Sydney housing crisis tv show on tonight

Discussion in 'Property Market Economics' started by R377, 2nd May, 2016.

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  1. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Last edited: 3rd May, 2016
  2. Dan Donoghue

    Dan Donoghue Well-Known Member

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    I read it somewhere the other day and thought it was a "thing" lol.

    Is that "m" meant to be in there? if so it may be marginally out of my price range ;) <-- I am of course being stupid I know its a big business building (sometimes humour doesn't come across on a forum) :).
     
  3. wategos

    wategos Well-Known Member

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    No golden triangle is corner border of Thailand, Burma & Laos. Mekong flows there but its not the delta, thats over 1000km away. Nice area, did a 3 day boat trip upstream 20 years ago.

    Anyway.. back to the TV show.. fair enough conclusions, certainly a lot more competition now from investors than when I bought in Sydneys eastern suburbs in 1995. I was the only person at the auction.
     
  4. B-Mac

    B-Mac Well-Known Member

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    'Climbing the ladder' doesn't only refer to investing, you can climb the PPOR ladder too.

    At 25 years old, unfortunately your at the bottom of the ladder whether you are investing or buying PPOR - that's life & will never change.
     
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  5. Mumbai

    Mumbai Well-Known Member

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    The point you missed is that not every FHB wants to buy in Toongabbie and a townhouse on that.
    They want their dream house. Its where the want it and how they want it. Not debating the wrongness or rightness in this
     
  6. Rich W

    Rich W Well-Known Member

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    Well you could've bought a decent 450m2 block in The Ponds for about $300k and built a decent cookie cutter 4 bed home for $250k only 4 to 5 years ago. Now average 4 beds go for around the $1 million mark. The FHB $150k deposit could have gone a lot longer way only a few years ago but I think the whole point of the ABC show last night was to highlight why such a boom and what drove it. Yes population growth and low interest rates had a part but you would be blind if you didn't think negative gearing and high levels of people buying their 2nd, 3rd, 4th+ properties during this time didn't place a significant part.
     
  7. Joshwaaaa

    Joshwaaaa Well-Known Member

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    She should move to adelaide if she just wants a house to
    I could careless about the plight of the poor FHB, I'm only 31 I also couldnt afford to buy the area I would like to have lived when I bought my first ppor. But rather then pulling the woe is me card and continuing to try and get into an area I just couldnt afford I bought where I can. So I have spent the last 8 years living in a crappy area sorrounded by dero's and dole bludgers. Have spent the time working my butt off and now currently the partner and I are looking to upgrade to where we want to live.
     
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  8. Rich W

    Rich W Well-Known Member

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    I understand however it says your location is Adelaide so I assume your PPOR is there too. I don't believe you have a full appreciation of how crazy is it has been in Sydney in the last 3 years. All good for me... my property has gone up nearly double in the last 8 years however I still struggle with cash flow with a young family even with a decent paying job. I have no idea how I would do it now in the same situation.
     
  9. House

    House Well-Known Member

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    FHO's have been pushed out of the market by those terrible investor types and their avarice for at least the last 30 years... When will they learn?!!

    image.jpeg
     
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  10. Scott No Mates

    Scott No Mates Well-Known Member

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    Next to pimps, hookers & nightlife?
     
  11. Dan Donoghue

    Dan Donoghue Well-Known Member

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    I find it to be a shame that so many people these days are too busy living their lives, they are looking to avoid the journey and just get to the final destination. What they miss the point of is that the journey is where you learn and the harder the journey, the more you will appreciate the destination. If there is one thing I have learned in more recent times, it's patience :).

    It doesn't have to be toongabbie, I used it as a reference point because it is close to where I live (my first home) and I am not in the "sticks". It's about what your money can get for you. If you can't afford what you want, change what you want, modify your expectations.

    I didn't "miss" the point. At the risk of sounding rude (which is not my intention), I merely think that point is irrelevant, in my opinion the point is to get on the ladder asap and stop whinging that the climb up the ladder can't be avoided. personally I think any housing conversation that starts with "I want" is less important than a conversation that starts with "I can achieve" or "I need".

    using myself as an example:
    I "want" a $6million beach fronting house in Main Beach QLD (no really, I do want this, this bit is not a joke).
    I "can achieve" a 3br beach fronting unit on the GC south of surfers
    I "need" a roof over my head and the feeling of security for my family when I sleep

    2 of those statements are realistic and people's response would be "Cool, go for it", one of them would pull reactions of humour and questions of when I plan on winning the lotto. It doesn't mean I "want" it any less (seriously, words cannot describe how much I want this property), it's just not realistic.

    We have to live within our means and capabilities. To expect anything outside of this (without changing contributing factors like salary or winning lotto) is unrealistic.
     
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  12. R377

    R377 Well-Known Member

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    Good post house, i like history. Auburn and Fairfield $90k in 1987. What is the median now $600-700k ?
     
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  13. chylld

    chylld Well-Known Member

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    ^ what @Dan Donoghue said.

    Sometimes being realistic means not buying a property right now, because it is not currently the best investment.

    A logical FHB in Sydney who can't afford their ideal home would either rent while investing in other asset classes, or buy something smaller which would make a great future IP when they eventually do upgrade.

    There will always be individuals whose brains cease meaningful function when they hit their first stumbling block of "Sydney is too expensive!"
     
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  14. datto

    datto Well-Known Member

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    No. That's pretty much it.
     
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  15. Mick Butterfield

    Mick Butterfield Well-Known Member

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    I feel that this is the reason the vast majority of people 'can't' afford to buy their first home. MOre like they can't afford their dream home straight up in a location they want, without it impacting on their lifestyle. Too much entitlement and not enough sacrifice (generalised I know) but I see it with a lot of my peers.
     
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  16. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    right by my experience
     
  17. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    This is just not true in my experience. You could write whatever you like on the application forms the credit assessor will always go off the verified income from payslips, tax returns etc. I think she confussed net with gross or something dumb like that and the bank lender amended it for her.
     
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  18. Tattler

    Tattler Well-Known Member

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    Agree that these people can live at these locations. However, it is still difficult for people to borrow that much money to service the loan for property worth 600Ks. Even in Sydney a lot of jobs doesn't earn that much more money compare to same jobs in other states.

    The Sydney wage is definitely not kept in pace with recent Sydney house prices. That is a problem.
     
  19. hammer

    hammer Well-Known Member

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    I feel it was more or less balanced, and I also think everyone on the forum here is correct in their own way.

    Four corners is designed to challenge us and get the country having a conversation that needs to be had.

    By the looks of this thread, and more importantly, people on the street - it appears they have been successful.
     
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  20. Tattler

    Tattler Well-Known Member

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    People will need to learn to move to afford their place. I did the reverse, I left Adelaide to move to Sydney long time ago for job opportunities. Yes I missed family and friends there but now I am very settled in Sydney.

    So if those FHBs who are working on jobs that are available in Adelaide with similar wages, they should consider moving there. House prices is definitely a lot more affordable.