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Plastic letters
Champion
Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 21 Nov 2023 at 6:27pm |
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That’s the salient point. I have shown time and time again here that a foot hold is achievable. Most don’t want a foot hold, they want it all That was never the case. All my mates started with cheap apartments and a bit of help from parents.
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Tlazolteotl
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Joined: 02 Oct 2012 Location: Elephant Butte Status: Online Points: 38926 |
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Posted: 21 Nov 2023 at 6:31pm |
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Which part of price doubled as a multiple of income in the last 23 years are you oldies not getting?
It's not like it was back in your day.
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Manners are of more importance than laws
Edmund Burke |
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Plastic letters
Champion
Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 21 Nov 2023 at 6:39pm |
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Oldies? Come in whipper snapper, how old are you and what do you own?
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marble
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Joined: 12 Jan 2008 Location: Brisbane Status: Offline Points: 7835 |
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Posted: 21 Nov 2023 at 6:41pm |
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housing as an investment has ruined the great australian dream for most people.
Young couples these days may be better off renting and investing in shares rather than paying a bank hundreds of thousands of dollars in interest over 30 years
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Plastic letters
Champion
Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 21 Nov 2023 at 6:44pm |
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I remember having that same discussion 20 years ago
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Fiddlesticks
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Joined: 31 Dec 2012 Status: Offline Points: 55063 |
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Posted: 21 Nov 2023 at 6:48pm |
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and people without parents alive ? or people who's parents didn't own property ? not all parents are alive or own stuff. My mum is on the pension and she's in her early 80's, what is she giving us ?
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marble
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Joined: 12 Jan 2008 Location: Brisbane Status: Offline Points: 7835 |
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Posted: 21 Nov 2023 at 6:52pm |
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I lived in london for a couple of years back in the 80's. Home ownership was impossible for most. You could buy a semi detached or a unit but not a house.
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rusty nails
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Joined: 20 Mar 2013 Location: Sydney Status: Offline Points: 14505 |
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Posted: 21 Nov 2023 at 7:03pm |
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In a previous post you told us 2 teacher mates earning combined $240K can’t afford it….
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Plastic letters
Champion
Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 21 Nov 2023 at 7:10pm |
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sorry, Yes. My error, I meant to attach a sarcastic icon. Like this ![]() They certainty CAN afford it especially if they take the foothold approach.
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rusty nails
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Joined: 20 Mar 2013 Location: Sydney Status: Offline Points: 14505 |
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Posted: 21 Nov 2023 at 7:19pm |
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You clearly live in a different dimension, my bad for engaging with you.
I know better than that.
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Plastic letters
Champion
Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 21 Nov 2023 at 7:23pm |
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Great response.
Don’t bother engaging as you know I’m right
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Baghdad Bob
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Joined: 10 Feb 2010 Location: Victoria Status: Offline Points: 13981 |
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Posted: 21 Nov 2023 at 8:01pm |
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Voyager posted "The solution - Forget current homes and get the first home buyers into new homes. Offer no interest no deposit mortgages to first home buyers, and limit the prices of the houses ($450,000 to $720,00). These prices could be subsidised by the government, which already is being offered (in NSW the government will pay for 40% of a homes cost for eligible first home buyers. The government owns 40% of the home but this is a good way for first home buyers to get into the market)."
That sounds like socialism to me, the government to put up $280,000 towards every new home for first home buyer. Surely that $280,000 can only come from higher taxes. On the other hand if the first homebuyers sell up I have no trouble with that initial subsidy plus the capital gain been paid back to the government for its "co-ownership" with that first homebuyer. |
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Afros
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Joined: 14 Jan 2009 Location: Ulaanbaatar Status: Offline Points: 19578 |
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Posted: 21 Nov 2023 at 9:10pm |
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To extrapolate on Tlaz's earlier comment, if you the median price for a house was $150k when the median income was $40k but now the median house price is $600k and the median income is $80k, which presents as a better position to get into the housing market?
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The worlds oldest fossil was discovered in Australia, they named it Rupert Murdoch.
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Afros
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Joined: 14 Jan 2009 Location: Ulaanbaatar Status: Offline Points: 19578 |
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Posted: 21 Nov 2023 at 9:12pm |
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So you can acknowledge that circumstances have made it easier for you to be in the position you are in now than current circumstances make it for your own sons to even purchase their own home?
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The worlds oldest fossil was discovered in Australia, they named it Rupert Murdoch.
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Baghdad Bob
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Joined: 10 Feb 2010 Location: Victoria Status: Offline Points: 13981 |
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Posted: 21 Nov 2023 at 9:42pm |
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Having been born into a working-class family of 6 and if I had not the ability to calculate figures in my head on a racetrack, I very much doubt I would be giving my sons a kick along to purchase their homes.
I am grateful to have been in the right place at the right time. |
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Plastic letters
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Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 21 Nov 2023 at 9:50pm |
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No one has said that scenario is wrong. Or I certainly haven’t. My comments have been around expectations. In the meantime, what’s the take home pay on 85k?
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Carioca
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Posted: 21 Nov 2023 at 10:49pm |
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Your mother has already gave you what's needed , a life ! and lucky you , your sanity .
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Fiddlesticks
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Joined: 31 Dec 2012 Status: Offline Points: 55063 |
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Posted: 21 Nov 2023 at 10:58pm |
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That's not the point in relation to what PL said, it was about inheriting or getting a help along financially from your parents, nothing to do with being born or gratitude, but you knew that already.
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Afros
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Posted: 22 Nov 2023 at 9:12am |
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It would be around $65k. I get most of your points but did you not see where you contradicted yourself by commenting both that your friends with a combined household income of $240k cannot get a start, given that 4 in 5 Australians earn less than $100k they're both individually inside the top 20% of income earners in Australia. You also commented that people need to just accept "getting a foothold" in the market. So which is it? The situation is that shot that a couple comfortably ensconed inside the top 20% of household incomes cannot get a go in the market or people are just not accepting that they have to buy at the lower end of the market and work their way up?
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The worlds oldest fossil was discovered in Australia, they named it Rupert Murdoch.
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Fiddlesticks
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Posted: 22 Nov 2023 at 10:14am |
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Average wage in Australia is between 90k and 110k from my understanding. Once tax and super is taken out its around 60 to 75k take home. 10 years ago this was ok, you would have had a little bit you could save and spend, now most of that wage is chewed up in bills. It's almost like companies have done the math on what people earn and calculated that we can all pay more for everything, anything people save or usually spend they want instead. If this keeps going, and we are forced to pay more and more for everything with nothing ever going down in price, we are going to see a surge of people on the street or people living in their cars at the beach and various car parks around the cities. This is how you start the formation of slums and shanties.
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Fiddlesticks
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Posted: 22 Nov 2023 at 10:18am |
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oneonesit
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Joined: 06 Aug 2012 Status: Offline Points: 50284 |
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Posted: 22 Nov 2023 at 12:41pm |
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And The Boys Light Up.... !
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Fiddlesticks
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Posted: 22 Nov 2023 at 1:21pm |
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When you read that is makes you feel like the Australian Gov either doesn't care about foreign investment in homes, or is getting money from it, or is a puppet gov for China-is under pressure from China to allow it otherwise > install whatever threat you want about grain, meat or wine shipping. Otherwise someone explain to me why Australia allows foreign investment in Australian homes ? When a lot of Asian countries for example, forbid us buying and owning property in their country. As for the grab hag comments, nothing winds me up more than when I see this happen. I used to live next door to a loverly Maori island family, I lived with them next door for 16 yrs. They had banana and mango trees in their backyard, very very well established trees. Whenever the fruit appeared and was ready to pick it was like chaos in my rear laneway. I had to threaten to call the cops on these women so many times, they would climb onto my garage roof with ladders they brought with them, and fill up these brown sugar sacks they brought with them, full of fruit. They would climb onto my garage roof then jump across into the neighbours yard to steal the fruit. I used to get so fkn angry, they damaged the garage roof so badly it started to leak badly and ruin my tools and stuff I stored in there. Their thievery left a huge mess of leaves, with broken branches, broken fruit etc everywhere outside my garage door. You could warn them face to face and they wouldn't bat an eyelid, they simply didn't care what I had to say, and would simply come back an hr later, getting a dog was great cause he would alert me constantly as they started coming in the nights more and more.
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Plastic letters
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Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 22 Nov 2023 at 3:07pm |
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I did, I mentioned a post or 2 later that I mistyped and got the message Arsey about
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Plastic letters
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Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 22 Nov 2023 at 3:17pm |
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If you make $85,000 a year living in Australia, you will be taxed $19,792. That means that your net pay will be $65,208 per year, or $5,434 per month.
Re my point with getting a foothold. Maybe someone who has a household budget done can extrapolate it out here BUT I’m convinced that standard of living demands and the position or postcode demands are what are holding people back, quite often………not always In Sydney you can rent a very nice apartment for between $500-600 per week. For a young couple on 85k each that’s $2500 a month. After tax they earn 11k per month. I’d love to see where the 8.5k is being spent if they can’t save. In saying that, the need for banks to get a deposit has always seemed very odd to me. If you’re lending 500k the risk is marginally different if there was no deposit. Maybe governments Ps should offer no deposit loans to help first buyers. Mind you, they no longer own a bank cuz the private sector do it better, apparently
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rusty nails
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Joined: 20 Mar 2013 Location: Sydney Status: Offline Points: 14505 |
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Posted: 22 Nov 2023 at 3:38pm |
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A very nice apartment for $5-600pw?
Where? Need for a deposit? You are completely financially illiterate. Not only do you need a deposit, but in most cases of loans with high LVR’s you are also required to pay mortgage insurance. Google that…. |
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ExceedAndExcel
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Posted: 22 Nov 2023 at 4:00pm |
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The major issues i see holding people back from buying are of course the difficulty in saving a large enough deposit but also not being prepared to move to a cheaper area to get a foot in the door. Maintaining the lifestyle appears to be a higher priority that buying, and then they complain. It’s quite comical. But that’s ok guys, you stick with renting your expensive apartment in an inner-suburb forever. It’s quite ok by me.
![]() The first place I bought was a 2 bedroom townhouse, 20km+ from Brisbane CBD. That might not seem like far for posters from Sydney but in Brisbane that is in the sticks. Undesirable. But the price was right, $250k in the late 2000s.
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Plastic letters
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Joined: 21 Jan 2023 Location: Sydney Status: Offline Points: 12925 |
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Posted: 22 Nov 2023 at 4:28pm |
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Listen, there’s a website called realestate.com…….go Google that……….and educate yourself
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Fiddlesticks
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Posted: 22 Nov 2023 at 4:30pm |
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People want to live as close to work as possible otherwise they are just adding to roads chaos and your weekly costs go up with fuel etc plus all that time lost travelling is the pits...Its only natural to want to live as close as possible to your job. Sometimes you just can't though and might have to drive an hr to work, and your work is in a wealthy suburb while you live in a crappy area.
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Fiddlesticks
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Posted: 22 Nov 2023 at 4:32pm |
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Also if you have kids moving to dodgy areas to save money can be really hard on them, not to mention the stress its adds on you as a parent with crime and drugs etc.
That example PL shows with 85k now just imagine you are a single parent, that money disappears fast as all the bills are on yourself, not shared with someone. That's me and my life.
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