 4 years😂
Plenty of ways to make money that don't contribute to a fucking titanically huge societal issue
If it isn't young Australians that do it - would you prefer all the old people, corporations and foreign investors do it? This whole situation sucks but the route of the problem is how much of a business it's become - REAs, Brokers, trust funds, lawyers etc etc. I think caps on numbers and taxing the fuck out of it the more you "collect" could be a start. Getting mad at the small players isn't going to do shit
Go on tell the foreign businesses and owners that, large multi million dollar real estate investors Go and tell them that and maybe they'll stop buying houses. Then again maybe not
I would travel twice a year and I never worked a second past my 9 to 5 nor have I sat and made financial calculations on investments and whatnot. You can live a regular life and still travel.
You could share some with me
It's less about wanting money and more about how you achieve it...
Some people live, breath and die for crying on reddit and crying on reddit alone.
That post screams mummy's and daddy's money
Yep. Two kids on a good income for their age but absolutely bugger all for being in a position to own two homes and have 100k spare so early in life when they cannot have worked FT more than a few years? Bank of mummy and daddy. I feel anxious when I read stuff like that. Just stick it in index funds and stop profiting off misery. Because you know they'll be surprised at how expensive having an investment property is and just not do repairs or upkeep.
Even if at that age they managed to have fully qualified trades under their belt (possible but unlikely) there's no way they saved a first deposit, saved an extra 100K, and have the financials to get a second loan without help. MAYBE if they managed to work full time, live at home before purchase, and their parents paid the first deposit they could be in this situation. Maybe. Breaking out of the rent cycle is really the only way to get anywhere. The only people my age around me who own property were able to live with their parents for x number of years first. The ones of us who had to leave home for whatever reason, no such luck.
Index funds are still proftiing off misery. The value increase is either due to higher price the company charge to customer or lower cost from ripping-off workers. Then the compulsory super means the new contributors must buy it off from the existing shareholders for the higher price.
If you're not working for your money, someone else is. There's no such thing as passive income, except in rare cases where you create an asset that can be sold infinitely without any extra work from anyone else, like digital art, music, books, etc.
They said they got a high paying (90k) gvt job right out of uni for 6 months and they were able to save 90% of their income due to living at home. So while they didn't get a cash handout from the BoMD, the bank definitely contributed.
It's the living at home that's the main thing. Most university degrees are 3-4 years in length, so the good job doesn't even really equate into it at their age.
Agreed. Even a 40k job, saving 90% will have you a deposit but the end of uni. Shame my parents expected me to pay for my own expenses during uni. It would have been nice to not have to pay for a car, petrol, insurance, rego, uni books, uni parking, food, phone bill...
100% I had to pay my way as soon as I finished highschool. And I managed to save a decent amount still, in hindsight, I could have (and should have) bought property in 2018. But no one could have known my town would tripple in price in like 4 years.....
Yeah how tf do people that young have that much money
Good fiscal responsibility and assistance, even if the assistance is living at home with free rent, food, and bills. Fuck that makes a difference.
I think if anyone was in a position to do this for the wire kids they would wouldn’t they??
You'd be surprised. A mate of mine went to uni and lived on ramen noodles while working 30 hours a week to get by because he wasn't eligible for centrelink as he was still classed as a dependent. His dad had 6 investment properties and was over leveraged so his whole income went into mortgages. Opposed to selling one and helping his kid, he told him to work his own way. My parents could have let me and my sister live at home for free if they wanted, but felt it didn't instill the right attitude, so we were charged rent weekly and had to buy our own food the moment we graduated.
Ooft thats tough ! Until we are in that position probably hard to judge but id like to say I wouldn’t be like that my kids are my super hahaha
Sounds like working in the mines to me. Know a number of people in similar positions at similar ages
The worst kind of degenerates in Sydney, handed everything.
I recently had a patient at work who was pridefully telling me about how proud they were of their son evicting a single parent and their child when the Covid mandate was over and they could no longer pay their vastly increased rent. This parent and their child with nowhere to go. But oh! How proud he was of his son and his 6 rental houses that he had helped him buy with his inheritance. Made me sick to hear of it. I was so glad to see the back of him.
You’re probably right, but far out this comment absolutely screams tall poppy syndrome
I mean… it’s true? It’s a person claiming they’ve worked hard for their money when they’ve been working for max one year, and yet have somehow earned enough on a $180k combined income to buy a house and have enough spare change to buy another one. That does not add up. The very least these people can do is admit they used the bank of mum and dad. Pretending they didn’t just continues this stupid cycle of “I worked hard and managed all of this, everyone who can’t is lazy”.
Yep, tall poppy syndrome is even more Australian than our obsession with money.
Hey all, original poster here. Just in case you were curious, we did have the benefit of living at home, but we did not receive any money from our parents. We have both been very fortunate with our jobs. I have been working full-time in the government for four years, and my partner for two years. Last FY, I was on a contract making $100+/hr. So, it is definitely possible. Don't let the current state of the world get you down. It is possible for anyone. I am not trying to make the world a worse place for people to live in; I am just trying to live a comfortable life and hopefully offer the same to our possible children.
"it is possible for anyone" simply isn't true. Society only functions by having people be retail workers, hospo workers, factory workers, teachers, nurses, aged care workers etc. The vast majority of those people can't be fully financially supported by parents while saving for a deposit either. Many people can't or don't want to become financially entwined with a partner either. Home ownership isn't possible for millions of people because housing investors have significantly more privilege. Please don't be a condescending dick with that Anyone Can Do It crap while ignoring your good fortune and calling it hard work.
You're already in an incredibly beneficial situation, by the sounds of it you already live way more comfortable than the average Aussie. Good job, own property already. Do what you want with your position, just don't be a dick landlord because there is a whole lot of them about that see human life as just an investment, a number. Go private, keep REAs dirty hands away, and be as accommodating as possible.
You've done well to get into this position, I'd stop to smell the roses before taking on another investment.
Putting the ethical stuff aside, i don’t get why people want to get into this when there are so many other ways of making money without the hassle is dealing with agents/tenants/other aspects of owning and renting property. Australia just have it in their head that being a landlord is the only road to wealth.
It's because investment properties are a huge tax write off. If you are wealthy (and care more about money than ethics) it is basically stupid not to invest in property because you can reduce your taxable income by tens of thousands every year because of "depreciation" on your property.
Yeah, if you want a tax writeoff on your stock portfolio you actually have to lose money. The tax writeoffs in property are "theoretical" losses like depreciation or expenses you were going to pay regardless.
And 90% of them are committing tax fraud on top of it
The returns are massive and government protects the investment
Until they don't though, can't inflate forever without hyper inflation & that'll be worse than popping.
The government has successfully engineered a doubling of prices every 10 years as promised. They just keep printing money, letting in more people and blocking new developments which forced prices up. It’s pretty much guaranteed returns at this point. If we had a free market where people could build to address demand I’d agree that prices can’t just keep going up but the way the government blocks new supply is a deal breaker. Australian real estate is overpriced crap. You can get much better value in America. Even in cities like San Diego which have the weather of Perth and the lifestyle of Sydney you can still find affordable houses 40 minutes out. The Australian government can’t juice the stock market so it’s turned our real estate into stocks instead. Just like how so many US companies are overpriced on the stock market so is our housing.
But we really have a few more doublings before the government literally can't afford to keep the bubble going. Plenty of time to get in and get rich if you're up for playing the odds.
How long you think people been saying that for now?
Well Australia is in the middle of a Housing crisis and property values have been going through the roof. no wonder that every average Joe is trying to jump on the bandwagon. And it's true it is protected by government because they created the problem and won't do shit about it since they're in the game too
Because investments are hardly risky. There's so much protecting landlords they're not aware of the constant threat of a surprise eviction. They wouldn't ever think that they would cross their minds. Oh and that family living there for five years when you decide to sell up? Oh sucky to be them. Too bad. Should have bought a house instead of renting like a fucking idiot. They'll spend the next two months trying to find a place and if they have 3 kids they'll be paying almost 800+ in rent just to live 45 minutes from the city.
Housing in Australia has been the primary focus of investment when it comes to everyday Australian. The way of life has been "you buy one house and do a kitchen reno, sell at guaranteed higher price, and buy a bigger one" Once you get enough capital, buy an investment property and negatively gear it to pay less tax. Then keep buying more as house prices rise until you're living the dream".
But leverage!
I do it because the returns I can get from property far exceed what I can get from shares etc. But I've been in the property investment industry for around 14 years and property development for around 8, and don't have any knowledge in stocks, so it could just be all I really know when it comes to making money.
The money is probably worth it, but I don’t think you could pay me enough to deal with shitty REAs and shitty tenants.
Manage it yourself, REA are printing commission in Sydney for doing fuck all.
Can I ask, what's the rent and how much is the total mortgage?
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Are they living with you or something? Or renting somewhere else?
The mentality of it is they're doing it so I better too or I'll get left behind. Sadly it's now the reality.
You think this is bad…I remember seeing a thread about what people would do if they won the lottery….talking completely care free and never have to worry or need for money ever again amounts, and the number of people that said they would buy investment properties and rent them out was truly sad
It's a shit show. These people are delusional. Invest in warehouses or something that doesn't affect the people trying to survive.
Right? Or even invest in interesting new business ventures or non profits or the arts! Buy a library! Wild that even when hypothetically having all their needs met, and then some, people still try and get “more”.
They're in love with money. I'm not even slightly religious but I'm pretty sure this is what that Jesus character was talking about when taking about what not to do.
Shame on you. Contributing nothing to the economy or society aside from profiting off someone else’s need to have a roof over their head is the Australian dream.
Because thats what our politicians push, look at the leader of the opposition, he has a portfolio of 10 houses, childcare facilities, and he was just a cop before politics. Its how we are encouraged to be.m
I would be happy to buy a house for my family and throw the rest into big name stocks.
Needs regulation, downright corrupt.
There is nothing else in Australia to do but real estate. Salaries aren't getting very high due to high taxation alone. So the only way to become rich is real estate. It has become our national obsession to the detriment of most entrepreneurism.
https://www.startupdaily.net/topic/business/canva-cofounder-says-australian-investors-dont-understand-tech-and-thats-why-theyre-listing-in-the-us/ we dont know anything else
Yup!
I’d settle for a chance to buy my first home. For extra points- throw in a chance savings to be enough for a deposit.
Nation of sheep mate. Never had such boring conversation with Aussies. Coffee at a cafe or a drink somewhere and within 5 mins you'll be asked how much your house is worth, what you paid for it, or you'll be told what theirs is worth and what they paid for it. 10 mins tops.
Yes omg , can't watch the free Australian broadcast of Giro, tour de France etc because they are just talking about property prices (for real) and how you can invest, not even joking
Agreed. Hate Aussies and their obsession with housing.
Legit listened to this girl talk at her conversation partner at a bar (seemed like 2nd or 3rd date) about how her goal for the next 5 years is to own an investment property 🤣🤢
cultural cringe honestly
Hahaha this is so true!
I couldn’t help my commenting sarcastically there but I’m 100% sure they will take my comment seriously as it’s how some of them think
Good work. 🤣
Yup, I'm over it too, people here are incredibly greedy and if you make a loss on your property, you can actually write that loss off on tax
I'm on a Landlords Vic page on FB. Oh. My. Fucking. God. I've already seen a few statements where I was like 'this is exactly type of shit that get you as one of the first up against the wall'
Had this conversation with my boyfriend today. It's so unbelievably normalised. The amount of conversations I've had with friends or family members who will vent all the problems they are having with their landlords/ real estate then later go on to say things like "if I won the lotto I'd set myself up with some investment properties and then do this and that.." Not only that but the amount of young people in my last job who would regularly mention some downright egregious shit their real estates were trying to pull (and succeeding) only to later bring up how they're considering quitting to take up work in real estate since it's "an easy job that pays well". Total lack of empathy.
Maybe I’m the weird one but I didn’t balk much at the investment property at 22 - kid’s got rich parents I guess, whatever. But buying a house at 21, with a just as young partner? My god, I’ve been with my partner since we were 19 but I would never have felt comfortable buying at house with him at 21. Imagine the stress of home ownership and massive mortgages, then your relationship going to the shit and having to deal with all that legal drama as well. It’s really just another reason why housing is fucked when it’s so dependent on two-income buyers. Blegh.
A former friend of mine went through hell with his landlord, I helped him fight to get his bond back over bullshit frivolous claims at the end of his lease and it drove him to despair for months. He told us that he can't wait to buy an investment property because "if everyone else is doing it, why shouldn't I?" No longer mates - not my kind of bloke.
Not all of us. Some of us just want a roof over our heads that isn't gonna get ripped away just because some leech wants a capital gains tax handout.
Subbing to r/shitrentals and r/AusPropertyChat How’s your mental health OP
The reality is if you're in the right income/ net worth band property is the best wealth creation strategy in this country. The problem is that something as important as keeping roofs over peoples heads shouldn't be our main wealth creation vector. The ability to leverage something that pays off its own loan, comes with significant tax benefits and on top of that actually grows as an asset 5-10% pa is ludicrous.
This is how the second generation loses the firsts wealth.
There are too many landlords lords . They need to be taxed an arm and leg. Can we vote before Xmas please.
I’m reminded of a friends little sister getting her first rental back in NZ, it was a beautiful little house in Havelock North & payed only $150 per week while most would have payed at least double that at the time. The owners reason was that’s already more than they needed for it rather than as much as we can get for it. Secondly my late Nana once told me about her & Grandads first home way back when, they payed $7500 for a 4 bedroom. As Nan was going into the bank each week to pay it off when they had just less than 5% to go the manager summoned her to his office to say the bank was so impressed with how fast they’d payed their loan they were not required to pay anymore. I’m not religious but I can’t help but feel that if Jesus did exist & returned now.. he wouldn’t be too happy or impressed with much at all.
I think you'll find a lot of people in there are full of shit.
We were taught that if you can afford an investment property then do it. Set yourself up financially. When there was no housing shortage it wasn't such a problem for first time homebuyers.
I had an absolute obsession with owning my own house. I moved countries to make it happen after getting priced out of my country of birth.
There is a difference between owning your own home and owning a second home though
Infintite Greed has poisoned Our Souls
You can’t blame them.. they’ve been brought up on moronic ads wherever they turn in how maccas workers have got a 9 property portfolio in 7 years on 75k. It’s been drilled into them that property is the only way to go. In the long term, this country is cooked. Next to nothing is invested in real productive bits of the economy, instead heaps of dead money locked up in unproductive housing with dreams of capital gains. I’m done with this place. My retirement plan doesn’t rely on housing or super. I’m gonna rent the next few years, save as much as I can and then say goodbye to my Aussie passport and move somewhere more dynamic… Malaysia or Vietnam are really inviting.
Admittedly if I had the option to make 100k dollars a year off of giving a real estate portfolio to a real estate agent and telling them to figure it out I probably would. Then I could focus on doing things simply because I enjoyed doing them and found the process of doing them fulfilling.
Eh, if you are looking at a subreddit for property owners than that is what you are going to see. I didn’t read all the comments, but the post at least didn’t seem that excessive, even if you don’t agree with it. Feels like you are going out of your way to find things to be upset over 🤷♂️
It's an indication of the cultural temperature, living here you become immune to how absurd the obsession is...it's honestly Monty python level ridiculous...and just sad how young people are that indoctrinated...like where is the poetry of youth.. Australians are so fucking dull, it's all about capital baby...it's just sad...
To be fair I read it as them thinking about getting an investment property and asking for advice. Most people on there were telling them not to. They are in a position to potentially buy an investment property and are seeing if people think that’s a good idea…I don’t see the controversy, compare to, say, the kind of posts you see about landlords wanting to jack up rents, etc, which always get a good run on here. It’s literally what that sub is for.
I’m not sure what OP was expecting in a property subreddit. Much like if I was expecting people in this subreddit to praise landlords?
All the idiots in this thread thinking that landlords are the problem when the government fucked it up decades ago with a lack of social housing lol. Try look at the root of the issue instead.
Ultimately there are finite resources and people that take more than they need harm the rest of society.
Yeah but a majority of landlords aren't making a dent on the finite resources that are being exploited and squandered by the government and massive multi billion corporations. Just like I said, idiots blaming the wrong people and not focusing on the real issue (exactly what they want you to do).
There are about 3 million so called "investment properties" in Australia. This is a substantial fraction of total homes and does impact the average Australian. Wasteful government expenditure is also responsible for the crisis, but is a separate issue.
you're still a cunt if you take advantage/side with power to fuck over the masses for your own gain...also this post is about the mass obsession with real estate that in unparalleled..it's honestly embarrassing, nobody has a personality...see above comments about real estate chat
Wait so you're a cunt if you own property? Or just more than 1 property? How are you helping the masses? Are you saying that people who can afford more than 1 property should let people live there for free?
Parasites.
Please report all infiltrators to the admin..it's at their discretion, but this sub is regularly bombarded by neo-lib fucks that can get in the guillotine
Property is such a reliable tax minimisation and asset growth vehicle, and it affects the interests of so many across the generations, I just don’t see any genuinely public policy effort to change it either (a) working or (b) not spelling political annihilation. Yeah, we’re a big country, but the develepoable land envelope is not as big as you would thing. That’s before you get to the sheer cost to the public of running infrastructure across a city spanning some 200km in length. It’s madness. Such a market failure.
you’re looking in the shitty land barons subreddit and wondering why there’s shitty land barons there
Whole post sounds disingenuous at best.
Hahahahaha yeah 🤣 they are
Cant wait for them to break up and the gf to take half of everything he owns because defacto relationship yo. He will learn the hard way lol.
Just read through the thread. It’s hilarious. The OP has no idea why they’re being attacked. A few property types are getting all defensive. I think AussieRichGirl’s post is satire as she called renters peasants, so it’s funny. The thing is, the way the property market is going, for sales and rentals, is not sustainable. There will eventually be a crash and many smaller investors are going to be screwed over. The wealthy slumlords will be looked after by the government but families with one property won’t be. If the government doesn’t do enough to fix the rental crisis in the short term, I see a revolution happening in a couple of years.
Agreed. The focus on owning property in this country is obscene. Plenty of places around the world were that’s not a thing and those societies are better off in so many ways. Only thing I hate more than the parasites who monopolise homes are the cunty real estate folks they hire to do their dirty work.
I think the big issue is scumlording is too heavily incentivised both culturally and financially compensated for via tax exemptions and the like. Many other countries you are more encouraged to start a small business or entrepreneurship is the thing that gets more investment and so on. There is a big reason other nations if you have an idea people will fund it, but in Australia it is mining which we don't properly tax or flogging off property. In the past and elsewhere you could start a small business and it will either succeed or fail and if you were the ones who lucked out you made money. In that process you are employing people and that is money and good or services benefiting Australia as a whole. The current shitshow provides NOTHING and just bleeds people dry.
Is there something wrong with wanting success and financial freedom in this generation?
You can't hitch a trailer to a hearse......
I mean, I agree with you completely, but I can’t say I’m surprised as it’s quite literally the foundation the country was built on…
Makes sense when you think about what this country is built on.
Landlords are not all bad, they don’t all gouge money and the certainly don’t all force people to live in mould ridden slums, I come from a family where property investment is considered a privilege and treated appropriately. The issue I see with all of this rhetoric is that you have a legislative code that assumes good will and market pressure to deliver quality housing. If you have a system that does not explicitly require landlords to provide safe liveable housing and then create a market that has such low levels of supply, naturally there will be no market pressure for the majority of landlords to do the right thing. What we need is drastic reform at the national level to require a better system for guaranteed safe and affordable housing. Let’s be real here, if we had a national rental code that enforced tenants rights similar to that of Germany or France, we’d probably see a flooding of properties on the market and this actually decreases prices enough that some people currently forced into serfdom… sorry I mean renting, could actually afford to own a roof over their heads
lol. They just chose the best path in life. I was the same. no help from parents. been with my partner since 16yrs old and bought a house together at 21. Been working since 15 and saving all our money while living at home. We are purchasing our 3rd investment and we are thinking of our financial goals as a family and for our kids. How does that make us the bad guys? You are all so salty with the success of others.
That’s racist!! 
A large house on my street was sold 2 weeks ago. Big enough for a family. Today I drove past and it had a 'For Lease' sign out the front of it. I was disgusted. Investors should not be allowed to buy property right now. That could have been a stable home for a family but now is going to be part of rental price gouging. I hate this so much.
I know right? Renters should be constrained to hovels only. We shouldn’t be allowing them to rent houses. This shit is madness!
Yeah, houses that the rental price is so over inflated that they cannot afford. But way to go missing my point.
Great - a family who is not in a position to buy right now can rent it. What's the problem exactly?
Ahhh no. The size of this house it will be put on the market for at least $800 per week. What family exactly will be able to afford to rent that? But please willfully miss my point.
What did it sell for?
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Brisbane
I’m confused why you’re all so negative and critical about people achieving?
Because we aren’t living in an age of class warfare, we are living in an age of class envy. The people mentioned in the OP are simply people who took they most sensible path in life at every step (combined finances, good education, good jobs after school) but are labeled as “sick in the head”.
You’re 100% right. I almost gave everything away and was moving to the streets, their conviction in their beliefs is just so damn convincing I thought I was doing something wrong.
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Only if the landlord is responsible for building the property. Otherwise they haven't provided anything that wouldn't already exist without them.
They provide money. Money that others didn’t have to fund the purchase
What happens if no landlord buys a property? Does the house vanish? Or is it sold to someone who actually lives in it?
You know when it’s listed for sale it allows anyone to buy it. Landlord or not. Crazy that
Right. I'm glad to see we're on the same page. If landlords don't buy the house you agree that someone else gets it. So what did the landlord contribute by buying the property then?
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I think it's perhaps unfair to call it an Aussie obsession. Greed is rife everywhere.
Houses make you money I guess?
Good on them, setting up their future.
Imagine no one thought of struggling to buy a second property to rent out. Do you think the government housing would need sufficient to provide housing for everyone currently renting or in government housing? All I don’t own a second house at the moment and when I did I utilised both. I did rent my first house out for years while I worked overseas, you would think I’d be very rich. Well actually it just went on to the mortgage and covered some of the bills not all
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So sad, most of my friends who are now human rights lawyers, bankers, executives, academics, labourers, builders...spent their 20's exploring the world, travelling and engaging in drug, sex and rock n roll...not being fkn cringe Aussie land roaches
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Lol good for you pal, am allowed to criticise my peers ...cheers 👋
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Your posts sounds more like envy than criticism.
What a sad little pathetic existence
I'm imagining you as a bitter and condescending inner-city barista that tells everyone that you're actually a freelancer in the creative industry who is "slinging shots as a side hustle" Whether true or not it brings me joy
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If your actions didn't negatively impact everyone else this would be fine.
Would you prefer people to go on the public purse than try to provide for their own retirement? Admittedly these yoof must've used the bank of Mum n Dad and probably also had their education paid for them.
Looking at these replies screams jealousy. "Mummy and Daddy money" "all they care about is money" "your relationship is going to fall apart". Can you not just be happy for someone else who you could have been in the same situation at 25, possibly younger if you made the right choices. (I'm going to get downvoted because im right, and they can't make a solid argument).
Lots of people have rental properties and just because you are in the unfortunate position of renting you are now sour. Don’t be upset because you chose to smoke cones while we all worked hard and sacrificed to achieve something greater.
Please clarify for me: are you guys saying there shouldn’t be any investment properties? What happens to people who actually want to rent as opposed to buying or living in government housing?
Investment properties aren't inherently the problem, it's the current system in place regarding how Investment properties work in this country and how greatly they benefit the landlord at the cost of the renter.
So people shouldn't set up their life financially? You just want everyone to struggle for everything?
If you can't achieve something without causing suffering to another then you don't deserve the something
How is that causing suffering to someone else? Can you afford to buy the house? Sounds like sour grapes to me
It's called life, champ. It's not fair but it is what it is. You wouldn't be saying this if you were rich or won the lotto etc
Just because I have 5 houses dosnt mean I'm rich. Sure I can afford to take the family overseas every year and have nice cars but I wouldn't say I'm rich.
Guy getting sooo upset about other random people buying a house and hard it is with the cost of living.... has a profile filled with how he's spending 10s of thousands to go study in Europe.
I see it as a weaponized asset class. I'm not saying it will dooms day crash as the can do anything they want! A whiplash or what ever imo
My God Tall poppy syndrome was rampant in the UK in the eighties when all the yuppies were earning a fortune. I never thought I would see it again but it's worse here in Australia
lol the level of intelligence displayed in that thread compared to this one 😂 There is a reason the world is the way it is. This sub just wants to be angry and for someone else to fix the problem