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08-04-2024, 11:19 PM
#1
House prices booming in the most valuable real estate market in the Western world
“Australian home prices have continued to grow during the normally quiet winter period amid sluggish construction and a surge in buyer demand fuelled by tax cuts and wage increases.
Prices are now an average of 6.3 per cent higher than a year ago.
National prices were now also about 43 per cent higher than they were at the start of the pandemic in 2020, PropTrack noted.”
https://www.realestate.com.au/news/a...nPlacement=spa
I feel sorry for anyone that didn’t buy before the plandemic
I don’t feel sorry for anyone that sold thinking the market would crash
Prices are now an average of 6.3 per cent higher than a year ago.
National prices were now also about 43 per cent higher than they were at the start of the pandemic in 2020, PropTrack noted.”
https://www.realestate.com.au/news/a...nPlacement=spa
I feel sorry for anyone that didn’t buy before the plandemic
I don’t feel sorry for anyone that sold thinking the market would crash
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08-04-2024, 11:29 PM
#2
Feel sorry for the next generation, not sure how they going to afford a place.
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08-04-2024, 11:32 PM
#3
Originally Posted By swole-striation⏩
Short answer: they won’t
Feel sorry for the next generation, not sure how they going to afford a place.
That’s the whole plan you will own nothing and be happy
I’m already scoping out a block big enough for a duplex (might need a triplex lol) to gift each of my sons a house outright.
I may need to put it into a trust or something to keep it out of reach of gold diggers but whatever happens I can’t have them wageslaving for 50 fukkin years to afford a 3x2 in Strathfield or some chit
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08-04-2024, 11:36 PM
#4
Things are only 'worth' as much as people are willing to buy them for.
If someone wanted to buy a regular spoon I have for a million, that spoon is worth a million dollars. Nobody would, so it's not worth that.
Homes only cost what they do because people are still willing to buy it for that price, and they still can and are
Once people stop saying ok, prices will stop growing. It's a better strategy to figure out how you can make enough money to buy one, and, be patient. You don't need to buy huge. My house is 2,000 square feet, it's perfect. You don't need to buy in your favorite city, buy 25 minutes out if you need.
If someone wanted to buy a regular spoon I have for a million, that spoon is worth a million dollars. Nobody would, so it's not worth that.
Homes only cost what they do because people are still willing to buy it for that price, and they still can and are
Once people stop saying ok, prices will stop growing. It's a better strategy to figure out how you can make enough money to buy one, and, be patient. You don't need to buy huge. My house is 2,000 square feet, it's perfect. You don't need to buy in your favorite city, buy 25 minutes out if you need.
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08-04-2024, 11:38 PM
#5
Originally Posted By Miscstatic⏩
What do you think will happen with the coming interest rate cuts
Things are only 'worth' as much as people are willing to buy them for.
If someone wanted to buy a regular spoon I have for a million, that spoon is worth a million dollars. Nobody would, so it's not worth that.
Homes only cost what they do because people are still willing to buy it for that price, and they still can and are
Once people stop saying ok, prices will stop growing. It's a better strategy to figure out how you can make enough money to buy one, and, be patient. You don't need to buy huge. My house is 2,000 square feet, it's perfect. You don't need to buy in your favorite city, buy 25 minutes out if you need.
If someone wanted to buy a regular spoon I have for a million, that spoon is worth a million dollars. Nobody would, so it's not worth that.
Homes only cost what they do because people are still willing to buy it for that price, and they still can and are
Once people stop saying ok, prices will stop growing. It's a better strategy to figure out how you can make enough money to buy one, and, be patient. You don't need to buy huge. My house is 2,000 square feet, it's perfect. You don't need to buy in your favorite city, buy 25 minutes out if you need.
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08-04-2024, 11:43 PM
#6
Originally Posted By Miscstatic⏩
joe and sally, newlyweds buying a 600k house on a 150k combined income will be house poor and miserable. but theyll do it. the sense of owning a home is paramount to them, it's their dream.
Things are only 'worth' as much as people are willing to buy them for.
If someone wanted to buy a regular spoon I have for a million, that spoon is worth a million dollars. Nobody would, so it's not worth that.
Homes only cost what they do because people are still willing to buy it for that price, and they still can and are
Once people stop saying ok, prices will stop growing. It's a better strategy to figure out how you can make enough money to buy one, and, be patient. You don't need to buy huge. My house is 2,000 square feet, it's perfect. You don't need to buy in your favorite city, buy 25 minutes out if you need.
If someone wanted to buy a regular spoon I have for a million, that spoon is worth a million dollars. Nobody would, so it's not worth that.
Homes only cost what they do because people are still willing to buy it for that price, and they still can and are
Once people stop saying ok, prices will stop growing. It's a better strategy to figure out how you can make enough money to buy one, and, be patient. You don't need to buy huge. My house is 2,000 square feet, it's perfect. You don't need to buy in your favorite city, buy 25 minutes out if you need.
whereas 2 generations ago, they had their pick of houses larger than needed for around a years salary. they could save half their income and still go on vacations. and also, only one of them worked and could also afford a couple kids.
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08-04-2024, 11:43 PM
#7
Originally Posted By r32gojirra⏩
I don't know. I once read about the impacts of rate cuts, but I can't confidently remember the answer.
What do you think will happen with the coming interest rate cuts
Rates go down, people can buy houses that cost more because they're paying less in interest, but there's a lot more to it so I can't remember what it will do.
A point won't make a huge difference imo. Also if you're buying a house and plan to live there a long time, it doesn't matter if the market is high or low, it will even out after 15 years or so.
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08-04-2024, 11:50 PM
#8
i think the end goal decades into the future might be to make future generations happy to just rent a decent house. paying rent will be as normal as paying a cell bill. this ensures that the vast majority will be doing some form of wageslaving for 50 years. in the charlotte metro where i am it looks like a decent area 3br 1000-1300 sq ft is heading towards $2000/month rent at the minimum.
hell i saw a woman putting 3 beds in one room and 2 in another….$600 for a bed in the 3 bed room and $650 for a bed in the 2 bed room. imagine working a full time job and paying $600+ per month for a room you share with 1-2 other people…and kitchen/living room with 5-6 people.
hell i saw a woman putting 3 beds in one room and 2 in another….$600 for a bed in the 3 bed room and $650 for a bed in the 2 bed room. imagine working a full time job and paying $600+ per month for a room you share with 1-2 other people…and kitchen/living room with 5-6 people.
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08-05-2024, 12:08 AM
#9
Originally Posted By MiscMathematician⏩
Fark, I can't imagine living in a home where the total income is $150k, let alone my own personal income.
joe and sally, newlyweds buying a 600k house on a 150k combined income will be house poor and miserable. but theyll do it. the sense of owning a home is paramount to them, it's their dream.
whereas 2 generations ago, they had their pick of houses larger than needed for around a years salary. they could save half their income and still go on vacations. and also, only one of them worked and could also afford a couple kids.
whereas 2 generations ago, they had their pick of houses larger than needed for around a years salary. they could save half their income and still go on vacations. and also, only one of them worked and could also afford a couple kids.
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08-05-2024, 12:10 AM
#10
Originally Posted By LargePeter⏩
USA dollars
Fark, I can't imagine living in a home where the total income is $150k, let alone my own personal income.
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08-05-2024, 12:15 AM
#11
Originally Posted By MiscMathematician⏩
If we converted our household income to USD it would still be in the 7 figures
USA dollars
After tax
Unfortunately, given a choice, nobody wants to live in a dystopian third world chithole like cuckmerica
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08-05-2024, 12:18 AM
#12
Originally Posted By MiscMathematician⏩
95k - still wouldn't
USA dollars
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08-05-2024, 12:20 AM
#13
Originally Posted By r32gojirra⏩
realistically two average 20 somethings just starting out are not making 250k AUD combined
If we converted our household income to USD it would still be in the 7 figures
After tax
Unfortunately, given a choice, nobody wants to live in a dystopian third world chithole like cuckmerica
After tax
Unfortunately, given a choice, nobody wants to live in a dystopian third world chithole like cuckmerica
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08-05-2024, 12:21 AM
#14
Originally Posted By LargePeter⏩
no 150k USD -> 240k AUD
95k - still wouldn't
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08-05-2024, 12:30 AM
#15
Originally Posted By MiscMathematician⏩
$150k AUD is $95k USD
no 150k USD -> 240k AUD
And I'm still above $240k USD
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08-05-2024, 12:39 AM
#16
Originally Posted By r32gojirra⏩
I sold my 2 bedder in strathfield ~10 years ago. bought for ~450k, sold for ~900k 5 years later. Prolly worth a lot more now (greater than duplex in most suburbs)
Short answer: they won’t
That’s the whole plan you will own nothing and be happy
I’m already scoping out a block big enough for a duplex (might need a triplex lol) to gift each of my sons a house outright.
I may need to put it into a trust or something to keep it out of reach of gold diggers but whatever happens I can’t have them wageslaving for 50 fukkin years to afford a 3x2 in Strathfield or some chit
That’s the whole plan you will own nothing and be happy
I’m already scoping out a block big enough for a duplex (might need a triplex lol) to gift each of my sons a house outright.
I may need to put it into a trust or something to keep it out of reach of gold diggers but whatever happens I can’t have them wageslaving for 50 fukkin years to afford a 3x2 in Strathfield or some chit
Strathfield is great, possibly best suburb in Sydney. best schools, best train station, best parks.
And lmao at buying a new dev these days. In for a schmozzling.
08-05-2024, 12:49 AM
#17
Originally Posted By LargePeter⏩
thats great for you. but what i was saying was an average "nice" house for a family in the us is around 650k USD (1 million AUD). a lucky young couple (say nurse, professor) might be making around 160-200k USD combined. they're content to buy a house over 3-4x their combined salary.
$150k AUD is $95k USD
And I'm still above $240k USD
And I'm still above $240k USD
30 years ago a man could easily make 40-50k/yr and the house cost $50k. my mom bought her 2400 sqft house for 44k 40 years ago, and made 45k as a nurse.
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08-05-2024, 12:57 AM
#18
Originally Posted By aal04⏩
And lmao at buying a new dev these days. In for a schmozzling.
Yep
And lmao at buying a new dev these days. In for a schmozzling.
Construction costs are out of hand
Luckily I’m building and selling new dev, not buying.
No way of getting around buying the land though. Figure I’d better land bank for the boys now, in 18 years I may not be able to afford it
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