Join Australia's most dynamic and respected property investment community

Sydney housing crisis tv show on tonight

Discussion in 'General Property Chat' started by R377, 2nd May, 2016.

Tags:
  1. R377

    R377 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    310
    Location:
    Adelaide - Southern
    I know the media love to overhype but might be of some interest ... four corners tonight on channel 2 @ 830pm
     
  2. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
    Posts:
    767
    Location:
    Sydney
    Another 60 Minutes style report no doubt...

    "They're lending to homebuyers that have no ability to be able to pay off their loan and they're basically depending on the property market to continue to rise at a consistent rate." Oh really now?!! That's *exactly* what happens in the application process :rolleyes:
     
    Jason Tyrrell likes this.
  3. GreenGoblin

    GreenGoblin Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    74
    Location:
    Melbourne
    Your transcript saved me from watching tonight, House - thank you! That gives me 45 minutes back to find another negatively geared property to buy :p
     
    Cactus, Player, Esh and 4 others like this.
  4. Kate Moloney

    Kate Moloney Well-Known Member

    Joined:
    10th Dec, 2015
    Posts:
    445
    Location:
    Australia
    Actually, it was quite good. Not sensationalised, had a balanced view showing successful investors and also first home owners. A number of good points made.

    I can appreciate the first home owners frustrations.

    Btw, I wouldn't discredit all sensationalised media. Its deliberately designed that way. The polarised views in sensationalised media creates public discussion ... and when we discuss things then we start asking for solutions and change..... the media is a big game, see it for what it is, a stepping stone to change.....
     
    RM1827 and Plutus like this.
  5. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,214
    Location:
    Sydney
    I watched it also..and found it balanced also.

    The people they interviewed was were mostly either experts who want to reduce Neg Gearing or a first home buyer trying to compete against investors.
     
    Kate Moloney likes this.
  6. R377

    R377 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    310
    Location:
    Adelaide - Southern
    Wasnt great. The main girl with her poor hard done by story. She actually had $150k saved up so she could of bought two houses, instead of complaining about not even being able to buy one !!

    Nicely setup for TV, they show her go to a property where it was 957sqm block - of course an investor/developer was going to buy it - of course she would get outbid at auction.

    Steve Keen with his 40% decline prediction did it for me, I shoulda watch NJ housewives instead :)
     
    HUGH72, kierank and teg499 like this.
  7. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,214
    Location:
    Sydney
    He actually is at Kingston Univ at London now!! They did not give him a good wrap either.
     
  8. teg499

    teg499 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    69
    Location:
    Sydney
    I don't understand why the FHB girl with the $150K saved up doesn't just buy a property she can afford (ie start small with a 2 bed unit then after a few yrs upgrade to a bigger property.... $150K saved up @ 25 is massive. She needs to understand property is a ladder. Ya gotta start at the bottom lol.. Its like saying Syd property I'd unaffordable because you can't afford to buy in Mosman or Vaucluse as a FHB. Lol.
     
    Cactus, Perthguy, Giuseppe and 2 others like this.
  9. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,563
    Location:
    Sydney or NSW or Australia
    What do you mean that FHB can't afford to buy in Mosman or Vaucluse? If you grow up in the area (ie in an affluent environment), what's wrong with buying back into the area?
     
  10. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,214
    Location:
    Sydney
    Yep...she was trying to buy on Kilsyth which is going nuts anyway.

    She could have bought a apartment closer in for 450k comfortably.
     
  11. kierank

    kierank Well-Known Member

    Joined:
    20th Jan, 2016
    Posts:
    1,020
    Location:
    Brisbane
    Totally agree and that is totally what we did.

    First home was a 2 Bed, 1 Bath unit in East St Kilda. Next was a 3 Bed, 1 Bath, 2 Car house in Brisbane. Next was 4 Bed, 2 Bath, 2 Car house in Brisbane. Lastly 4 Bed, 3.5 Bath, 3 Car house in Brisbane.

    We bought our first home when I was 25. We built our current home when I was 55.

    We had to work hard and save for 30 bloody years to get what we wanted. Yeah, we had it so easy and FHBs today have it so tough.

    To me, that 4 Corners was not balanced. In fact, it was one of their worst for a long time. Having Prof Keen on it was the cream on the cake for me!!!
     
    Giuseppe, wylie, Sannie and 3 others like this.
  12. sash

    sash Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,214
    Location:
    Sydney
    Common they needed Keenie for a laugh!

     
    teg499 and kierank like this.
  13. Skilled_Migrant

    Skilled_Migrant Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    688
    Location:
    Melbourne
    I am not too sure about the accuracy of the banks fudging the loan applications to maintain AAA rating. If true, that is concerning.
    Otherwise everything else has been discussed here.
     
  14. 2FAST4U

    2FAST4U Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    923
    Location:
    Adelaide
    Typical ABC. They completely avoided the elephant in the room- population growth. I guess it's easier to blame investors than risk coming across as 'xenophobic'...
     
    Cactus, Giuseppe, Sannie and 3 others like this.
  15. 2FAST4U

    2FAST4U Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    923
    Location:
    Adelaide
    She doesn't even need to go for 2 bedroom units. She had a 559k budget but obviously she considers herself above living at suburbs, such as Broadmeadows or Sunshine.
     
    Whitecat likes this.
  16. youngy

    youngy Member

    Joined:
    20th Mar, 2016
    Posts:
    19
    Location:
    sydney
    That girl thought she was entitled at a young age,

    Was a good show though.
     
  17. Kate Moloney

    Kate Moloney Well-Known Member

    Joined:
    10th Dec, 2015
    Posts:
    445
    Location:
    Australia
    Population growth was mentioned.
     
  18. lost nomad

    lost nomad Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    63
    Location:
    Here & there
    I'm surprised after a year looking & bidding on 20 homes, the FHB hasn't worked out that she needs to add 20%+ to the buyers guide.

    The ABC business journalist that had her loan documents returned and noticed her income had been increased- surely that needed to be fact checked before airing?
     
    Cactus likes this.
  19. scienceman

    scienceman Active Member

    Joined:
    23rd Feb, 2016
    Posts:
    34
    Location:
    Sydney
    Yes one of the real estate industry spokesmen mentioned that our high population growth will continue to prop up prices. Though no doubt this will be used as a justification to keep the population ponzi scheme going.
     
  20. Dan Donoghue

    Dan Donoghue Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    631
    Location:
    Sydney, NSW
    This right here, this is the problem. Not the prices, wages, affordability. It's the attitude of the FHB.

    Should have seen my first place (rental not purchase) a mate and I flat shard a 1br flat, we used my wardrobe to sort of wall off the dining room into a room for me. My TV cabinet was 2 McDonalds fry boxes with a piece of wood and a sheet over the top. It's wasn't ideal but it was a start, I got out there and did what I had to.

    When my wife and I bought, we used just over half the amount we were pre approved for because we don't NEED a McMansion and we don't NEED to live in Mosman. Now i'm about to start an investment journey with a 10 year plan to retirement.

    I'm not special, I'm not smart, I was just raised to work for everything and not bloody complain about what hasn't fallen in my lap.

    Can you see many kids prepared to do this today?
     
    Francesco, Player, Esh and 9 others like this.