Housing market 2021

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owen87 said:
Need dat sweet sweet immigration to prop those housing markets up before the whole house of cards collapses.

www.domain.com.au

Melbourne's median house price to hit $1 million by June: Report

It's grim news for those trying to crack the housing market: Melbourne property is at record-breaking levels, with house prices jumping by $45,000 in the space of just three months.
www.domain.com.au www.domain.com.au
.

Median is currently at $974,397 which equates to a 25 year mortgage of ~ $4,308 / month on 2.35%.

www.9news.com.au

Australia's average salary revealed: How much the 'ordinary' Aussie earns

www.9news.com.au www.9news.com.au

Median full-time wage was $52,732 for the year 18-19 year, or an average income after tax of ~ $4,394.33 / month.

Good luck young people.
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What’s the average mortgage of first home buyers?
 
BuddysBiggestFan said:
What’s the average mortgage of first home buyers?
Click to expand...


Below is a State by State breakdown as of end of 2020 for the average mortgage. Think its gone up a bit since then. Sydney is around 620kish now.

Not sure what this equates to for first home buyers specifically.



1624341620216.png

Some 2021 figures below

1624342650603.png
 
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HirdsTheWord said:
Below is a State by State breakdown as of end of 2020 for the average mortgage. Think its gone up a bit since then. Sydney is around 620kish now.

Not sure what this equates to for first home buyers specifically.



View attachment 1161133

Some 2021 figures below

View attachment 1161146
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$438000 seems pretty low for Melbourne

Obviously aren’t buying inner city, and mostly outer like say Melton and Cranbourne.

So who are all the properties going to, particularly bayside for $1.5 million, being snapped up way before auction?
 
BuddysBiggestFan said:
$438000 seems pretty low for Melbourne

Obviously aren’t buying inner city, and mostly outer like say Melton and Cranbourne.

So who are all the properties going to, particularly bayside for $1.5 million, being snapped up way before auction?
Click to expand...

438k is Victorian wide. Melbourne and the surrounding suburbs are probably a lot higher. Just gets dragged down across the averages.
 
owen87 said:
Is it though? In scenario 1 you have a fully paid off house and access to the pension.

In scenario 2, you don't have a fully paid off house and are not better off financially.

It's the wrong area to target. You're aiming at the bottom end of the income bracket, not the top, in order to try to force them to sell.
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Scenario 2 is better because you still get to live in your house (the fact you don't own 100% of it is irrelevant) and get to consume out of the immense wealth it has generated for you. It is an infinitely better scenario for you than scenario 1 - and is also better for society as we don't have to pay you a pension.
 
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owen87 said:
Need dat sweet sweet immigration to prop those housing markets up before the whole house of cards collapses.

www.domain.com.au

Melbourne's median house price to hit $1 million by June: Report

It's grim news for those trying to crack the housing market: Melbourne property is at record-breaking levels, with house prices jumping by $45,000 in the space of just three months.
www.domain.com.au www.domain.com.au
.

Median is currently at $974,397 which equates to a 25 year mortgage of ~ $4,308 / month on 2.35%.

www.9news.com.au

Australia's average salary revealed: How much the 'ordinary' Aussie earns

www.9news.com.au www.9news.com.au

Median full-time wage was $52,732 for the year 18-19 year, or an average income after tax of ~ $4,394.33 / month.

Good luck young people.
Click to expand...

All the more reason not to live in Melbourne. 500k will buy you a crack house 40 minutes by train from the city.
 
iluvparis said:
Scenario 2 is better because you still get to live in your house (the fact you don't own 100% of it is irrelevant) and get to consume out of the immense wealth it has generated for you. It is an infinitely better scenario for you than scenario 1 - and is also better for society as we don't have to pay you a pension.
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But you do, once they've drawn down on that equity.

You're targetting the wrong end of the market.
 
owen87 said:
But you do, once they've drawn down on that equity.

You're targetting the wrong end of the market.
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Yes which is the case for any pensioner once they run out of savings.

Saying that we can allow this scam because there a billion other scams out there is also a terrible argument.
 
iluvparis said:
Yes which is the case for any pensioner once they run out of savings.

Saying that we can allow this scam because there a billion other scams out there is also a terrible argument.
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What scam?

You're going after low-income owner-occupiers because they live in a home that happens to have appreciated in value.

Wrong. End. Of. The. Market.
 

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HirdyLannister said:
www.realestate.com.au

Foreign buyers add $2bn to their spend on Aussie homes in 2019/20 - realestate.com.au

Aussie homes are “more attractive than ever” to offshore buyers, who’ve upped their spending by $2bn after a surprise uptick from China.
www.realestate.com.au

But yes, let's blame the boomers.
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Boomers aren't to blame, all they are doing is operating in a system that advantages the haves, whilst totally disregarding the have nots. Boomer just cop flack because most of them still think they somehow had it harder than current people trying to buy a home and they just don't work hard.

There's no one to blame but successive governments inability to act on and stem housing price increases. They throw wet lettuce fixes at it in the hope it fixes it when the core issues continually get ignored. Writing was on the wall in early 2010's that proper long term planning was needed to be done to protect future generations ability to buy a home, but guess what the Average Sydney Mortgage to buy a Free standing home just passed 750k. Up 200k from 2 years ago. And the Avg income is not going anywhere for a long time.

Real reform will never happen when the *in idiots running the place are the ones counting their investment property returns.

Wonder what the economic excuse will be when consumer spending plummets when the avg mortgage hits 1 million within 5 years.
 
We'll be far behind because all Gen Y/Z'ers will be focused on achieving the Australian dream that is to own an investment property, and left with an unproductive and stalling real economy because of years and years of people foregoing consumption and entrepreneurship so that they can "get ahead" by entering the property market.

This is basically the RBA and Fed Gov's position on who should be addressing the issue:

1631835358277.png




and I'm not even joking.

1631835498793.png
 
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Gigantic said:
We'll be far behind because all Gen Y/Z'ers will be focused on achieving the Australian dream that is to own an investment property, and left with an unproductive and stalling real economy because of years and years of people foregoing consumption and entrepreneurship so that they can "get ahead" by entering the property market.

This is basically the RBA and Fed Gov's position on who should be addressing the issue:

View attachment 1237861




and I'm not even joking.

View attachment 1237862
Click to expand...

This is the fundamental issue with the property market. Property (especially free standing homes) should NEVER have been a vehicle to make money but rather seen as a necessity.

70% of the property wealth in Australia is owned by 16% of the population - which are boomers. Government Ministers alone have a combined property portfolio of in excess of $300,000,000.

The single thing that has ****ed the housing market is investment properties. People with access to equity (because they are old) continue to accumulate whereas people who don't have equity get further and further away from it.
 
HirdsTheWord said:
70% of the property wealth in Australia is owned by 16% of the population - which are boomers. Government Ministers alone have a combined property portfolio of in excess of $300,000,000.
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Crazy. Does this refer to investment properties only or all property?
 
Feds considering restricting lending policy to keep investors debt-to-income ratios below 6. I suppose that's one way to tackle housing affordability.
 
I found this interesting

Greg Willam's signed for Carlton in 1992 for 4 years, 500k a year

The average house price in Melbourne was 184k


Dustin Marin is the current highest paid AFL player on 1.6m

Average house price in Melbourne is 1,022,000


Greg could nearly buy 3 houses a year while Dusty only 1.6...
 
Weiterbot23 said:
I found this interesting

Greg Willam's signed for Carlton in 1992 for 4 years, 500k a year

The average house price in Melbourne was 184k


Dustin Marin is the current highest paid AFL player on 1.6m

Average house price in Melbourne is 1,022,000


Greg could nearly buy 3 houses a year while Dusty only 1.6...
Click to expand...
Greg's interest rate in 1992 was around 8.39% though.
 
MSB ROYS said:
Greg's interest rate in 1992 was around 8.39% though.
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rofl

id take the 184k Housing price at 8% interest over the current market any day of the *in week. I doubt anyone would disagree.
 
maryjames said:
Take note.

financialpost.com

Bank of Canada may be forced into early rate hike: Fidelity's David Wolf

Supply constraints and hotter-than-normal inflation aren't going away, former adviser to central bank says
financialpost.com financialpost.com
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Phillip Lowe will go down as one of if not the most useless RBA chiefs in history.

Has been in the job 5 years, has provided;

- next to ZERO wage growth
- Record housing prices forcing many into generational mortgages.
- inflation knocking on our door.

And don't kid yourself, he was useless before the pandemic also.
 
Remon Tea said:
Feds considering restricting lending policy to keep investors debt-to-income ratios below 6. I suppose that's one way to tackle housing affordability.
Click to expand...

or just remove their investment tax benefits entirely.

1635295888806.png
 
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