Hahahaha

It used to be calculated on the basis of only 1 x breadwinner in the household (usually the husband went out to work while the wife stayed home). Now it is based on a 2 x income family unit where husband & wife (or partners) both go out to work.
As Joe Hockey said: "Nobody would be buying if Sydney was unaffordable".

 

@Leo2413 I inspected Sold Price for 8/146 Parramatta Road Homebush NSW 2140

Absolutely disgusting. Building quality was so shoddy, the RE seemed embarrassed to show us through. No way the building will last another decade or two without intervention (eg soaring strata).

 

That sucks then... it looks very decent from the pictures but we all know how misleading they can be. I only spent like 10 mins to pull these up. There are hundreds properties like the links I posted all over Sydney that I think are affordable and decent living for a couple just starting out.

 

@Propertunity - does a breadwinner who is gluten intolerant get paid more than someone who isn't or are they on the breadline?

 

so yeah, it is still harder for todays generation to buy houses in sydney than previous generations as 6-8 times median income is still far less than 12 and they are burdened with more education debt etc etc

 

Yet there are young people who sit around moaning about it while at the same time others of the same age build large property portfolios.

 

Im sure you can find a young person anecdote/straw person to suit any argument but looking at stats, its clearly relatively harder for younger generations to buy a house in sydney than previous generations.

 

Haha i know right! Couldn't even convince the mrs with such a low price-tag on it (and she loves a bargain). Another in the building number 12 went for 540k roughy same time - number 8 needed a quick sell

 

On the positive side, you have mortgage interest rates sub-5% - some of the lowest ever. (IRs were 13.25% when I purchased my first PPOR over 30 years ago). Finance available for a PPOR purchase only needing a 10% deposit (I needed 20% back then). Availability of LMI to reduce deposit requirements down below 10% if you need to.
Ability to buy, reno sell a PPOR tax free. Good health and education - even if you run up a HECs debt. So many opportunities to make money and people / mentors who will show you how to do it - all over the internet if you want.
But a negative mindset will bring all that to nought if you are so inclined.

 

How did you know ?
Is it because all of the wall and the other building quality is cheap quality ?

 

The difference between my generation (20 to 30) and the older ones is they expect to be able to travel the world for months at a time and also be able to afford a house in the area they like.

Unless you have a high paying job it doesnt work like that you need to pick one or the other.

 

Pieces of wall (interior/exterior) were crumbling. I took a bunch of photos and sent them to my old man who's a builder and he said run for the hills. Tbh though, you didn't need to have any trade skill to see it, it was that obvious. Like I said, the RE seemed embarrassed before we even entered.

 

@Glorion yes, my friend who's just received the key to their newly built apartment in Jordan Springs also mentioned to me that it is common in the newly build apartment, normally the defects can be reported to the developer who will then fix it within 90 days time frame.

But not sure why this one is already put on the market without the defects fixed first ?

I guess, the owner is overseas investor who blindly trust the developer by their name & previous reputation.

 

LOL ... I think affordable = the cost of a car/month or probably less, for a lot of the whiners anyway.

Sydney is getting cheaper people, but you will hear the same thing in 2-3 years when the unit prices are dropping back.

I think this whole thing is always Sydney, inner Sydney, run by those in the media in Sydney, who work near Sydney CBD, it has always been the same whinge, every growth phase they come out, same chorus, boring actually, there are people who have had to start again, and they are in Sydney.

 

Yes, Riverstone will be the next million $$$ suburbs:

The 10 Sydney suburbs set to take off in 2016: Doug Driscoll

See the prediction on that website above.

 

Watching 4 Corners last night, there were so many fallacies in the story. How many FHBs really expect to be able to afford a place right on Sydney Harbour. Really? It's that expensive at Point Piper these days? Well I never. Geez, we didn't aspire to buy our first homes on the Harbour back in my day, either, Princess.