A booming property market is turning home ownership into a distant dream | 7.30
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- Опубликовано: 7 май 2024
- The gulf between those who own property and those who've been priced out is growing wider and it is reshaping how we live and set our families up for the future.
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Sadly, young couples who borrow $700-800k to buy their first home; are more likely to be separated/divorced before they even get close to paying off the mortgage. That is the reality of obtaining a mountain of debt. Two income stretched to make minimum repayments to the bank for the next 30 years. You can forget about having one happy family with 2-4 children.
@Quality Journalism Plus I just hope for the young men out there to think and plan very carefully about their future in regards to marriage/family and the sky high mortgage.
The cost of servicing a sky high mortgage is one thing, but given that divorce rate is about 50%, what is the REAL cost of a divorce? With current Family/de facto Laws so heavily bias against men, the bloke is set to lose virtually everything he put towards that house! He then has to rent whilst paying child(s) support for children whom he hardly gets to see!
Ridiculously high debt and modern feminism is the last thing a decent bloke needs to get himself involved with. I do wish everyone well though, good luck!
Correct! It seems a young couple would have to choose between buying their close-to dream home or having children.
Quality Journalism Plus my single mum owns a house that she’s paying all the mortgage and bills on by herself, definitely smarter than your whiny poor no house ass 😘
Quality Journalism Plus single mothers are the main cause of crime, right says everything about you. Go get your head checked mate, and enough with the women hating bs, just cause yours is a tart
@@Victor-bx9hr Things are looking bad. The US has half of kids growing up without fathers. It's an epidemic of irresponsible, selfish and reckless behaviour - encouraged and paid for by corporate feminism. Families and children lose, but corporates get cheaper labour.
$932k for that?! These people are freakin nuts. Good luck trying to pay that off and still having a life
Or friends everyone seems like an enemy when you are forced to compete harder for unavailable hoarded cash. Who will be the last rats in the bucket, those willing to eat other rats.
Plus stamp duty and conveyancing it’s closer to a $1mil
i nearly fell of my seat when i heard that!
Shaun Gordon as long as people pay it it will go up ... this sucks they have a rope around their necks
Yeah, that's totally insane. 1mil for a 2-bedroom apartment? LMAO! And it's in Ashfield, not even near the city.
Home ownership is falling greatly for younger/poorer Australians. Sadly it seems these days even if you earn $100,000 you are a poorer Australian. That's how insane our property market has gotten.
@Q Cunno what is the source for that?
Good luck to anyone who has to borrow 500-600k or more to get into the now severely disfigured Australian dream .
I forgot ..... so if a person or household earns less than 180k and decides to borrow 500 or more to buy a house ..... hmmmmm. Under 100k is insane. .... or ... maybe I am the scaredy cat ?
@@yanoshuttcay5319 People need to be a bit more accountable for their own actions. Also, if you earn less than 100k, it is unlikely a bank will lend you 600k.
Some of those who take on more debt than they can handle are going to learn a very expensive and depressing lesson.
Sonja Kozman well then by all means please help people find a home to buy, especially in Melbourne/Sydney, that isn’t at LEAST 600k. Wake up princess 🙄
The social contract is broken when one generation overwhelmingly reaps the benefits and fails to defend the opportunities they had for the following generation.
Rhys Hughes there is no social contract if so where did everyone sign? that’s a made up word for Beta boys. The problem has and always will be the government they need to get rid of all negative gearing for home investment, then they need to increase supply of land and at the same time get rid of the red tape with building regulations.
@@gooma27 of course there's no contract, I think it was meant that "morally" it's a contract. I'm also thinking, hey oldies cheers for the filthy planetary sitch they leaving us too. There simply won't be enough time to care for these same oldies, funny how it all comes back around eventually. So yes, morally the oldies farked arp.
Facts...
@NS360PS This isnt the boomers fault, it has and always was the governments they allowed people to write off investment losses on houses with negative gearing. If you have the money you would be a dummy not to invest in a scheme that the governement backs all your losses. This isnt greedy peoples fault its the government messing in what should be a free market.
@@gooma27 the boomers which have been for many years the largest voting block elected governments who's whole aim was to make the boomers (themselves) better off to the detriment of everybody else. Everything since the 90s has been to increase asset prices for people who already had them.
8:55 .. "it's about family and bonding is the joy homeownership provides". Mortgage Stress continues to rise and both parents are forced to work long hours just to pay the mortgage & no quality of life. The average Australian income to house price in Bondi was 7 to 1 back in the late '80s/ early '90s and now it's about 36 to 1. Pending the GFC 2.0 and what the banks are gearing up for now (Cash Ban/Bail-In), I feel for people going into the market now.. think America 2009.
Brian White - "Move somewhere more affordable?" --- ABC: "What about employment?" --- Brian: "What's 'employment'? - I've never had to work and I'm fine."
In debt and in fear that exactly where they want you.
Just like the UK.
Well put. Fear is related to stress, stress plays role in illness (especially mental illness)-- at least all the doctor's don't quite profit off it like they do in America. But I'm now a Republican after the short taste of american-brand socialised medicine in America. The picture just gets wider & deeper. But yay! The internet & swapping ideas with people from the U.K. Our deep state is better than yours😋 j/k.
Same with usa
@Nmd oh Canada is different my friend. When I was there my friend pointed out that there were no violent newscasts. I said "No Way." He said search! I did. My vacation was marked by relaxation, and void of explosive turmoil in broadcasting.🤣
You are fully correct!
Brian White telling poor people how to live. Thanks, Brian.
Government First time buyer ploy was a lie. They should ONLY let Australian Citizens buy property NOT Perm residents or other
Rick Farrugia not sure I agree with that as it would not solve issue. Key is inflated pieces driven by money laundering from abroad. If you did what I suggested only citizens can buy that would kill overseas buyers and locals from somewhere close by... 8 hrs north or so
Brian white is so out of touch
Things look great from his ivory tower
I’m 48 all I hear 20something peaple going hollidaying buying cars clothing expensive shoes living the life and then complaining we cannot afford to buy a house
Peter Koulogeorgiou it’s the silent people you’re not hearing from...
Peter Koulogeorgiou you’re not hearing from any real young adults, have you ever tried talking to one? The ones working 2-3 jobs to just survive?
Brian White, what a nutter, like the politicians, so out of touch with reality, CPI is like 8%-10% food, energy, petrol all thru the roof.
Housing should not be used for profit or investing. Imagine if food or water was hoarded in the hope of it being more valuable in the future. At least with stocks, there's value being created and everyone gets something. With housing, someone is just overpaying and giving away more of their lifespan to someone else.
It's disgusting how the human necessity of shelter has turned into an asset that people buy simply to make money on.
Absolutely bizzare.
In some regions people do face food and water scarcity.
There is nothing natural in exploiting essential services. Privatisation which started in the 90’s is coming home to roost. The crisis will hit this year then all bets are off.
8:43 Is property still the best investment that the family can make? and the interviewer is asking this question of the grandson of Ray White?? haha.
Spot on. We've a saying in Spanish: "Nunca le preguntes al Barbero si necesitas un corte de pelo"... translated goes like this: "Never ask a Barber if you need a haircut".
@@carlosanibalcampalans8129 That was the oracle of Omaha
@@lordprivateer4965 Ha !, so it belongs to Mr. Buffett; he could have used himself instead: "Don't ask me if it's good to invest in my blue chip stocks portfolio". Ha ha ha, thanks anyway for pointing out the author of the phrase.
Absolute rubbish of an interview. Hardly an open question when asking a property businessman.
Gives such enjoyment through it's ownership.. yeah, the stress of a giant mortgage, it really gives a sense of "bonding", more like bondage! 🙄
I'm amazed he kept a straight face saying that.
😂😂🤣🤣🤣true🤣
He is so out of touch!
Can't wait for the crash and seeing property speculators punished for their revolting greed.
Martinez Rodriguez Great just keep importing 845,000 Asians and Africans each and every year (to replace Aussies) like you are and well all be living in caravans.....
The economy will crash either later this year or early next year that will be the time to buy property.
U want low rates and high prices or high rates and lower prices? Or you want everything pretty much given to u like most socialist millennial australians these days? This is globalisation, accept it because unless there is a revolution this is the new reality.
@@angelicgirl305 So, where you from? Fallen from heaven I suppose
If there's a crash coming it'll be the rentier class that swoop in to profit off the carcasses.
For a case study on how boomers stole the economic future of Millennials, see the Australian property market.
To read about it in the UK, see Pinch: How the Baby Boomers Took Their Children's Future - And Why They Should Give It Back, by David Willetts
For the US, see The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future, by Joseph C. Sternberg
Anon Great just keep importing 845,000 Asians and Africans each and every year (to replace Aussies) like you are and well all be living in caravans.....
That's right. Blame the people who actually worked for a living vs those who think the world owes them a living.
indy_go_blue60 OK Boomer!!
Caz Za you’re on every comment with your young people are lazy and entitled tripe, get a life old lady, it’s disgusting 🤢
Caz Za Sorry but as part of the forgotten X Gen I disagree. Many Boomers have contributed a great deal to this country. But as an observer it’s been obvious to me since the first time I voted that most government policy’s have been directed directly to you simply because your large population holds the key to winning an election. I wonder wether you even realise that the majority of policy’s have been directed toward you since the Whitlam days and there is simply an expectation of this every 4 yrs?
If it takes 11 years to save the 20% then the other 70% is going to take another 35 years plus the interest oh wait how is this even possible in a 30 year mortgage. It’s ridiculous.
Yep, this all happened in Darwin Northern Territory....seven years ago our property market boomed...when we bought our home in the rural area of Darwin all properties on five acres rose to $800,000+....we looked around for five months and couldn’t believe the prices people were paying. They were clearly not worth the asking prices...thank goodness we bought our property privately and at value $200,000 less than everyone else was asking... the following year 2014, the bubble burst and many many people were left with huge mortgages on properties that no longer had equity because of the devaluation...we now have the highest stats for bankruptcy in the country...
We know of so many people who have had to sell their properties for a huge loss....don’t fall for the hype, don’t fall for the inflated, greedy prices driven by the Real Estate agencies! It is not worth you killing yourself for four walls!!
I bought a house. All I had to do is live years at my parents, years in a rat infested share house, year working overseas and save everything and then get an inheritance of 150k, put off major life events and buy 1.5 hours away from Melbourne. Easy
not everybody gets $150 000 free
@@krulkrulle6588 yeah totally. My dad died
I got 200k cash in my account..me and my brother family live together. Our both combined income is 300k/year and still we are scared to buy 700k house.....what's wrong?
Mr.J. Keep your money safe. Cash is King. Buy Low sell Medium. Other things than Real Estate. For Now. It will Pop, and drop, ,,, 30 Percent Plus, More in some areas. Hey I am a Optimist. It can not continue. Hmm.
I'm in the same boat. Thought I was the only one. These prices are crazy. It won't last
@@jaysherlock7307 Rba rate at three to five percent is a good thing. Not less One %. No good. Mortgage rates between 4 and 6 percent works. Separate the wheat and chaff. Another issue is the Australian Bank System, Recourse loans. ? Non Recourse loans. ? Small second mortgages at 6 - 8 percent, provide a reasonable return for many. Those days are yesterday. Adelaide market is considerably less than Sy. Mel. Bris. Look at Perth ? It will be Interesting. After Nov. 3rd. some banking rules may change.
In 4 years time those interest only loans come up to 10 years of no principal paid off,they make up 40% of all mortgages
Stability
The immigration intake is at least 10 times what a responsible amount would be to maintain quality of life in this country. Good luck building enough housing for 300,000 people every year, or enough hospitals, schools roads etc. And then do it all again next year and the year after that!
There have been times in history where society was divided into classes. The have and have-nots. The land owners and the peasants. Is this the beginning of a greater division in society?
Without a trigger (such as greater unemployment), and with continuing government intervention (often pretending to improve affordability), and with the sky-high immigration numbers, and the lowest rates in history, we won't see a fall in price any time soon.
Listen to that at 6:21 , It takes a couple 11 years to save a 20% deposit on a house in Newport (which is about the national average price at the moment). So what that means is it takes about 55 years for a couple to pay it off, or it would take a single person 110 years to pay it off - Read that again folks..
Dead cat bounce. So stupid they'll lose everything.
Simple..
STOP LETTING OVERSEAS INVESTORS FROM BUYING THE PROPERTY HERE!
AS FOR SELLERS, you can see Australians are increasingly locked out so stop selling to Asian and Indians who may offer you millions for your home and give your fellow Australians hope FFS
Mikle 2 it’s never simple. The whole economy and people’s livelihoods are dependent upon markets created only by an excess housing bubble.
Diversity is your strength thou
Blame yourself if u can't afford a house.
That's called the free market. Who is a vendor going to sell to - the highest offer of course, irrespective if they're a domestic or overseas buyer.
Cat L never blame yourself, always blame others, if no one available blame the system 👍
Mortgage = death pledge if you can buy a house outright great but to get yourself into a 700k plus mortgage is indeed insanity in my opinion. Gone are the days a single income family could buy a house unless you are earning 150k plus a year. Tiny houses/ shipping container homes on a bush block is more the Avenue I'm interested in, I know everyone is different but the system is floored so you need to think outside the box
The focus is largely on Sydney & Melbourne... how about focusing on a broader Australia wide experience?
9:25 Do you have any idea how rare that Pokemon card is??? and you're eating Toast and jelly beside it?????? NO CLASS lmao
Zack Slater could be a reprint
Remember
WHAT GOES UP MUST COME DOWN.
In your dreams.
I applaud Sarina Ryan for using her critical thinking skills and common sense in this situation. Purchasing a dwelling, just like everything else, if you can't afford it then you don't get it. It is never a good idea to overleverage yourself with debt, for anything, ever. Be smart and don't let FOMO think for you.
Economics and finance background... This market makes no fricken sense... APRA has increased the reserve requirements for the big four banks and insurance companies... Unemployment rates are increasing... Key export prices slipping... Tourism smashed... Mortgage stress increasing... When this recession happens and we are all on the bread line.. I hope we at least have some McCarthy inspired events to find and blacklist people from ever participating in the financial industry again....
Nah, they'll ban cash, do bank bail-ins, negative interest rates, deploy helicopter money and pull every other lever they possibly can to keep the party going as long as possible.
Almost $1 million for a 2 bedroom apartment? Talk about ripped off. Anyone who thinks these levels of prices is normal is sorely wrong.
That's relativity faulks
I sold the house and renting one with my friends. It set me free. Now i am much happier..no debts. Some saving in the bank.
HS J
Now you get to wait while inflation creeps up all around you, those luxuries will become few, and then you’ll start complaining on how everything is so expensive
Sooo wait until you turn 40? 50?
It's not fun forever.
It's amazing how they blur the line between home owners and mortgage owners... don't panic to be left out without your overpriced mortgage.
The Australian dream of owning your own battery-cage.
@Quality Journalism Plus yep... no doubt we're being farmed and accepting shittier and shittier conditions... and greater overcrowding for the financial benefit of the 1% of 'The Farmers'.
That property for $650 000 40km north of Brisbane.... what a rip-off , you cant even get sun in your side windows , not even a tree on there 😱 that place should $250 000 at most
You CANT have a decade long boom THEN another boom after a 2 year break. Australia due to limited houses and too many people coming in now, students too from OS, is just sending people broke trying to get loans for houses so overvalued, its ridiculous. So the flock will keep buying and our second highest debt in the world will become the most and then eventually the whole thing implodes especially with a massive WW recession and our own we have been avoiding. What do you think happens to jobs and houses and stocks then? Goodluck for those that never think ahead...
When did we go from measuring house prices in multiples of a single full time income to house hold income? This whole situation is beyond a joke and leaves Australia ridiculously vulnerable to an economic shock.
Want the truth. Just list the price of a 980,000.00 house (minus 180k deposit 20%) so 800k and include the interest over 30 years at say an average interest rate of 5%
Total interest 724,000.00 total cost 1.704,000.00 plus rates 3k a year plus other costs over 30 years
Its almost 2 million dollars.
Not sustainable...
If it keeps rising at the rate it has done for the past 30 years, a two bedroom house will be $20,000,000 in 30 years from now - that's right folks, twenty million for a two bedder by 2050..
Lambs to the slaughter on the alter of debt slavery
Had the same argument with my friend 15 yrs ago, he was renting back then and I entered the 'ponzi scheme' and bought a 150k house, today he's still renting and I own a 900k home outright.
As long as banks hand out loans like tic tacs, prices are going up and making the whole economy more and more risky....of course the govt wont worry until they stop seeing the stamp duty coming.
A new glass system is being built in Australia and the division of wealth is widening.
What? You just noticed?
There are tens of thousands of men who've provided well for pampered wives who upon approaching retirement decide to cry unreasonable behaviour and take most of what their loyal husband has worked for through the family law courts. These vultures then pat themselves on the back and sip chardonnay with the others of their ilk thinking they are self-made women.
This is also why so many gay men have accrued more wealth than most straight blokes.
And before you cry foul, just remember that everything around you was conceived, developed and built by the 'paytriarchy' (spelling intentional)
And if you think Labor or the Greens aren't self-serving then you madam, are as naive as your idiotic comments which you lack the integrity to put your name to. So edgey, Diamond Lace...
@@ix-Xafra Lol. Feel free to seek help outside of an echo-chambered PJW video when you're ready.
@@DL-bh8bv what's a PJW ? I'm not SML fluent...
Dogs and kid in the backyard....shows a postage stamp....so glad to not live in a city.
Rofl old mate White doesn't want to harm his business.
Are you surprised by that?
Retire with one investment property: $400 per week income (for you and partner)
Retire with NO investment property: $700 per week pension (for you and partner)
1 house is all you need.
The pension system is not really fair and penalises the hard worker who bought the investment property and gives him no pension as the threshold of means testing at 830 thousand if the investment property is worth you don’t get the pension. Even if you inherent money will affect you getting a pension most peaple I find work and are half asleep at were they are heading
Peter Koulogeorgiou correct! With median Sydney prices at $850k or so, can easily see that majority will not get pension. Some more if you have Superannuation plus investment property . No SOUP for you!
The truth is that so many houses have been lost to the bushfire that increased house prices due to the new level of demand are to be expected.
Something which is different now though is many people buying now have multiple houses
Property is only worthwhile if you can afford it. That is, if you can buy it unencumbered. Otherwise it's a huge liability.
5%! Hell yeah, I’d love to pay interest on 95% of my mortage...
Deliberate management of supply by greedy property developers, Many who are MPS squeeze the property market. There is so much land in Oz property price should not be an issue.
Nigel Bishop as with everywhere it is government regulation which restricts supply of housing
Wrong, you don't want to live in Footscray.
For the couple looking to buy in Newport Queensland, 3 km to the west is Deception Bay and about 4km to the south east is a suburb called Kallangur. Both these suburbs medium price level is almost half of Newport. It's all about realistic expectations!
While Interest Rates remain low, housing prices will keep rising so the Reserve Bank must raise the Interest Rates to stop the rising prices. Investors are buying up the properties and first home buyers are losing badly in the Property buying race. Those that have bought at low interest rates will more than likely lose their homes when the interest rates rise.
The market may dip a bit here and there but it won’t crash. People will always need a roof over their heads & want a place they can call home. As long as there’s migrants & foreigners coming in settling down in Australia, the population will certainly increase. The rate of building new homes are done at a snail’s pace, so house prices will always go up.
Also a lot of Melbourne and Sydney councils restricts construction of apartments, as do a lot of homeowners living in those suburbs.
I honestly do not understand why people do not plan for "Multi-generational occupation of their housing investment". Our 45 year home was designed and built for 3 generations and situated just off the inner city region. Close to school, close to work, and not too far from the beach, the city and the airport - still 'suburbia' but close to most major 'centres"!!!
Congrats on calling the top. I knew it when I was reading headlines like this but kept it to myself :D
The amount of land within a reasonable commute from employment, around our CBDs, is fixed. So any increase in population pushes up the value and price of every square metre of that land. The owners of urban land make a huge capital gain when they sell, but the younger and poorer members of our community must pay more and more for less and less living space.
Most population increase is immigration. That can be corrected with the stroke of a pen. But our government and other political parties are running Australia for the benefit of those already wealthy and the recently arrived foreigners.
These people are uninformed because of the media coverage that has continued to pump up a market. "...locked out for life" - utter tripe that is fueling irresponsible borrowing.
My grandmother moved to Sydney from elsewhere. Why should I move?
The Qld couple couples comments about their 4 parents NOT have a "home ownership goals" shocked me - The GREAT AUSTRALIAN DREAM !!!!!! I didn't think there were any Aussies that didn't strive and believe that home ownership was the way to go (especially generations over 40+ years old).
How much "DOES" this couple actually have saved for a deposit NOW !!!! Doesn't sound like they have saved very much ........ NOT even 5%. Maybe they need to lower their expectations (a lot) to be able to afford to buy a house. Ray White 's Grandson is spot on, it is NOT case of NOT being able to afford to buy a home, it is that 18 to 39 year old home buyers demand house with to HIGH expectations which they choose that are unaffordable for them and out of their reach.
Newport Qld, 39 kl nth Brisbane is a suburb of Redcliffe, 38.8 kl nth Brisbane and a 3BR 2 Bath, 2 Car 2 storey home can be bought in Redcliffe for approx $450,000 and within their BUDGET, but it is NOT a brand new home with ALL the bells & whistles for $650,000. GET REAL Dominic and Trudy Harris.
Coming from two generations of a warfare defendant family who are long term unemployed and do not own property, it is very common in these circles to have no aspiration of home ownership, or aspirations for anything at all. There are reason why some people are poor. The next generation really suffer because of this.
They will be indebted to the house. I feel sorry for young people. Real estate agents must be ecstatic!
I believe in short term allowing more lands to be built properties on；in long term help more people to get good education will finally fix up these problems. The combination of Australian population and territory area size does not support expensive properties price.
It´s stupid buying a normal house by an auction, you will pay most than everyone else
Playing with 5:1 to 20:1 leverage in the stock market is considered insane for the average investor. Why would I do it on property?
(For most people) You’re also investing your entire net worth not only in a single asset class but also in a single asset. This just seems like another crazy risk to me.
The biggest ever crash in the worlds 'Real Estate' history is soon to happen in Australia
If it takes you 11 years to save 20% for down payment it means that you can’t afford the mortgage.
It is just in Sydney and Melbourne, go and buy in Brisbane or any other capital city, even regional areas and the prices are quite normal and affordable.
Sydney and Melbourne are world class cities and it comes with price as anything in life.
Rofl no they're not. I know someone who lives in a regional town with one Coles and their house has appreciated from $330k to $550k in just five years.
Lol.
People make their own choices, right or wrong, then they blame the system, I came to Australia 15 years ago with $900 in the pocket, managed to build a property portfolio. If I did anyone can do! People just have to reduce booze and breakfast and save. Let’s not play victim of the system for our own actions.
FYI the actual price do build a Bungalow efficiently is like 50K
More like the two classes of those who can afford to keep paying their mortgage and those who can't....
True.
I think in 20 years the classes will be defined by whise family owned a 'normal house' prior to boom and those that didn't. Inheriting a $1m houses will be normal for a % of the population.
Stuff that..there Is still houses here 35 ks outside Brisbane $260000 and especially when you read there is an oversupply of apartments in Sydney and Melbourne from 2 years ago.. I wouldn't want the financial stress playing that back over 50 years. Wouldn't that be $1,000 a week.
Housing affordability is a symptom of the Keynesian economic financial system founded 100 years ago. It was further compounded when nixon went off the gold standard which has then allowed for continual money printing without restraint and of course inflation in everything. Did you know that housing is not counted in CPI data its excluded.
Own house payed off now at 43. Happy days!
Land Lord same at 36
@@ashleymalone1445 earlybird owner
To Millennials.... Decades of talk about housing affordability and inaction should have convinced you governments have the same short term economic need for inflated housing prices as they do digging up coal. The only way you will have the semblance of opportunity those who came before you had is a complete reset of the system, i.e. a recession, because the government is not interested. And the only truely effective means of rebellion is peaceful and simple: stop consuming; stop participating in the system that is not only not benefitting you but is feeding off you and your futures like a parasite. You are also paying for those crippling mortgages, you just don’t get the asset at the end. The next recession will be consumer-driven: Australians have less and less disposable income due to stagnant wages and increased fixed outgoings, mostly servicing debt. Yes a recession will be terrible, but the future for most Millennials will be recession-like impoverishment, living precarious lives where housing will be no longer be a dream, wages will be low and stagnant, services will be cut or privatised, and work will be casualised with few protections. Is that the future you are imagining?
In the USA Feb. 2020 low interest rates everyone is re-financing.
What a joke. The Australian propety market is sick and twisted. I really just feel sorry for everyone - both buyers (note not investors) and renters. It's all shit.
How can a couple like that afford $4000 month on repayments alone on there 935k home . You would need to be earning $100k+ P/A Im not kidding. $3953 per month on a 30 year loan. Using morgage calculator. Can you Imagine suddenly loosing your job to a black swan event...you would be forced to sell for 900k . Then owing 30k on nothing....but thin air
Just did a search in Newport north of Brisbane for house or apartment under $470k
55 results
Damn it!
Too darn easy to buy property.
Almost a million dollars for a 2 bedroom apartment in the shitty suburb of Ashfield!!! This world has gone mad!!!
Most people don't realised that there's MODERN Day of Slavery - DEBT Slavery
Housing affordability issues is encouraged by crooks from:
- politicians introducing policies to fuel the higher debts
- banks/regulator lax in lending rules
I do wish your videos would indicate in the title that it's about Australia, although it's not a whole lot different in the USA when $70K houses are selling for $125K.
So everyone else in the world has to label their content with what country they are in so Americans don’t accidentally watch something not about America.
And the new houses are slapped together with cheap materials, without a thought of safety, or endurability, Fire hazards in the kitchen with no chimneys, tiny bench spaces, no outside drains, cheap doors and fittings, tiled floors in living areas ,lowset ceilings, the list goes on, and you borrowed $650000 to pay for it.
$932,000 for a 2 bedroom apartment! What a ripoff, in 12 months time it will be worth $600,000.
WHY is this happening right now, all around the AT THE SAME time?
They are going to pay interest only for 20 years and then the principal is due and must be payed in cash what a scam.On inflated way over the true value
6:49 "I can see the dogs plying in the backyard"
Yes what backyard lol
6:25 Umm, wow. That is exactly how long it took me in the US. 😳
Booming property market? ? Where? America ,Canada?Australia?
There are many places in the world where 700k will allow you to live a comfortable life for a long time on its own, create a business and thrive. For some odd reason you cling to the tidal forces of greedy realtors and builders while forfeiting your work-life balance to banks who create money out of thin air by lending it to you. That's just nuts.
We have got to decentralize and adjust our living standards many of these houses are just huge very difficult to maintain unless the entire family contributes they delapadate or tradies set up camp at the mansions. Enough condos build smaller lodging developers with thick walls and air tight windows and doors. An easy sell.
Dogs in the back yard... they’d better be small dogs. Does anyone remember a time when a house in Sydney sat on a 1/4 acre block?
I’d never buy my first house in today’s market. Gimme a swag and freedom... forget the debt trap; life is short, don’t spend it paying back 2.5 times the unrealistic amount paid for the house in the first place.
If you want the property market to drop and be affordable for everyone...allow only 2 properties for negative gearing..the rest the investor can pay themselves..why the hell should I pay for your interest and other expenses for your investment properties
Wonder if the banks have factored in automation???
up up the prices are up (ultimately the loser is the fence-sitter, over long term you will be ahead owning a property. I bought my 1st house in year 2005 now worth three times what i paid for)
I paid $157,000 in 2000 and now its worth $580,000
luke m history will repeat again and again, it a fact!
@@Alan-Aus the only thing that im worried about in future is
Cashless society
1 world currency
And the 1 world government by the un
And robots taking human jobs
Have u researched any of these subjects ???
What about the shitty construction of builders down under.
$932000 for 2 bedroom apartment?? Insanity.
Those two young people high fived each other cause they payed way more than they wanted to pay? 🤨
We can't keep enough drinking water in Sydney and property is this overpriced. Wow great management
You can buy a home in my neighborhood for 4 dollars.
All housing in Australia is about double the price it should be. I’m 38 & my wife is 32 and we have a $290k mortgage on a $850,000 house, so we are going ok, but, I wouldn’t pay more than $500k for my house.
a million for a 2 bedroom apartment is so crazy why didnt they move just out of sydney
Get rid of stamp duty and do what usa does tax you each year based on the value of your house. Means pensioners who still qualify for the age pension with $3 mil properties have to sell. People with 10 properties will no longer have 10 due to cashflow.