Sydney is not as un-affordable?

Discussion in 'Property Market Economics' started by Noobieboy, 2nd Feb, 2019.

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Sydney is affordable?

  1. Very affordable

    6 vote(s)
    7.1%
  2. Somewhat affordable

    16 vote(s)
    19.0%
  3. Neither

    5 vote(s)
    6.0%
  4. Somewhat unaffordable

    20 vote(s)
    23.8%
  5. Very unaffordable

    37 vote(s)
    44.0%
  1. Sackie

    Sackie Well-Known Member Premium Member

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    Surely now you're getting toooo cheap. :p
     
    Last edited: 3rd Feb, 2019
  2. Gockie

    Gockie Problem solver Premium Member

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    A 1 hour commute (door to door) each way is acceptable in Sydney. As a professional, 30 minutes each way isn’t common unless you live really close the the city, but that’s not where most people live. Most middle ring commutes would be around 1 hour each way.

    We find people coming in from the Central Coast, Mount Druitt, Penrith still working in the city. There are people living near Campbelltown working near the Airport. I wouldn’t do it, but some will. A colleague bought in the Southwest (Prestons), after a short while living there they ended up renting out their property and renting closer in. Still ended up living in middle suburbia though. The inner city tends to be less family friendly than the middle ring.
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Found some which had sold in the last few months for around $300k too. ;)
     
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  4. Sackie

    Sackie Well-Known Member Premium Member

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    #scottNoMatesSydCheapieBuyersAgent
     
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  5. Scott No Mates

    Scott No Mates Well-Known Member

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    @Sackie - I could find a few more in that price range, just require a couple of drive-by shootings, home invasions & car jackings to raise the profile of the area.
     
  6. Sackie

    Sackie Well-Known Member Premium Member

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    I think 1 bomb making incident should do it.
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Definitely, possibly do it here
     
  8. Sackie

    Sackie Well-Known Member Premium Member

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    You're gonna get ASIO onto us...
     
  9. TMNT

    TMNT Well-Known Member

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    When i was growing up, most people were buying older 3 bdr modest freestanding homes with a backyard for the middle class.

    Now it seems these exact people buy the same but they want a new ish build, a media/rumpus room and within a certain distance from the cbd and are a bit younger

    No wonder it seems unaffordable
     
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  10. Whitecat

    Whitecat Well-Known Member

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    Or 15kms for 330k depending on your preference of suburb
     
  11. Sackie

    Sackie Well-Known Member Premium Member

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    No doubt folks have choices, just need to get rid of the whole entitlement/unwilling to compromise attitude . At the end of the day IMO, owning a place is never just a given . Renting is a great alternative for many.
     
  12. Joseph Skewes

    Joseph Skewes Well-Known Member

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    The implication that being able to find a couple of entry level shoe-boxes priced at half a million dollars makes Sydney property "affordable" is probably why those who claim Sydney is unaffordable appear (in your eyes) to have attitude. I would have attitude if faced with such a preposterous claim.

    Sydney is not unaffordable because of an "entitlement attitude of where and what they must buy" (I see more of that attitude from investors who think they are entitled to particular investment / tax loopholes or policies than I see from first home buyers trying to enter the market).

    It is unaffordable because when you measure it to past values or somewhat comparable cities within Australia the prices are absolutely bonkers (still, even after a 10%+ decline).

    It is unaffordable because prices to income have soared.

    It is unaffordable because prices to rents have soared.

    It is unaffordable because regulatory bodies were asleep at the wheel and didn't reign in reckless lending quick enough.

    It is unaffordable because population growth has been allowed to run too hot.

    It is unaffordable because the RBA lowered rates and kept them at historical lows as the property market in Sydney ran away with irrational exuberance (possibly a bubble).
     
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  13. Sackie

    Sackie Well-Known Member Premium Member

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    All good buddy. Keep believing and perpetuating that reality all you like. Many have been doing just that pre-boom, post boom and will into the future . Nothing will change for them until there is a change in attitude .
     
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  14. Joseph Skewes

    Joseph Skewes Well-Known Member

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    Can you point me to the 3 bedroom modest freestanding homes with a backyard in Sydney that are currently affordable to entry level home buyers (in the same way as they were when you were growing up)? At the moment the only links in the thread have been apartments.
     
  15. Joseph Skewes

    Joseph Skewes Well-Known Member

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    People paying ridiculous prices for something doesn't make it affordable. Rather than repeat myself ad infinitum I might just refer to my previous work :D

    upload_2019-2-3_15-48-58.png
     
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  16. Sackie

    Sackie Well-Known Member Premium Member

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    What is a ridiculous price to one person is a comfortable compromise for another. Simple fact is if you want to own a great piece of RE in the most desirable suburbs in Sydney, you can't expect to live a bummy life and get that type of lifestyle. That was never the case in our history and will never be the case. To expect otherwise is delusional .
     
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  17. Joseph Skewes

    Joseph Skewes Well-Known Member

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    You seem to be ignoring the facts, such as prices having risen relative to income / rents, which means in many ways it has become less affordable than historically.

    Sydney still has a way to fall until it reaches even 2012 levels of affordability (which is still elevated compared with what we saw when rates were higher).

    [​IMG]
     
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  18. Sackie

    Sackie Well-Known Member Premium Member

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    40 years ago during my dads time RE was also a challenge to own in the 'best' places of Syd. If he could sacrifice and work his ass off to buy a home in an 'elite' suburb, I'm sure others can manage places around Syd if they were really committed to. Ppl these days aren't willing to sacrifice/compromise. That's all it is.
     
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  19. Joseph Skewes

    Joseph Skewes Well-Known Member

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    Anecdotal observations such as this are immeasurable and biased by your subjective reality. Unscientific. Non-factual. It is meaningless.
     
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  20. Sackie

    Sackie Well-Known Member Premium Member

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    LMFAO. Ok buddy, carry on as you wish.
     
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