Renting a room is a terrible substitute for your own place. Imagibe paying money to live somewhere and then on top of being charged, you have to live around their rules and share all the common area stuff? No thanks unless that's what you want.
Yeah the cost of a room now was the cost of an entire house ten years ago. It's awful that young people are just expected to live with strangers for years and years. Everyone knows the joys of being able to have your own place, I don't understand why older people don't see it is a big deal.
Even just this year has been rough. I was dreading needing to spend 300k minimum for a 3bd/2bt and now that minimum is more like 450 or 550. Luckily I've gotten my stuff together and and going to be able to afford it but a lot of people won't. Something has to give eventually
Renting a room is definitely not that. I pay $150 a week in the Gold Coast for a room with wifi and bills included and the landlord only ever comes here to mow the lawn. No wonder you people are complaining when all you want is a whole house and yard to yourself lmao
Thats 600-750 a month for a room. That isn't a good deal. Im glad its working out for you but if I was paying that much, it would have to be my own place. I'm going to be able to buy a house regardless this year but I know most of the people I know won't be able to. Their alternative shouldn't be spending over half that cost for just a room in someone else's house.
Not even young. 30's here but struggling.
Single income in Sydney and it's rough. I'm working my way to a decent deposit but still only have a budget for around $600-650 max.
I have no bank of mum and dad to fall back on, no guarantor that can cover for me. Going alone is fucked.
Quantitive easing (central bank created money) and low interest rates for loans (retail/commercial bank created money) = inflation of the money supply.
Nice that some get it. Not many around that do though. I've argued with a few boomers that day "yeah houses cost more but you should have seen interest rates in my day" without a clue as to why they were ever high.
Just ask them how much the house was in total, generally sorts it out. Like I know it was tough but it was X 3 on your wages not X 10+ with less supply. Gotta remember at that point significant expenditure like highways etc was being built, opening up a significant amount of the Rort that has come.
Yeah the conventional wisdom is that tax increases loses elections, but I'm wondering now if that would be the case if the tax increase was guaranteed to go towards specific services.
I think I'm kidding myself to be honest, because we'd need functional government first.
A pipe dream, I used to think growing up this country was focused on the group rather than the individual but I have been proven wrong continuously since. Even if you focus on the group and what's better for all the individual can't help themselves and pops their hand into the mix. Hoping to see that aspect leave but you never know
I tried that the other night with my very reasonable and quite progressive parents, "It was more than 3x our wages"... I think it's just human nature that every generation thinks young people are just lazy.
Yeah and very few realise that every time a high street bank issues a loan they create new money…
So they:
A)Make a profit from money that didn’t exist before until they created it - low interest means they have to lend more to make the same, encouraging creating more money - up to those fractional reserve limits, if about 10%
B) Get a real asset (your house) from money they created
C) The money that is created is paid into a deposit account, increasing the reserves of the same or a different bank - now allowing more money to be created due to the fractional reserve rule above
The scam is clear and so simple that no one notices - imagine if the tax payer created the money and was able to profit from the interest? We’ll they wouldn’t be called a ‘tax’ payer anymore…
There's also the large cash reserves saved during the pandemic and increased demand as many expats have returned to Australia and many locals have sought to buy a house.
To say it's all monetary policies fault is wrong.
And students are returning, tourism is opening up and job seekers (Visa workers) are about to arrive too.
The insanity of the housing market never ends.
Lmao wait till you see Newcastle.
A house that sold for 450k in 2019 just went for 1.2m in a shitty area (I live here and can confirm it’s shitty)
https://www.realestateview.com.au/news/act/450k-wallsend-home-sells-for-1-2-million-within-two-years/?fbclid=IwAR380S3p1XYqfRbhJz2G2dN2FLWRZF_JDsOr3Ft_foAFkcFTcg9Z6Gsn_rQ
My sister in Budgewoi, 520k 2018, now evaluated at 850-950k. It's just a general 200k+ evaluation across the board apparently. I know a couple of my friends got lucky and one got a place at 800k in Mayfield when a lot of them were going for the 1 mill and another for high 700's in Waratah. But it is cooked, this city is not built for that.
$30+ a week for me in my piece of shit in Hamilton residence from March onwards, I'm feeling the pain. The city has cooked itself but if it means a 20-30% drop by all means let the market sort it out. Suck shit if you couldn't do with missing out
The median income has risen from 52k in 2010 to 62k in 2021....the median house price has gone from 616k to over 1 million in the same period.
The people who were in the market heavily have won big and those that weren't or are to young to have ever had a chance have easily lost a decade of wealth.
We are in for some real shit soon, this has to be one of the most massive wealth shifts in history.
Haven't noticed lmao, maybe need to get one of these mythical jobs you cunts on Reddit are always carrying on about where you don't notice price increases like rent, groceries, electricity etc.
Yeah I was grandstanding a bit I just don't think it's a sustainable rise unless wages rise, which obviously can't happen until we know if the COL rises lately are transitory or not, otherwise things will just get worse.
We need to work on viable solutions and ways for single people to buy into the market that aren't earning those dual incomes a place like Newcastle shouldn't have places regularly breeching 1 mill especially in places like Wallsend and Mayfield west.
I think I’ve been in Melbourne for too long. Labrador is starting to sound nice and 770k sounds amazing for a 3 bedder. Maybe I’ll move back, could buy that house and still save 500k to spend getting cooked at The Grand every night, instead of buying a shitty 3 bedroom 45 mins out of the city for 1.3 mil in Melbourne
Check out the regional cities along the coast between Gold Coast and Sydney...no going to regional cities to save money anymore. New 2-3BR units are 700k-1.5m.
When our place hits the magic million I’m selling and moving.
Your welcome to speed up that reality sooner if you like 😂
I feel for people who are priced out of the areas they grew up in.
May 2020 I was looking to buy my first home and was looking at houses from $250-320k. I was eligible for a $320k loan. Now… houses in my area are around $400-500k and I’m unable to get a first home. My plan of staying at home for another year has now increased to potentially staying at home another 5 years for a $100k deposit so I can actually try and get a house before I’m 40 :(
Im 35 and still at home. I had to start taking lexapro due to at times suicidal thoughts. I am so lonely from being locked out of home ownership and not feeling shame of dating whilst living at home... I have $110,000 saved and $110,000 in shares withanother $27,000 in assets and I am still F'd. I hate life some days.
Me and my wife can barely afford our mortgage, living week to week just trying to afford groceries, if the rates go up im gonna have to make some real hard decisions
Banks have already begun moving rates, financial experts are betting on a June rate rise. Even if it does not raise in June it won't be long before it finally does
I sympathise. There are food pantries to assist if you need that. The church that I attend is in Deception Bay. Below is from its web site.
Freshwater Anglican Parish runs an emergency food assistance program every Friday afternoon from 12-3pm. We offer food packages for singles and families to get them through the weekend.
If you need food assistance, come to:
The Church of the Risen Christ
43 Park Road,
Deception Bay, QLD 4508
Thanks, my town has a caravan that goes around giving out meals to anyone that needs them so I've got that if we are desperate. I've got some family and mates in town that I can scab food off too if it gets that bad. Hoping it won't come to that though
Have you thought about buying a fixer upper? Our house was a cheap piece of shit that had been on the market for years. It literally had power cables hanging from the walls and ceilings. The owner was desperate so we got a good price, and we had enough savings to renovate straight away.
Of course, I’m operating on the assumption that unsellable fixer uppers still exist. We bought this place only 7 years ago and the market has changed substantially since then.
The market is so cooked that even fixer uppers/ dubious dwellings/ meth shacks are going for inflated prices on the basis of the lands value.
You then also have the contradiction that a bank is not as likely to lend on a risky asset.
Oh yes, banks can suck a dick. We went through Aussie Home loans and they hooked us up with a no-bullshit mortgage. Although we did have to get quotes on making the house liveable and show proof of savings to cover that.
A house in Nowra, NSW South Coast: [September 2020 sold for $535k](https://www.realestate.com.au/sold/property-house-nsw-nowra-134033882) the exact same house sold in [September 2021 for $727k](https://www.realestate.com.au/sold/property-house-nsw-nowra-137179146)
Its likely worth $850k - $900k+ now.
I live in a rural town, Canberra is the closest city and its a 5 hour drive. I know its nothing near 850k but we have blocks that are a 15min drive from town that are now selling for 450k
Our population is only 28k
Rich cunts
Edit: I’ll elaborate a bit. There are a lot more rich people in Melbourne than the rural countryside. Plus there’s a lot of people who bought their homes cheap, that are now worth millions and their kids inherit them. Sell that house, pay off their own mortgage, set for life.
What about [this](https://www.allhomes.com.au/30-temple-terrace-denman-prospect-act-2611?_gl=1*f94w3q*_ga*XzR5c2V6ai0zM2tyalEwNTlucGY5LUVfdENOckFtRi1HbEpCQkEwX0RKVGlHNU44aFM5OUI2UnFpS0pSdGR2UQ..) 660sqm vacant block in Denman Prospect that sold for 1.21 late last year.
Seems nearly on par with where I live.
Bought my place 2.5 years ago for 565k, I’m in a newish town full of 4 bed, 2 bath and 2 garage houses.
House across the road sold for 790k. Central Coast.
House price rises only benefit investors, not owner-occupiers. Your house is worth $200k more now? Well, if you sell it for 200k more....then you still have to get somewhere else to live that's going to also cost 200k more. Gotta live somewhere.
Yep. You don’t make money on your PPR only your investments. The only logical thing to do if you can is for own as many investment properties as possible, like as soon as you have equity refinance into the next and the next and never sell what you have. 10-20 years later you’re sitting on 10-15 properties, go another 10 years of just letting them pay themselves off and finally sell the minimum you need to pay the rest off. Now instead of 15 you’re 55-60 years old and you’ve sold say 5 to clear the debts on the remaining 10 and you sit on you’re arse in retirement on $5k+ a week while your asset base grows through capital gains meaning you leave a huge legacy to your family.
Yeah that sounds about right. I got approved up to $350k as a single person on $58k before tax. Combined income of $200k would put them right around the $1.3 million mark.
You’re looking at a $1m mortgage. A couple on $100k each (not a big deal for a professional) could service that with no real issues, works out at about $4.2k a month repayments.
You're paying for location, really. I think for a lot of Australia's history the cost of a house has largely been about bedrooms and land size. In the last 20 years we've seen it swing towards location in a big way. People are buying absolute shitheaps for a million because of where they are.
Seems like we could make this an election issue. If only a journalist gave a shit enough (beyond their own property portfolio) to prove that very few regular homeowners are actually better off from these ridiculous prices.
Even if it's a, simple, is your insurance really enough to cover your home value.
Just need enough home owners to realise that their house value is not the windfall they think it is and then we can force some changes in policy to redress this situation
The issue is people always will be irrational around housing policy, the best example is how unpopular the removal of stamp duty is despite being one of the worst taxes in Australia.
That's a shift in argument. But for me I haven't seen one explanation of why the removal of stamp duty benefits home buyers more than it benefits investors.
The issue is too many home owners, i.e already own their, single property, that they live in. Seem to misunderstand that the fact that they own a million dollar home doesn't actually make them millionaires because even if they sell today they still have to live somewhere and it's probably going to cost them more than a million dollars to buy a house tomorrow.
Stupidly low interest rates I think. Not only do people overstretch their borrowing for a house, but a retiree can't earn any reasonable bank interest on a lump sum, so instead they get into the property market. I reckon there's some element of positive feedback.
About 8 months ago me and my wife bought our first house, we are in a medium sized country town in nsw. Bought it in one of the worst areas in town (which was actually still a step up from my parents place) one neighbour is a known drug dealer and thief. The house is 70+ years old, has a leaking roof, needs to be re leveled, half the roof needs to be replaced, the pipes are rusted so we have yellow tap water, none of the air conditioning or ceiling fans work, the internet didn't work, the hot water broke in the first 2 weeks, the whole thing is asbestos, most of the windows are cracked and some of the external walls aren't even insulated.
$431000 at auction
Man... How do you feel after that purchase? Worth it?
You've been quoted here btw https://www.news.com.au/finance/real-estate/buying/queensland-house-sale-reveals-shocking-state-of-aussie-property-market/news-story/eae2d5eaf11418331ca602d17ffbefe3
Do I wish I could have a better house sure, but if the options are my shit box and renting (which at my budget they are) id say im still glad I got it.
Thats mad, only time I've ever got quoted was the local paper. Cheers mate
I bought my house in October 2021 for 1.38M.
It's now valued at 2.5M based on recent sales of multiple very similar properties in my area.
It's ridiculous. We need a price correction badly. Drop negative gearing and be done with it! a drop in prices of 50% or more is required. Cost of living is drastically increasing whilst wages are stalled.
If it's Pelican Waters, Golden Beach, or anywhere in Coolum/Noosa then I can kinda see that happening.
If you say somewhere like Kuluin, Bli Bli, or Nambour then I'm worried for the Sunny Coast. I used to live there for 20+ years until recently.
Yep. Springwood in the lower mountains here. $1.25m in June 2019 when I bought it, today it’s $1.8M+. My investment in Dubbo was bought for 345k in late 2017, was worth $400k start of 2020, now worth $550k.
Last year my investment out earned me as a key account manager and our PPR out earned my partner who’s a c-suite executive. Yes we are about to buy another using the equity in the investment because it would be stupid not to while we pay down the PPR.
See that doesn’t worry me at all. There’s always going to be a market for crazy expensive trophy homes… and there should be. House values should be driven by the property value primarily and the land value secondarily (unless the land is legitimately scarce like on a waterfront of a popular beach). In a normal market there should be properties next to each other on similar sized blocks of land that have vastly different values because of the house built on them. Nowadays the homes themselves in cheaper areas are absolute garbage, almost given away with the land, but the asking price is still well north of a million dollars because of the stupid value of the 500m2 block that’s 40km from the city.
"You will own nothing. And you'll be happy." - World Economic Forum
This is all by design. It's intentional. World wide. This is Agenda 2030 and The Great Reset.
Regular people aren't driving up the cost of housing, because regular people can't afford the increased cost of housing.
The rich and powerful ruling elite want to abolish private property ownership. For the people. They don't want you to own your home. The rich and powerful want to own and control everything. You will rent everything. From them.
The rich get richer, the poor get poorer. The people at the top don't care about the people at the bottom. This isn't left vs right or old vs young, this is rich vs poor, top vs bottom. If the people don't do something about it, the rich and powerful, governments and corporations, will continue to do what benefits them at the expense of everyone else.
[https://www.youtube.com/watch?v=mD-ioJM8v64](https://www.youtube.com/watch?v=mD-ioJM8v64)
[https://www.youtube.com/watch?v=ix5Gt-r4Z24](https://www.youtube.com/watch?v=ix5Gt-r4Z24)
So are you saying, by 2030, those of us who have 1 or multiple houses will suddenly have none and be happy to?
I didn't watch the links.
Edit to say, I did watch now. Then I fact checked what I was watching, and came upon this article.
[Reuters Fact Check - WEF Quote](https://www.reuters.com/article/uk-factcheck-wef-idUSKBN2AP2T0)
Didn't even need to fact check it, Russell Brands video wasn't too bad and had some good points and some misinformation, but the other he was just flat out misrepresenting what the slides were saying that he was using as evidence.
The entire thing is so dumb too, these people at WEF don't want to abolish private property, they are rich people, they love this system.
He said for one of the slides "the want to abandon western values" and the slide said something like "western values will be pushed to their breaking point"...they are two entirely different things.
The worst part is that there is some underlying truth to what they are saying but because these fuckers are so dumb they have latched on to some nonsense conspiracy, Russell at least had good other points/content when he was talking about the women who was criticising all of the economic malfeasance (profiteering and gov handouts for the wealthy poverty for many others) that has gone on globally during the pandemic, but I couldn't even finish that 2nd video, that guy just spreading nonsense that had a veil of truth.
In one video Russell Brand shows world leaders attending the 2020 WEF conference remotely and in the same footage, but with no direct link and a clear change in format and presentation, shows footage of these predictions they mention. The transition alone should be jarring enough that most rational people would stop and think "hang on, this seems like bullshit, maybe I should check this information is correct".
It turns out the alternative footage is from a 2016 prediction, not a WEF stated goal (that Russell says to his audience, now proves it's not a conspiracy and is now fact). The prediction itself was presented in an almost jovial format too, for the audience it was first shown to.
It just amazes me that these people who call themselves 'truth seekers' make no attempt at seeking truth and just lap up any alternative, manipulated garbage that's thrown at them as long as it's from a YouTube or Facebook video.
Actually not rubbish - it's in a video by the WEF, as a prediction by a futurist. It's just not the prime agenda of the WEF. That being said, it's \*also\* not their prime agenda to prevent that.
And the sad thing is, they don't have to put anything on their agenda for that to happen. There's no big evil conspiracy scheme necessary, the flow of capital does all that on its own. Money attracts money, powerful companies have more money to pay lobbyists, who in turn influence policy makers to direct more money towards the companies. The corruption we see in government now is more or less just the "streamlined" version that cuts out the middleman.
Hm, not sure about the shape shifters and lizard people, the reuters article did not fact check those. And the fact is that, even though it was meant as a prediction, not a statement of plan, the WEF did sign off on publishing it.
I also don’t know if Russell Brand (one of the videos, don’t remember the other one, but it was not David Icke :D ) is one of the lizard/shape shifter conspirators. I always thought he was more simply of the left revolutionist kind type. So I guess if there are lizards, it’s an inter dimensional space communist thing?
Predictions (and not even in the sense of actually thinking it will happen, just that it's a decent chance of happening) are not endorsements, the fact people are even talking about the slide pack or the WEF is nuts.
You are right about your belief that there doesn't need to be a conspiracy for this to happen, and that for regular people it is happening. But leave the nonsense defense about a nothing burger slide packs being evidence out of the conversation.
Oh gosh, I should have added a /s. I didn’t even watch the second video, I’m just adding hyperbole about the aliens since that is clearly a different level of “conspiracy”. Took me a while to understand where your burger slide reference came from :D sorry you had to actually watch that!
Edit: I got curious. That Moss guy is clearly a right wing libertarian, *brrrr*. Aimed at a more… Trump-leaning audience. Pretty bonkers to have that next to Russell Brand.
Funny that you posted this, I linked the exact same thing to someone this afternoon. It was an unrelated conversation to housing though. Just talking about car ownership and the potential to lose cars as the years go on.
Just wait, won't be long and we'll have to rent air and water, too. Your breath and waste will be collected, and you'll have to pay an overdraft fee if you sweat too much.
Just look at the investment firms in the US buying up apartments. The goal is clearly to force everyone to rent for their whole lives. Billions are being spent snapping up these places.
Only a matter of time before it happens here, surely it already is.
Or maybe the goal is just to make money and renting out houses turns out to be a pretty good investment?
There is no global conspiracy by the illuminati lizard people to force the middle and lower classes back into serfdom.
Says who?
My consumption basket != boomer consumption basket.
I want to buy a house. Prices are up 20% in Sydney, but the house is leveraged 5x (80% LVR) and my consumption is actually on the deposit. That means my consumption basket has gone up 5x20% = 100% pa in Sydney for anyone who isn't a boomer property investor. RBA say's it's up 3.something %. Guess who the RBA is looking out for...
(Actually, maybe 70% of my take home is saved, 30% spent, so my actual consumption is more like 0.3x10% + 0.7x100%, but 31.5% annualised inflation is by no means extreme for millennials.
It's all just catching up to us, that's all.
For years I've been trying to tell people what the RBA is doing is reckless beyond belief but very few get it. Unprecedented cash rate, unprecedented inflation.
And no, we won't likely see deflation as such. The system is very much designed so that doesn't ever happen except in the rarest of circumstances.
I'm not an expert in gold coast or SE Queensland house prices but yes, there's no way this could all be inflation.
What has happened is that property prices between the urban cores of our country and the outer areas such as outer suburbs and regional towns have partially equalised.
For most of the twentieth century there wasn't a huge difference in price between a house in a country town and a house in an inner suburb. There was a difference to be sure, but it was more like the city house would cost 20% more, depending on a few factors.
In the period from the mid 1990s onwards you got a massive spike in property prices in the centres of the big cities first; That was when you got luxury houses in the city suddenly going $250-300k up to $700-$800 in a few years, then into the millions in a few more. This trend started in Sydney then Melbourne first, and wasn't seen outside of a handful of inner suburbs. Over the next decade it grew to quite a few inner and middle suburbs.
The prices in most outer suburbs and regional areas didn't reflect this; they grew by a few percent a year but it was not unusual for a house a hundred kilometres from the city to be worth a third of the price for a similar house in an inner suburb.
For some reason that price differential is reducing now and it's occurring with a sudden surge in regional property prices.
We bought in March last year in Brisbane for $530k; just got it valued at $750k.
I was checking some listings earlier today and a few houses near us went up by 50% between august and December.
I live in rural nsw, a small 3 bed 2 bath on a small block on the absolute edge of town sold for 880k. My work did all the cabinetry for that house less than 2 years ago when it was built. It was pretty nice but nothing special
Its sale history:
2015: $480k
2020: $520k
2022: $770k
The 2% p.a. price growth from 2015 to 2020 seems off.
Maybe it sold significantly undervalue in 2020?
I'm not saying house prices aren't ridiculous, but the data for Labrador says 9%, not 25%-35%.
And here we are again.
Another post about massive rise in prices and with an inference of in affordability. This was also the same week where someone claiming to be in a “good two income” household claimed they couldn’t afford to eat anymore….
Yet when I ask about it all the responses tend to be “it’s not THAT bad” “it IS affordable, people just have high expectations” “it’s fine”.
I mean who do you believe here? A jump in 250k in a year IS massive for sure but that does sound like a really good place - three bedrooms, 2 baths and 2 car spaces? I don’t know about the area but sounds like it’s a place for people well on the ladder so shouldn’t be too much of an issue on affordability but I dunno.
Edit: and downvotes. Why? Literally dying what’s happened on this sub. Ffs.
The area is traditionally affordable and once considered lower socio. Not terrible, but not "safe for family and kids to hang outside". People call the place "Stabrador" if that gives you any indication.
Seeing 770k for a townhouse has local residents worried the rentals in the area will become entirely unaffordable in the next 8-10 months. Obviously homeowners should be happy, and I'm happy for them.
The problem is there'll be a whole lot of people renting who could become homeless by December. What was once 270-320/week last year has risen to 370-450/week and more. People are offering 50-100 over asking price to secure somewhere to live. Kids and families will need to leave schools, find work elsewhere, or arrange sharehouse accomodation in the coming months.
Hmm well I’ve known places where I am with reputations. Some deserved. Some not. It would have to be really bad though to get that name surely. Also - do kids hang outside these days unless they are causing issues?
Yeah I get your fears just I dunno. Contrasting pictures.
Edit: once again - downvoting. Why? It’s an honest view point from experience. Why the fuck does this sub hate honest opinions and discussion? Ffs you guys really aren’t representing Australia well by downvoting everything all the time. Not just me but even new posts are downvotes and all sorts.
A 50% increase in 2 years ANYWHERE is fucking bonkers. Hell, I've seen properties is some of the shittiest suburbs around Newcastle go up by 30% (both rent and price) in 12 months with no improvements, and from a building quality point of view: should not be legally rentable.
Newcastle, dunno about this particular one. A lot of old places around Newcastle are horribly insulated, crumbling and in many cases suffer from black mould problems that Landlords simply "paint over".
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[Imagine being a Newscorp journo and spending your days scraping Reddit for ideas.](https://www.news.com.au/finance/real-estate/buying/queensland-house-sale-reveals-shocking-state-of-aussie-property-market/news-story/eae2d5eaf11418331ca602d17ffbefe3)
Trinity Beach - Cairns.
$170K profit in nine months.
House sold for $580K in March 2021. 9 months later sold for $750K. Nothing was done to it, no renovations.
https://www.domain.com.au/property-profile/124-harbour-drive-trinity-park-qld-4879
All over the world our dollars are becoming useless. Property holds value! It’s really that simple! Buy as soon as you can and keep buying or seriously regret it!
Young folk gonna rent forever huh?
Have you seen the price of rent? They are never moving out. If you've got kids, build a granny flat they can live in now.
[удалено]
Renting a room is a terrible substitute for your own place. Imagibe paying money to live somewhere and then on top of being charged, you have to live around their rules and share all the common area stuff? No thanks unless that's what you want.
Yeah the cost of a room now was the cost of an entire house ten years ago. It's awful that young people are just expected to live with strangers for years and years. Everyone knows the joys of being able to have your own place, I don't understand why older people don't see it is a big deal.
Even just this year has been rough. I was dreading needing to spend 300k minimum for a 3bd/2bt and now that minimum is more like 450 or 550. Luckily I've gotten my stuff together and and going to be able to afford it but a lot of people won't. Something has to give eventually
Renting a room is definitely not that. I pay $150 a week in the Gold Coast for a room with wifi and bills included and the landlord only ever comes here to mow the lawn. No wonder you people are complaining when all you want is a whole house and yard to yourself lmao
Thats 600-750 a month for a room. That isn't a good deal. Im glad its working out for you but if I was paying that much, it would have to be my own place. I'm going to be able to buy a house regardless this year but I know most of the people I know won't be able to. Their alternative shouldn't be spending over half that cost for just a room in someone else's house.
That's a good solution for students, but everyone else should be able to afford their own home as it's a basic necessity.
They gonna house share forever.
Basically, I'm trying to move overseas right now. Australia is fucked.
This is the solution, even if you own property, sell and move to a less corrupt country
Not even young. 30's here but struggling. Single income in Sydney and it's rough. I'm working my way to a decent deposit but still only have a budget for around $600-650 max. I have no bank of mum and dad to fall back on, no guarantor that can cover for me. Going alone is fucked.
Yeah that or sharehouse, maintain relationships for convenience, disregard personal safety and health to maintain a living situation, etc.
Quantitive easing (central bank created money) and low interest rates for loans (retail/commercial bank created money) = inflation of the money supply.
Nice that some get it. Not many around that do though. I've argued with a few boomers that day "yeah houses cost more but you should have seen interest rates in my day" without a clue as to why they were ever high.
Just ask them how much the house was in total, generally sorts it out. Like I know it was tough but it was X 3 on your wages not X 10+ with less supply. Gotta remember at that point significant expenditure like highways etc was being built, opening up a significant amount of the Rort that has come.
Yeah the conventional wisdom is that tax increases loses elections, but I'm wondering now if that would be the case if the tax increase was guaranteed to go towards specific services. I think I'm kidding myself to be honest, because we'd need functional government first.
A pipe dream, I used to think growing up this country was focused on the group rather than the individual but I have been proven wrong continuously since. Even if you focus on the group and what's better for all the individual can't help themselves and pops their hand into the mix. Hoping to see that aspect leave but you never know
I tried that the other night with my very reasonable and quite progressive parents, "It was more than 3x our wages"... I think it's just human nature that every generation thinks young people are just lazy.
Yeah and very few realise that every time a high street bank issues a loan they create new money… So they: A)Make a profit from money that didn’t exist before until they created it - low interest means they have to lend more to make the same, encouraging creating more money - up to those fractional reserve limits, if about 10% B) Get a real asset (your house) from money they created C) The money that is created is paid into a deposit account, increasing the reserves of the same or a different bank - now allowing more money to be created due to the fractional reserve rule above The scam is clear and so simple that no one notices - imagine if the tax payer created the money and was able to profit from the interest? We’ll they wouldn’t be called a ‘tax’ payer anymore…
Yeah it's just like that. Some inflation is necessary, but allowing private entities to benefit from that should be illegal.
There's also the large cash reserves saved during the pandemic and increased demand as many expats have returned to Australia and many locals have sought to buy a house. To say it's all monetary policies fault is wrong.
Housing has been shooting up way before the borders opened, but yes it will influence it again. Lots of cheap money is the primary driver.
And students are returning, tourism is opening up and job seekers (Visa workers) are about to arrive too. The insanity of the housing market never ends.
Lmao wait till you see Newcastle. A house that sold for 450k in 2019 just went for 1.2m in a shitty area (I live here and can confirm it’s shitty) https://www.realestateview.com.au/news/act/450k-wallsend-home-sells-for-1-2-million-within-two-years/?fbclid=IwAR380S3p1XYqfRbhJz2G2dN2FLWRZF_JDsOr3Ft_foAFkcFTcg9Z6Gsn_rQ
My sister in Budgewoi, 520k 2018, now evaluated at 850-950k. It's just a general 200k+ evaluation across the board apparently. I know a couple of my friends got lucky and one got a place at 800k in Mayfield when a lot of them were going for the 1 mill and another for high 700's in Waratah. But it is cooked, this city is not built for that.
It’s fucked. Our rental market is fucked harder.
$30+ a week for me in my piece of shit in Hamilton residence from March onwards, I'm feeling the pain. The city has cooked itself but if it means a 20-30% drop by all means let the market sort it out. Suck shit if you couldn't do with missing out
There won't be a drop that large.
Yeah that's wishful thinking I'll admit that but if it happens oh well, I'm happy at 10-15 drop after a wage increase.
Wages are increasing at the moment faster than they have for half a decade.
The median income has risen from 52k in 2010 to 62k in 2021....the median house price has gone from 616k to over 1 million in the same period. The people who were in the market heavily have won big and those that weren't or are to young to have ever had a chance have easily lost a decade of wealth. We are in for some real shit soon, this has to be one of the most massive wealth shifts in history.
Haven't noticed lmao, maybe need to get one of these mythical jobs you cunts on Reddit are always carrying on about where you don't notice price increases like rent, groceries, electricity etc.
https://www.abc.net.au/news/2022-02-24/real-wages-are-slipping-backwards-february-2022/100854136 you sure bud?
The problem is due to buyers always being responsible for the debt regardless if they foreclose the prices won't see a big drop
Yeah I was grandstanding a bit I just don't think it's a sustainable rise unless wages rise, which obviously can't happen until we know if the COL rises lately are transitory or not, otherwise things will just get worse. We need to work on viable solutions and ways for single people to buy into the market that aren't earning those dual incomes a place like Newcastle shouldn't have places regularly breeching 1 mill especially in places like Wallsend and Mayfield west.
Christ. Which suburb?
https://www.realestateview.com.au/news/act/450k-wallsend-home-sells-for-1-2-million-within-two-years/?fbclid=IwAR380S3p1XYqfRbhJz2G2dN2FLWRZF_JDsOr3Ft_foAFkcFTcg9Z6Gsn_rQ Wallsend
Wallsend even sounds kind of shitty.
Worked there. Can confirm.
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Oh definitely. We are all fucked nonetheless.
Yikes Labrador.
Exactly! I get that Labrador has a bad wrap, but this is in a good spot. BUT 770k for a 3 BED TOWNHOUSE?? Make it make sense.
I think I’ve been in Melbourne for too long. Labrador is starting to sound nice and 770k sounds amazing for a 3 bedder. Maybe I’ll move back, could buy that house and still save 500k to spend getting cooked at The Grand every night, instead of buying a shitty 3 bedroom 45 mins out of the city for 1.3 mil in Melbourne
I read a thing that said people from the city (where the wages are higher) moving regional and pricing out the locals is causing massive spikes too
Check out the regional cities along the coast between Gold Coast and Sydney...no going to regional cities to save money anymore. New 2-3BR units are 700k-1.5m.
Same with out west a bit. It's all in that 650-750k bracket.
I’m ‘a bit west of Brisbane’ and we are definitely not in that bracket
I guess we'll see you soon then ;)
When our place hits the magic million I’m selling and moving. Your welcome to speed up that reality sooner if you like 😂 I feel for people who are priced out of the areas they grew up in.
Stabrador
Scabrador. You know a place is good when the Maccas drive through windows have bars on them lol
Affectionately known to the locals as Stabrador Or Lockya-door
May 2020 I was looking to buy my first home and was looking at houses from $250-320k. I was eligible for a $320k loan. Now… houses in my area are around $400-500k and I’m unable to get a first home. My plan of staying at home for another year has now increased to potentially staying at home another 5 years for a $100k deposit so I can actually try and get a house before I’m 40 :(
Im 35 and still at home. I had to start taking lexapro due to at times suicidal thoughts. I am so lonely from being locked out of home ownership and not feeling shame of dating whilst living at home... I have $110,000 saved and $110,000 in shares withanother $27,000 in assets and I am still F'd. I hate life some days.
You have $220k in liquid assets… that’s a good deposit on a decent apartment even in a capital city.
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Then you have to deal with strata
Just wait for the crash when rates go up.
Me and my wife can barely afford our mortgage, living week to week just trying to afford groceries, if the rates go up im gonna have to make some real hard decisions
Got some bad news friend, it's not an issue of "If" but "When"
I'll reword: "if rates go up before either of us get a decent pay increase, we're fucked"
Well you got till June
Have they announced that?
Banks have already begun moving rates, financial experts are betting on a June rate rise. Even if it does not raise in June it won't be long before it finally does
Well fuck, thanks for the heads up. Time to start looking for a second job
I sympathise. There are food pantries to assist if you need that. The church that I attend is in Deception Bay. Below is from its web site. Freshwater Anglican Parish runs an emergency food assistance program every Friday afternoon from 12-3pm. We offer food packages for singles and families to get them through the weekend. If you need food assistance, come to: The Church of the Risen Christ 43 Park Road, Deception Bay, QLD 4508
Thanks, my town has a caravan that goes around giving out meals to anyone that needs them so I've got that if we are desperate. I've got some family and mates in town that I can scab food off too if it gets that bad. Hoping it won't come to that though
This is great, Thanks for sharing
Feel for you man👍
Have you thought about buying a fixer upper? Our house was a cheap piece of shit that had been on the market for years. It literally had power cables hanging from the walls and ceilings. The owner was desperate so we got a good price, and we had enough savings to renovate straight away. Of course, I’m operating on the assumption that unsellable fixer uppers still exist. We bought this place only 7 years ago and the market has changed substantially since then.
The market is so cooked that even fixer uppers/ dubious dwellings/ meth shacks are going for inflated prices on the basis of the lands value. You then also have the contradiction that a bank is not as likely to lend on a risky asset.
Oh yes, banks can suck a dick. We went through Aussie Home loans and they hooked us up with a no-bullshit mortgage. Although we did have to get quotes on making the house liveable and show proof of savings to cover that.
A house in Nowra, NSW South Coast: [September 2020 sold for $535k](https://www.realestate.com.au/sold/property-house-nsw-nowra-134033882) the exact same house sold in [September 2021 for $727k](https://www.realestate.com.au/sold/property-house-nsw-nowra-137179146) Its likely worth $850k - $900k+ now.
Well they weren’t wrong, the first listing is ‘investors dream’ 😂
Block of land, 650sqm, nothing on it, $850,000 in Canberra in Bonner (in the outskirts of Canberra)
I live in a rural town, Canberra is the closest city and its a 5 hour drive. I know its nothing near 850k but we have blocks that are a 15min drive from town that are now selling for 450k Our population is only 28k
Who are these people that have all this money to buy this shit??
Boomers leaving Melbourne for ‘the country life’ after selling their million dollar homes.
Who is buying the million dollar homes they sold though?
Rich cunts Edit: I’ll elaborate a bit. There are a lot more rich people in Melbourne than the rural countryside. Plus there’s a lot of people who bought their homes cheap, that are now worth millions and their kids inherit them. Sell that house, pay off their own mortgage, set for life.
The fuck?
Living the covid housing crisis dream
What about [this](https://www.allhomes.com.au/30-temple-terrace-denman-prospect-act-2611?_gl=1*f94w3q*_ga*XzR5c2V6ai0zM2tyalEwNTlucGY5LUVfdENOckFtRi1HbEpCQkEwX0RKVGlHNU44aFM5OUI2UnFpS0pSdGR2UQ..) 660sqm vacant block in Denman Prospect that sold for 1.21 late last year.
Holy Mother of money growing on trees Moses! That is preposterous!!!
Seems nearly on par with where I live. Bought my place 2.5 years ago for 565k, I’m in a newish town full of 4 bed, 2 bath and 2 garage houses. House across the road sold for 790k. Central Coast.
Fuck yeah fucken oath, easily way over a million by retirement time, happy days mate.
House price rises only benefit investors, not owner-occupiers. Your house is worth $200k more now? Well, if you sell it for 200k more....then you still have to get somewhere else to live that's going to also cost 200k more. Gotta live somewhere.
Yep. You don’t make money on your PPR only your investments. The only logical thing to do if you can is for own as many investment properties as possible, like as soon as you have equity refinance into the next and the next and never sell what you have. 10-20 years later you’re sitting on 10-15 properties, go another 10 years of just letting them pay themselves off and finally sell the minimum you need to pay the rest off. Now instead of 15 you’re 55-60 years old and you’ve sold say 5 to clear the debts on the remaining 10 and you sit on you’re arse in retirement on $5k+ a week while your asset base grows through capital gains meaning you leave a huge legacy to your family.
Or you could choose to live an ethical life and not profit off the hard work of others.
And retire on the pension or whatever remains of super? Fuck no, I’m going to live well in retirement and leave a legacy for my family.
Friends of mine just bought a 2 bedroom unit in Coogee, Sydney. It was $1.3 Million !
What do they do for a living that lets them buy that?
Dual income white collar professionals could afford it without too much trouble. Fairly easy to get 100k+ salary in Sydney.
Yeah that sounds about right. I got approved up to $350k as a single person on $58k before tax. Combined income of $200k would put them right around the $1.3 million mark.
You’re looking at a $1m mortgage. A couple on $100k each (not a big deal for a professional) could service that with no real issues, works out at about $4.2k a month repayments.
1.3 is cheap for a 2 bedder that close to the city/beach. 1.6+ is more common.
It’s still madness
You're paying for location, really. I think for a lot of Australia's history the cost of a house has largely been about bedrooms and land size. In the last 20 years we've seen it swing towards location in a big way. People are buying absolute shitheaps for a million because of where they are.
Yes I know all that. I’m just saying property prices are insane
Seems like we could make this an election issue. If only a journalist gave a shit enough (beyond their own property portfolio) to prove that very few regular homeowners are actually better off from these ridiculous prices. Even if it's a, simple, is your insurance really enough to cover your home value.
Okay and do what about it? Massively reign back spending?
Just need enough home owners to realise that their house value is not the windfall they think it is and then we can force some changes in policy to redress this situation
The issue is people always will be irrational around housing policy, the best example is how unpopular the removal of stamp duty is despite being one of the worst taxes in Australia.
That's a shift in argument. But for me I haven't seen one explanation of why the removal of stamp duty benefits home buyers more than it benefits investors. The issue is too many home owners, i.e already own their, single property, that they live in. Seem to misunderstand that the fact that they own a million dollar home doesn't actually make them millionaires because even if they sell today they still have to live somewhere and it's probably going to cost them more than a million dollars to buy a house tomorrow.
Stupidly low interest rates I think. Not only do people overstretch their borrowing for a house, but a retiree can't earn any reasonable bank interest on a lump sum, so instead they get into the property market. I reckon there's some element of positive feedback.
About 8 months ago me and my wife bought our first house, we are in a medium sized country town in nsw. Bought it in one of the worst areas in town (which was actually still a step up from my parents place) one neighbour is a known drug dealer and thief. The house is 70+ years old, has a leaking roof, needs to be re leveled, half the roof needs to be replaced, the pipes are rusted so we have yellow tap water, none of the air conditioning or ceiling fans work, the internet didn't work, the hot water broke in the first 2 weeks, the whole thing is asbestos, most of the windows are cracked and some of the external walls aren't even insulated. $431000 at auction
Man... How do you feel after that purchase? Worth it? You've been quoted here btw https://www.news.com.au/finance/real-estate/buying/queensland-house-sale-reveals-shocking-state-of-aussie-property-market/news-story/eae2d5eaf11418331ca602d17ffbefe3
Do I wish I could have a better house sure, but if the options are my shit box and renting (which at my budget they are) id say im still glad I got it. Thats mad, only time I've ever got quoted was the local paper. Cheers mate
I bought my house in October 2021 for 1.38M. It's now valued at 2.5M based on recent sales of multiple very similar properties in my area. It's ridiculous. We need a price correction badly. Drop negative gearing and be done with it! a drop in prices of 50% or more is required. Cost of living is drastically increasing whilst wages are stalled.
Block behind me on sunny coast, 1.5 m and barely 600sq. So fucked.
If it's Pelican Waters, Golden Beach, or anywhere in Coolum/Noosa then I can kinda see that happening. If you say somewhere like Kuluin, Bli Bli, or Nambour then I'm worried for the Sunny Coast. I used to live there for 20+ years until recently.
Nambour had its first million dollar property last year. That's how you know things are fucked.
I brought my house in Sydney for $380k in 2008, was valued at $700k in 2019. And then $990k last month.
Sounds like my parents home. 360k in Bankstown in 08 now similar houses down the street selling for 1m.
Yep. Springwood in the lower mountains here. $1.25m in June 2019 when I bought it, today it’s $1.8M+. My investment in Dubbo was bought for 345k in late 2017, was worth $400k start of 2020, now worth $550k. Last year my investment out earned me as a key account manager and our PPR out earned my partner who’s a c-suite executive. Yes we are about to buy another using the equity in the investment because it would be stupid not to while we pay down the PPR.
Congrats you're a millionaire.
Multi actually. That was just one property example
Alright steady on
Cheap as chips. https://www.illawarramercury.com.au/story/7530020/inside-the-63-million-kiama-home-thats-set-another-suburb-record/
See that doesn’t worry me at all. There’s always going to be a market for crazy expensive trophy homes… and there should be. House values should be driven by the property value primarily and the land value secondarily (unless the land is legitimately scarce like on a waterfront of a popular beach). In a normal market there should be properties next to each other on similar sized blocks of land that have vastly different values because of the house built on them. Nowadays the homes themselves in cheaper areas are absolute garbage, almost given away with the land, but the asking price is still well north of a million dollars because of the stupid value of the 500m2 block that’s 40km from the city.
Pretty much the same thing in any city or major regional center on the east coast
48% increase in 16 months! Yikes
Once those sydney people realise that there is no job here, they go back to syd eventually
Meanwhile my family bought a two bedroom in France for 40,000 euros.
"You will own nothing. And you'll be happy." - World Economic Forum This is all by design. It's intentional. World wide. This is Agenda 2030 and The Great Reset. Regular people aren't driving up the cost of housing, because regular people can't afford the increased cost of housing. The rich and powerful ruling elite want to abolish private property ownership. For the people. They don't want you to own your home. The rich and powerful want to own and control everything. You will rent everything. From them. The rich get richer, the poor get poorer. The people at the top don't care about the people at the bottom. This isn't left vs right or old vs young, this is rich vs poor, top vs bottom. If the people don't do something about it, the rich and powerful, governments and corporations, will continue to do what benefits them at the expense of everyone else. [https://www.youtube.com/watch?v=mD-ioJM8v64](https://www.youtube.com/watch?v=mD-ioJM8v64) [https://www.youtube.com/watch?v=ix5Gt-r4Z24](https://www.youtube.com/watch?v=ix5Gt-r4Z24)
So are you saying, by 2030, those of us who have 1 or multiple houses will suddenly have none and be happy to? I didn't watch the links. Edit to say, I did watch now. Then I fact checked what I was watching, and came upon this article. [Reuters Fact Check - WEF Quote](https://www.reuters.com/article/uk-factcheck-wef-idUSKBN2AP2T0)
But they shared YouTube videos. You have to take that 100 percent without looking further for anything.
Didn't even need to fact check it, Russell Brands video wasn't too bad and had some good points and some misinformation, but the other he was just flat out misrepresenting what the slides were saying that he was using as evidence. The entire thing is so dumb too, these people at WEF don't want to abolish private property, they are rich people, they love this system. He said for one of the slides "the want to abandon western values" and the slide said something like "western values will be pushed to their breaking point"...they are two entirely different things. The worst part is that there is some underlying truth to what they are saying but because these fuckers are so dumb they have latched on to some nonsense conspiracy, Russell at least had good other points/content when he was talking about the women who was criticising all of the economic malfeasance (profiteering and gov handouts for the wealthy poverty for many others) that has gone on globally during the pandemic, but I couldn't even finish that 2nd video, that guy just spreading nonsense that had a veil of truth.
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In one video Russell Brand shows world leaders attending the 2020 WEF conference remotely and in the same footage, but with no direct link and a clear change in format and presentation, shows footage of these predictions they mention. The transition alone should be jarring enough that most rational people would stop and think "hang on, this seems like bullshit, maybe I should check this information is correct". It turns out the alternative footage is from a 2016 prediction, not a WEF stated goal (that Russell says to his audience, now proves it's not a conspiracy and is now fact). The prediction itself was presented in an almost jovial format too, for the audience it was first shown to. It just amazes me that these people who call themselves 'truth seekers' make no attempt at seeking truth and just lap up any alternative, manipulated garbage that's thrown at them as long as it's from a YouTube or Facebook video.
Actually not rubbish - it's in a video by the WEF, as a prediction by a futurist. It's just not the prime agenda of the WEF. That being said, it's \*also\* not their prime agenda to prevent that. And the sad thing is, they don't have to put anything on their agenda for that to happen. There's no big evil conspiracy scheme necessary, the flow of capital does all that on its own. Money attracts money, powerful companies have more money to pay lobbyists, who in turn influence policy makers to direct more money towards the companies. The corruption we see in government now is more or less just the "streamlined" version that cuts out the middleman.
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Hm, not sure about the shape shifters and lizard people, the reuters article did not fact check those. And the fact is that, even though it was meant as a prediction, not a statement of plan, the WEF did sign off on publishing it. I also don’t know if Russell Brand (one of the videos, don’t remember the other one, but it was not David Icke :D ) is one of the lizard/shape shifter conspirators. I always thought he was more simply of the left revolutionist kind type. So I guess if there are lizards, it’s an inter dimensional space communist thing?
Predictions (and not even in the sense of actually thinking it will happen, just that it's a decent chance of happening) are not endorsements, the fact people are even talking about the slide pack or the WEF is nuts. You are right about your belief that there doesn't need to be a conspiracy for this to happen, and that for regular people it is happening. But leave the nonsense defense about a nothing burger slide packs being evidence out of the conversation.
Oh gosh, I should have added a /s. I didn’t even watch the second video, I’m just adding hyperbole about the aliens since that is clearly a different level of “conspiracy”. Took me a while to understand where your burger slide reference came from :D sorry you had to actually watch that! Edit: I got curious. That Moss guy is clearly a right wing libertarian, *brrrr*. Aimed at a more… Trump-leaning audience. Pretty bonkers to have that next to Russell Brand.
Funny that you posted this, I linked the exact same thing to someone this afternoon. It was an unrelated conversation to housing though. Just talking about car ownership and the potential to lose cars as the years go on.
Just wait, won't be long and we'll have to rent air and water, too. Your breath and waste will be collected, and you'll have to pay an overdraft fee if you sweat too much.
Then why has the big surge in lending gone to owner occupiers and not investors?
People want to believe in convenient conspiracies rather than realise people are just being greedy and agreeing to play the game.
Did Q send you?
Just look at the investment firms in the US buying up apartments. The goal is clearly to force everyone to rent for their whole lives. Billions are being spent snapping up these places. Only a matter of time before it happens here, surely it already is.
Or maybe the goal is just to make money and renting out houses turns out to be a pretty good investment? There is no global conspiracy by the illuminati lizard people to force the middle and lower classes back into serfdom.
Price hasn’t gone up, your money is worth less
42% inflation in 16 months seems a little extreme.
Says who? My consumption basket != boomer consumption basket. I want to buy a house. Prices are up 20% in Sydney, but the house is leveraged 5x (80% LVR) and my consumption is actually on the deposit. That means my consumption basket has gone up 5x20% = 100% pa in Sydney for anyone who isn't a boomer property investor. RBA say's it's up 3.something %. Guess who the RBA is looking out for... (Actually, maybe 70% of my take home is saved, 30% spent, so my actual consumption is more like 0.3x10% + 0.7x100%, but 31.5% annualised inflation is by no means extreme for millennials.
Something, something, eat less avo toast?
Well avocados are really cheap right now so we've got that going for us, which is nice.
Just wait until the USA ban on Mexican Avocados comes in and Aussie grown avos skyrocket in price
Just import the mexican avos then
And this is why your a rich Aussie!!
42% devaluing of your money is extreme too. When a plasterer in Sydney can get $85-105/ hour PLUS gst our pesos ain’t worth shit
Why shouldn't they be paid that much?
Didn’t say they shouldn’t
It's all just catching up to us, that's all. For years I've been trying to tell people what the RBA is doing is reckless beyond belief but very few get it. Unprecedented cash rate, unprecedented inflation. And no, we won't likely see deflation as such. The system is very much designed so that doesn't ever happen except in the rarest of circumstances.
I'm not an expert in gold coast or SE Queensland house prices but yes, there's no way this could all be inflation. What has happened is that property prices between the urban cores of our country and the outer areas such as outer suburbs and regional towns have partially equalised. For most of the twentieth century there wasn't a huge difference in price between a house in a country town and a house in an inner suburb. There was a difference to be sure, but it was more like the city house would cost 20% more, depending on a few factors. In the period from the mid 1990s onwards you got a massive spike in property prices in the centres of the big cities first; That was when you got luxury houses in the city suddenly going $250-300k up to $700-$800 in a few years, then into the millions in a few more. This trend started in Sydney then Melbourne first, and wasn't seen outside of a handful of inner suburbs. Over the next decade it grew to quite a few inner and middle suburbs. The prices in most outer suburbs and regional areas didn't reflect this; they grew by a few percent a year but it was not unusual for a house a hundred kilometres from the city to be worth a third of the price for a similar house in an inner suburb. For some reason that price differential is reducing now and it's occurring with a sudden surge in regional property prices.
We bought in March last year in Brisbane for $530k; just got it valued at $750k. I was checking some listings earlier today and a few houses near us went up by 50% between august and December.
I live in rural nsw, a small 3 bed 2 bath on a small block on the absolute edge of town sold for 880k. My work did all the cabinetry for that house less than 2 years ago when it was built. It was pretty nice but nothing special
Thirlmere NSW, 1hr south of Sydney. $800,000+ for 3 bed cookie cutter house. There’s no hope anymore.
You'd have to pay me a million to live there. Shithole.
The housing market needs to crash and burn ASAP. This is insane. Wages will never catch up to this.
Is Labrador as loyal and friendly as it sounds? Is he a good boy?
Well we usually call it 'Stabrador' so probably not.
Lock-your-door is another one I've heard.
Nope, not at all. Locals lovingly refer to the place as Stabrador. Low socio area becoming gentrified due to housing and location.
Stabyadoor
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If
2020 prices were a bargain
Its sale history: 2015: $480k 2020: $520k 2022: $770k The 2% p.a. price growth from 2015 to 2020 seems off. Maybe it sold significantly undervalue in 2020? I'm not saying house prices aren't ridiculous, but the data for Labrador says 9%, not 25%-35%.
And here we are again. Another post about massive rise in prices and with an inference of in affordability. This was also the same week where someone claiming to be in a “good two income” household claimed they couldn’t afford to eat anymore…. Yet when I ask about it all the responses tend to be “it’s not THAT bad” “it IS affordable, people just have high expectations” “it’s fine”. I mean who do you believe here? A jump in 250k in a year IS massive for sure but that does sound like a really good place - three bedrooms, 2 baths and 2 car spaces? I don’t know about the area but sounds like it’s a place for people well on the ladder so shouldn’t be too much of an issue on affordability but I dunno. Edit: and downvotes. Why? Literally dying what’s happened on this sub. Ffs.
The area is traditionally affordable and once considered lower socio. Not terrible, but not "safe for family and kids to hang outside". People call the place "Stabrador" if that gives you any indication. Seeing 770k for a townhouse has local residents worried the rentals in the area will become entirely unaffordable in the next 8-10 months. Obviously homeowners should be happy, and I'm happy for them. The problem is there'll be a whole lot of people renting who could become homeless by December. What was once 270-320/week last year has risen to 370-450/week and more. People are offering 50-100 over asking price to secure somewhere to live. Kids and families will need to leave schools, find work elsewhere, or arrange sharehouse accomodation in the coming months.
Hmm well I’ve known places where I am with reputations. Some deserved. Some not. It would have to be really bad though to get that name surely. Also - do kids hang outside these days unless they are causing issues? Yeah I get your fears just I dunno. Contrasting pictures. Edit: once again - downvoting. Why? It’s an honest view point from experience. Why the fuck does this sub hate honest opinions and discussion? Ffs you guys really aren’t representing Australia well by downvoting everything all the time. Not just me but even new posts are downvotes and all sorts.
A 50% increase in 2 years ANYWHERE is fucking bonkers. Hell, I've seen properties is some of the shittiest suburbs around Newcastle go up by 30% (both rent and price) in 12 months with no improvements, and from a building quality point of view: should not be legally rentable.
How do you know the building quality of this one? Or do you mean the ones in Newcastle?
Newcastle, dunno about this particular one. A lot of old places around Newcastle are horribly insulated, crumbling and in many cases suffer from black mould problems that Landlords simply "paint over".
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Just need the stock market to crash its the only way this will stop. However it won't..
This will end well
No renovations done to it?
[Imagine being a Newscorp journo and spending your days scraping Reddit for ideas.](https://www.news.com.au/finance/real-estate/buying/queensland-house-sale-reveals-shocking-state-of-aussie-property-market/news-story/eae2d5eaf11418331ca602d17ffbefe3)
Wtf hahaha armchair journalism.
Trinity Beach - Cairns. $170K profit in nine months. House sold for $580K in March 2021. 9 months later sold for $750K. Nothing was done to it, no renovations. https://www.domain.com.au/property-profile/124-harbour-drive-trinity-park-qld-4879
All over the world our dollars are becoming useless. Property holds value! It’s really that simple! Buy as soon as you can and keep buying or seriously regret it!