money doesnt mean much to this Gen

That and a lot of other things....

 

Or maybe 'a recession we have to have' or even worse a depression...

 

Hey, I worked in a night club.

 

Plenty of successful property owners I know, from baby boomers to people in their late 30's say: despite the interest rate hiccup of the 80's any fool could have made money in property.
The vic boom of 2006-8, some values rose tens of thousands month on month.

Affordability was also better in decades gone by, no Chinese investment, not as much competition as the internet was not around, lending standards were simpler.

So it's very easy to point at gen y-z and say they are a lazy bunch the way you invested, buying around the corner from home because that's what you knew. No ingenious methods to get a competitive edge in buying in the market. They may look at you all and say you had it easy, could afford a home relatively easy, education was cheaper. More labour based jobs around - manufacturing..
They may say you all lacked the foresight that today's generation has. That the world has become a smaller place, these generations will have to contest on a global scale now.


It's very easy for the pot to call the kettle black...

 

OP is obviously a troll post but I do think he's onto something, the secret of success in Sydney sounds like to buy an overpriced apartment (can't afford a house) and spend the next 30 years spending most of your income paying it off. Of course this means having no disposable income to own a car, go out, travel etc. Yep, living the dream

 

Gen Y aren't remotely close to being the first generation to have a few drinks on a Friday or Saturday night, this is a cringeworthy over simplification of the significant issue of housing affordability, which is caused by a range of factors including but not limited to:

* Short sighted urban planning with a focus on low density sprawl

* population growth

* finite supply

* increase in labour cost

* incomes not rising at the same rate as cost

If writing off housing affordability issues as "kids these days! bloody selfish the lot of them!" before presumably shaking your zimmer frame at some children who dared to walk on your lawn makes you happy, go for it..

 

Yeah, affordability was better and everything was easy alright.

When we bought our 2nd property in 1981:

1. I had a well-paid job in IT
2. My wife had a good job in retail.
3. We had good employment history, with both having 5+ years employment at the one employer.
4. We both had excellent credit history and had one mortgage already paid off (by selling the first property).
5. We had a 60% deposit.
6. No bank would lend us the other 40% as a mortgage.
7. One bank would lend us 20% as a Personal Loan, meaning we had to borrow the other 20% from my parents.
8. The banks would NOT include my wife's salary as she was in her early 30's and was of child-bearing age.
9. There was no www.realestate.com.au. To find properties, one had to look in the newspapers and visit REAs by the dozen until you found the right property (only in business hours, Monday to Saturday).
10. There was no Internet, Google, etc. Due diligence was done by letter (and you prayed for a reply), by phone call (and you prayed that the person who took your call understood your query and was trustworthy) or you didn’t do it at all (and you prayed that everything will turn out all right).
11. Offset account, IO loans, financial structuring weren’t even heard of.

With every subsequent property purchase, we have found that affordability was gotten worse and everything is so much harder now. Our latest purchase was a property which increased our property portfolio by nearly 50% and tripled the size of our loans portfolio. We signed the Contract in February and settled last week. In other words, a significant recent purchase (in fact, our largest ever).

Things have deteriorated to such a state where, for this purchase:

1. I didn’t have a job.
2. My wife doesn’t have a job.
3. Our employment history is that, history. We are retired.
4. We both still have excellent credit history.
5. We had 0% deposit.
6. We had three banks who were prepared to lend us 106% of the purchase price.
7. All three banks fought for our business by continually offering lower and lower rates until none would go any lower.
8. We didn’t have to borrow a dollar from our parents. In fact, we didn’t have to put any money in.
9. The banks included my wife's pension as she is now 60 and unlikely to be of child-bearing age.
10. There was www.realestate.com.au. To find this property, we started looking at 500kms of Queensland coastline, from Coolangatta to Bargara. We spent hours in front of a computer looking at photos and videos, during daylight hours, at night, on weekdays, on weekends, etc. We spent one day on the Sunshine Coast, another at Redcliffe and the third with REAs on the Gold Coast. That was it!!!
11. There was the Internet, Google, etc. We did an abundance of due diligence (our lawyers did more). We know what the vendor paid for the Apartment, we know what everyone in the complex paid for theirs, we know what recent, nearby, comparable sales are, we know DNRM latest site valuation, ...
12. We spent time on financial structuring and have another Offset account, we have two more IO loans with one fixed for 3 years and we know why we went this way.

Yeah, let’s go back 35 years when things were so much more affordable and everything was so easy.

Not for this baby boomer!!! We wouldn't have been able to undertake our latest purchase, if we were still in those times. In fact, I am sure that a lot of our property purchases would not have been possible, if we were stuck back in that environment.

 

That's if the bank manager liked you,it's never been easy and some depending on the bank would behave as they were people to be feared with the power they had..