Not enough money available for this crazy growth to continue in Melbourne?

this thread is a good read.... makes a hell of a nice change from all the Bitcoin....oops.... there I have said it now

 

MTR...I will give youse some bit coin for an Atlanta property?

 

I gotta protest.as you have an unfair advantage..in your case....BBS refers to the Druie Harem you amasseed....over the years.

 

I can't speak for construction but I disagree with IT.

The types of salaries on offer are more or less the same as they were back in 2008 for senior technical roles (both contract and perm). There has been a large increase in supply of lower skilled IT workers over this time, and now they are rising up in the skill levels and ranks, causing zero wage growth overall.

I'm contracting at the moment for the exact same rate as I did in 2009, and I have been upgrading my skills with AWS Cloud certifications and so on. There is just a lot more supply these days.

 

I'd agree with @Orion on this one. The contract rates that I'm seeing in Melbourne are pretty similar to what they were when I was working in the Netherlands in 2008 or so. Anecdotally, I could probably get $300 or $400 per day more in London for my skill set than in Sydney, and living costs are similar in both cities.

IT professionals have been favoured by the immigration system for a long time, in fact I landed PR in a matter of months when I applied in the aftermath of the GFC. The increase in supply will have driven down wages, unfortunately.

I'm seeing a lot of complaints from the likes of Atlassian about how restrictions on immigration will affect their business. But I tend to find that "skills shortage" means "a shortage of people willing to work for what we'll pay them".

 

No...skills shortage doesn't mean shortage of people willing to work for what we pay them, it means shortage of people who can offer the value to the business at high rates (compared to the cost to value elsewhere like San Francisco) .. Hence we will go elsewhere such as San Francisco and find a deeper pool of those people who can offer the value and pay them a lot.

 

Correct. Wage growth in Melbourne has been slow for a while. Look at salary reports by large recruitment companies for evidence.. They put then out every year. By place and job type and industry. Look at differentials year to year.. Hardly changed over the past few years.
It maybe a bit more than 2009, but definitely not significantly more.
And by most expert commentary, wage inflation will remain very low for all of this year and maybe some of the next... Thus, there may be some credence to the title of this thread...

 

The main drives in Melbourne are housing, migration and education. Not a very diverisified market.

 

I would love to know where you get that research from. I have a block of land in the outer south east (Officer) and I’m considering of selling due to doubts I have in the outer SE market

 

Surely it's good to hang on for another year or two, see how much growth there is left? I don't think they're be a sudden drop, unless rates go through the roof.

 

Are you crazy...Melbourne property is soooo yesterday....Crptocurrency is the bees knees even famous property investor Nathan Birch is getting in on that...we will be the second Crypto billionare after the Vandervoss brothers....who are billionaire...Melbooorne ...is for chumps....