‘Craziest’ market in 30 years: the impact of the global housing boom

As far as I know and read around, there's a major issue now with construction due to the cost of timber. It starting to be quite prominent. Small builders find it hard to even find stock and large ones can secure the stock, but cost it higher.
I wonder what that will mean for supply in the next 1-2 years. Depend on how long this US crazy demand go on.

Apartments, I reckon, are still a market for small-ish precent of the population.
How many families are willing to live the apartment way of living in Australia?

 

I am currently building 3 villas, its not only shortage of timber but also trades. I have at least 2 months delay due to trades. Bricklayers can name their price. I think gone from $1 per price to $3….. ouch

As far as US housing goes ……I have been riding the mother off all housing booms. Its insane, no idea when it will end.

 

The trouble is people are treating houses as speculative assets here in Australia to the power 10 which is leaving real Aussie families facing homelessness.

For example, the vacancy rate in Darwin is 0.04%. In addition to that, rent prices have increased over 20% meanwhile our wages do not grow!

Something has to give or people are going to end on the street. Mental health is being impacted and nobody wants to talk about it because too many people are benefiting from it. Politicians included (see photo).

Source: Australian Politicians - Interests, Expenses and Salaries

 

Supply and demand. It won't change. The harsh reality is folks need to take charge of their lives or roll with the consequences.


If adults can't afford to buy this, then something is wrong and it ain't real estate.
https://m.realestate.com.au/sold/property-apartment-nt-darwin+city-135949446


I have a tad of understanding for some folks living in Sydney. The rest of Australia (with realistic expectations) has been affordable forever.

 

In one of the photos of the bedrooms there's a camera next to the bed... vendors like to film themselves during bedroom activities haha

 

Darwin have gone through a massive dip and a massive discount on rent and price after the mining boom so renters shouldn't expect that good time will last forever unless you are new to the city.
Only recently that both rent and price have started bounce back since vacancy quicky got obsorbed. It is the nature any market so don't play that blame game.

If people are smart about it, weather you want to be a home owner or investor, it should have been good time to take advantage of that long and massively discounted period...

 

When I look on www.realestate.com.au and I see 2 bed units for well under $300k, and this
77/9 Carey Street, Darwin City, NT 0800 - Apartment for Sale - realestate.com.au 3 bedder for $349k and some lovely views, then there's really not an affordability problem.

Sorry, you wanted a house, not a unit. Then there's this. 9 Verburg Court, Stuart Park, NT 0820 - House for Sale - realestate.com.au for $599k, right near the city...... not an hour out of the city, like you'd have to travel to buy something in Western Sydney for the same price.

 

Rent in Melbourne going down?

Family member traded in townhouse at 450 pw for house at 400 pm. Same area!!

 

Mate, there is no stock in a lot of cities. No houses are available. You need to understand that buddy. Some people are living under a rock. 0.4% vacancy rates.

 

A lot of people don't want to buy a house though.

Not sure why people are forced into buying. Why cant we rent? Oh that's right, there is literally NOTHING to rent lol.

Also, Darwin's economy is nothing like Sydney's. The employment opportunities are limited here depending on your profession.

 

probably swingers, I wonder if there is a spa somewhere

 

Yes I know
You beauty

You know what this means……

 

I refer you to @icic and @skater post above.

If folks aren't happy to the point it's greatly impacting their lives, move.

I remain unsympathetic.

 

You seem to know a lot about cameras in bedrooms...

 

And that is the trouble. Lack of empathy.

So the solution is often "move somewhere else". Ok. Sure. People do that. But now with cheap credit, the cost of living and rental supply in regional and remote towns is facing the exact same issue. In summary, they move, and then they fact the same challenge shortly after.

It is a shame you are not sympathetic for families who move to new cities only to be forced to leave (again), especially with kids, given they make friends, and are forced to move AGAIN, after already moving LOL.

I suppose you might not realise what relocations and losing friends & family causes childrens development.

Do you have kids yourself?

Cheers

 

No point getting into a long drawn out debate which won't go anywhere. Let's just agree to disagree and enjoy our Saturday

 

No worries buddy, you too.

 

106/21 Cavenagh Street, Darwin City, NT 0800 - Unit for Rent - realestate.com.au 1 bed $270pw = affordable.
3/110 Esplanade, Darwin City, NT 0800 - Unit for Rent - realestate.com.au 2 bed $450pw = affordable
57/39 Cavenagh Street, Darwin City, NT 0800 - Apartment for Rent - realestate.com.au 3 bed $620pw, OK getting up there in price, but this IS the city and not the outskirts. Price too high, you may have to move to where you can afford.
5/8 Beagle Street, Larrakeyah, NT 0820 - Unit for Rent - realestate.com.au 3 bed, just out of the city $415pw = affordable

 

I have empathy for those who are struggling despite doing everything they possibly can to overcome their life circumstances.

I have no empathy for those that made life choices up until this point that directly correlate to the position they now find themselves in.

An aside - Why do these people blame governments and others? I never read/hear these people blaming their parents/family for not continuing to put a roof over their heads? (btw I don't believe parents necessarily should).

 

So what exactly do you want?
Free house? Free rent? Would you like a forum member to donate a house?

People are not "pushed" into anything. They need to decide what they would like to do.
Wanna buy? Work for it.
Wanna rent? Go ahead.
No stock? Pay more and you'll find rent.

I'm not sure what you'd like any of us to respond to your old age rant.