Why work, just buy property!

$375,000 per yr...tell me you can beat that working 9-5. Buy 2 properties $750k per yr...banks should be just giving you the money!
Average home prices will hit $7 million by 2030 in some Sydney regions if growth trends continue - realestate.com.au

 

let me get my crystal ball

 

How do you get the money to buy them?

 

well that wage growth better start soon,

• GDP growth forecast to remain weak at around 1.6 per cent over the year, well below RBA forecasts (Wednesday)
• RBA is rated at only a 10 per cent chance to cut interest rates again (Tuesday)
• Retail sales figures and the trade balance (Thursday) should again show a weak domestic economy, while the export sector is still booming

and don't forget this little gem

"Realestate.com.au chief economist Nerida Conisbee said there was a popular misconception that house prices doubled every seven years. “It usually takes a lot longer,” she said.
The past performance of a market was no guarantee of future growth, she added."

 

I remember the real estate industry saying something almost similiar about Perth real estate in the years after we recovered from the GFC with little damage done.
What a load of bulldust that was.
It took a few more years to play out before it all went south.

 

Back then did Perth have the issue of ""building approvals remain low and council laws severely restrict new development"" like the OP's article has mentioned for Sydney ?

 

The same thing they did the past few decades. Put themselves in so much debt that the millienia old financial fundemental of charging interest with on lent money has to be basically done away with to sustain an otherwise unsustainable system. Buy another property with equity and repeat.

 

but how do you borrow without a job?

 

You're aware lending practices were so egregious we had a royal commission right?

 

Yes, but that doesn't answer my question.

 

I don't see the relevance of your question. You obviously can't borrow without a job? But spending money the bank says you have isn't the same as spending money you've saved for otherwise why the need for the royal commission or interest rates this low to unburden people's commitments.

 

Easy, just show the bank that article.

 

Yeah and its highly dependant on immigration remaining high.
With no wage growth for almost a decade you might end up with baby boomers all trying to sell their houses to another generaion that cannot afford then , but just expecting an rich immigrant to buy it.

 

Not true.

I don’t have a job AND I borrowed $1M in July this year.

 

You seemed to be implying that because there was a Royal Commission in the past a job is no longer necessary for a loan. The 2 are not related.

I don't think this was every the case since 2009 when the NCCP Act came in.

But Kierank is right, you don't necessarily need a job, you need income to be able to borrow.

 

At his recent growth rate my nephew will be 10m tall by the time he's 30. Seems likely. You can't argue with maths.

 

small thing required called DSR.

 

how many people can afford to buy $750k per year every year, like 0.000001%

"economic modelling"....... might as well use a dartboard

 

How many suburbs have a current median price around $3.5m? Remove the tiny number of outliers and then do the Maths.