Houses prices absolutely will keep going up. It will just be that 20% of the population owns all the property and rents back to the plebs for a fortune.
I bought a house in like 2019 I think
Value has more than doubled.
It’s weird knowing we have so much equity but it doesn’t serve us at all.
Only people that have property they aren’t living in are really benefiting.
It’s kinda like watching a bushfire from really far away or something.
There has to be a natural hard limit though. The median price can't double because rent would need to double (or the investors tolerate the rental yield halving) and there's a limit to what people can afford to pay in rent unless wages are also doubling (lol).
If our commonwealth associates are anything to go off, I'd expect prices will rise waaaay more before coming down. Look at Canada and UK - our housing prices are a fraction of theirs' and their prices still aren't falling. Affording homes in English cities has been near-impossible for the working class for over 2 decades now.
I guess we can only hope our compulsory voting system where parties have to appeal to the centre saves us. It has taken too long to get here, but is going to be a key Federal issue https://www.abc.net.au/news/2024-03-25/australia-housing-crisis-political-battle-federal-election-issue/103625554
The UK is almost across the board cheaper than Adelaide. London and the commuter belt is the exception. The median house price for the whole UK is only £282k.
These sorts of situations are how you get a Mao styled upheaval at some point though Australians don't have the culture of physical protest where buildings get set on fire and the like so that complacency of the politicians and upper classes result.
I honestly think a real breakdown of a large chunk of society will force it or if there are more people like Purplepingers who really shit stir but in the legal framework.
What has rental yield got to do with investing in a house?
Find me another investment that yields a 14% increase in a year. Rental income is a bonus, not a requirement. Rent has no requirement to double for houses to keep going up.
Also an investment that you can leverage your investment (deposit) on to up to 10x without having to pay a huge risk premium. It’s insane how profitable investing in houses is at the moment.
% of politicians who are property owners in homes above the median.
% of politicians who are multiple property owners.
What are these numbers?
No doubt these numbers would be "fudged" purposefully because many politicians would own these additional properties through trusts and through partners/family etc... or other investment vehicles.
This is old news I expect, according to an ABC article a month ago using CoreLogic data it has already hit $811k for house prices in Adelaide. I think yours may be looking at all dwelling data.
[https://www.abc.net.au/news/2024-06-03/house-prices-breakdown-by-state-territory-capital-city-region/103919074](https://www.abc.net.au/news/2024-06-03/house-prices-breakdown-by-state-territory-capital-city-region/103919074)
Trying to look at the bright side of being forced to still live at home, as I get older I appreciate the time I still get with me dear old Da so I try and have a more grateful outlook on it tho.
Still tho I’m pretty salty at my age he was married and in his own house by now.
Never understood this stigma. I’m from a Middle East background and it’s normal for people to live with parents even after getting married. Never was a fan of leaving my parents alone at an old age. It’s okay to tell girls you live at home, there’s no shame in that.
Or buy a unit. Or a house in an area that's cheaper. It's not complicated.
Adelaides property prices were virtually stagnant for decades, if anything we've only caught up, if that even.
Most people don't want to buy a house in Elizabeth or Morphett Vale though, everyone thinks they're entitled to 800sqm in the inner city suburbs for 500k
The idea that this is a normal market correction is laughable when in fact house prices in Adelaide are so de-coupled from wages its absurd. Two median income adults can't get a loan to cover a median house price mortgage in Adelaide of all places.
Even cheaper areas are growing faster in price than your average full time earner can save a deposit. It's just a shame that the powers that be will do anything to prevent the real market correction - ie the bubble bursting.
Also, saying that everyone wants a "800sqm in the inner city suburbs for 500k" is such mindless wank to attempt to dismiss valid criticism and complaint of the current runaway housing market.
Oh...I thought it's about having a roof over your head? I can't keep up with the cognitive dissonance from the whingers. It's simultaneously about having a roof over your head (you can buy a unit in nice enough areas for under 300k, houses for under 500k in outer suburbs) but also the median price? Which is it? Because there is *heaps* of affordable housing in Adelaide for buyers. Who cares what the median is
Oh great sage of Adelaide's real estate, where are these nice areas where houses are under 500k? The medians are important because they show the signs of the economic illness. Median wage earners should at least be somewhat close to being able to get a loan for a median house price
Here's a random one from about a zillion that come up when you search for houses for sale in SA with a maximum price of 500k
44 St Germain Avenue, Andrews Farm, SA 5114 https://www.realestate.com.au/property-house-sa-andrews+farm-145325748
119 houses under 500k in the Greater Adelaide area (its all good to tell people to buy rural, but there's fuck all jobs out there). Majority are high 400s, and I'd absolutely put money on them selling for over 500. In any case that's 119 houses that are somewhat affordable.
Now if you're under the median wage those houses are your potential purchase pool. I dont imagine, with a housing/rental crisis that 119 houses is going to cut it.
My main issue is that where are those on lower incomes supposed to buy? We still need people in Adelaide to do lower paid jobs, but if there's no affordable housing for them then where do they live? Rent forever?
Something needs to change, either property prices need to come down, or wages need to increase (but that brings its own set of issues, wage suppression notwithstanding) before we price out the people who provide our services.
There's units and apartments as well. Ok they're smaller, but it's about having your own place and a roof over your head, right?
Id happily buy a cheap unit if that was my only option to own my own place and have a secure roof over my head
The thing is even if the supply/demand problem is fixed in a few years, it's unlikely to affect prices of inner city suburbs much anymore. The days of suburbs like, say, Enfield, Clearview, Edwardstown etc being rough and cheap areas are gone forever. People have caught on to the fact the areas have huge blocks and great location
For example, as far back as Darlington, Bedford Park, Bellevue, , Mitchell park, etc...those areas are going to be a 5 minute easy cruise into the city once the south road tunnel is finished. Prices In those areas will probably double overnight when the time comes. There's actually still really good deals to be had in Adelaide if you're in the market.
This is truly awful and I say that as someone who is already on the property ladder and benefiting from the increased prices.
Housing should be a right. For decades it was the focal point of what we considered the Australian dream and yet successive governments and policy makers have been either asleep at the wheel or willfully negligent when it came to housing and the needs of the populace.
I feel sorry for the younger generations. Millennials who have been able to get into the property market have seen how draining and difficult it is and it's getting worse. I can't imagine what it's going to be like for future generations. It's just so sad.
>This is truly awful and I say that as someone who is already on the property ladder and benefiting from the increased prices.
Same boat and I 100% agree.
(However, I don't see any "benefits" as a property owner... All I see are my council rates and other fees/taxes increasing disproportionately due to the perceived increase in value of my home, which I pay a mortgage on! My income doesn't increase at the same rate, which means my disposable income goes backwards.)
I fear for my children (teenagers). They won't have the same right of passage to be able to live out of home (due to extreme rent costs) nor even come close to afford their own home. I never was and am now in less and less of a position to be able to offer them support for a deposit.
They'll be "stuck" waiting for their inheritance to even (maybe) consider purchasing property... by which point it will be decades into the future 😮
Everyone is saying ‘wait until the transition of wealth’ well you can bet your bottom dollar they will make sure they take that from us. Some countries are looking at inheritance taxes……the bastards will take it all
- inheritance taxes
- increased working age (access to super)
- increased taxes on super
- lower pension rates vs. cost of living increases
- higher costs for ages care (that will drain any equity you plan to pass on)
...all will contribute to the government taking more and more... and the next generation getting less and less.
In short, the biggest beneficiary of increasing property prices is... the government and those who sponge off it (banks, real estate agents, aged care).
Inheritance tax is fine.
The issue is that inheritance in general is kinda unfair.
Essentially, for young people today, it is verging on almost impossible to buy a house UNLESS you have parents that will gift you a few hundred k of their super (or die.) Like, that is literally the only way.
What is happening at the moment in Sydney? Young couples walking around buying properties with $2mil cash that their parents gave them. Because it’s the only way. No young couple is going to be able to afford a $2mil house unless they are lucked into the CEO class basically.
The catch of course is that not everyone has wealthy parents. Plenty of people have poor parents. Plenty of people have wealthy-ish parents that aren’t particularly wealthy in retirement, just having enough to live comfortably. Plenty of people have parents who have spent all the inheritance on cruises haha. Plenty of people have moderately wealthy parents whose wealth has been sucked up by aged care in some form or another. But more than that, there are loads of aging mums and dads who simply don’t have much super, and can’t help their kids at all.
So there is a class divide between rich parents and poor parents.
Kids with rich parents will always be able to buy in an inflated market - their parents HAVE that stupid money, and they will either gift it or it will be inherited, it’s just a matter of when.
Kids with poor parents have to start at the bottom of the ladder, saving every penny for a deposit, likely while renting too. This is largely becoming a fantasy. Certainly for what is the majority of incomes in Australia. People simply don’t earn enough to pay rent and save for a modern mortgage. That has been solved for a long while with having dual incomes; but these days even a dual income is not enough to buy into the market.
But there’s loads of wealth out there that will be gifted and inherited, so it will keep the bubble going a while longer, entrenching wealth within families whilst excluding entire swathes of the population into generational poverty.
Good stuff. /s
Partner and I were looking at an area that was 500k-600k, 6 weeks later when we got a pre approval we asked the agent and the new pricing for that release was 700-800k. It's just unfathomable
Happened in North East recently, three generations of Indian immigrants bought a 3br 2br townhouse for easily over 50k asking price. Like 9 of them going to live in it.
The filthy RA promoted the sale on a local FB community page, as if this is something to be proud of. The post was deleted very quickly after locals stopped caring about being PC and were angry. We need more people who facilitate this crap to be shamed.
I think there is being able to afford, and being approved for/desperate.
A lot of people have over extended, only paying interest on the loan, and on the poverty line with a very expensive house. Then screwed if you got pregnant, or sick and couldn't work.
I bought my house right before the GFC (prices crashed after we bought), and was offered a loan that would have taken 75% of our combined incomes to pay off.
But ate they getting approved. I couldn't get approved for 300k back in 2020. The housing market seems so hard to get into, but so many living in houses they can't afford
My son recently turned 18. His whole life, including high school army cadets, he was prepping to join the ADF. He's become so disillusioned with our Government that he, and many of his like minded mates, refuse to enlist now.
Direct quote from him (and his mates).
"Why should I serve a nation that won't even allow me to buy a house. Why should we put our lives in danger for a Government that will never recognise or help us for our sacrifice".
He would be deployed in a heartbeat from Canberra, yet cannot purchase a basic first home if he comes home.
And I support and understand this choice. We come from a military family Australian background. We're proud of our families military service. Not anymore.
This Country isn't worth fighting for anymore and it fucking sickens me.
This is why you'll see adf ads so much. Young kids all have social media and see the news. They all know it's a shame and you'll be tossed out of the adf with little more then thanks for nothing.
Don't blame your son at all for not wanting to join. Lots don't now.
I’m likely selling my house when my kids are older, then downsizing, then giving them whatever cash is left to buy their own properties.
Some of these older generations need to stop blowing their retirement savings on self-serving overseas holidays and then begging for the pension in their mansions. Just because you can doesn’t mean you should.
If housing value outstrips salary capacity any more than currently, then my kids will need all the help they can get. Who cares about a holiday to England. I’d rather see my kids into sustainable housing.
Older generations have the right to spend their money on whatever they want. People don't blow all their cash to live off a basic aged pension. You can give your money to your kids if you wish. That doesn't mean everyone else should, or can. Personally, I find the growing expectation that kids will inherit from parents disgusting. Everyone is waiting for someone to die so they can get something. I know some siblings already fighting over 'their' inheritance while their mother is kicking along nicely. It's sick and entitled. Other mature aged people are getting into punch-ups at wakes over the estate. It's an ugly business. The reality is, assets will likely be needed for supported living later in life. The problem with the system needs to be addressed, as mentioned in other posts, and gifting isn't going to solve the problem.
Older generations who inherited better living conditions need to understand that their children are struggling and suffering more than they did with the most basic standards and needs of living, and adjust their standards accordingly. They lost the moral right to spend their money on whatever they want in their old age when they didn't protect the future their children would inherit. They may still have the legal right, but it's not okay to say "people who captured all the resources have every right to continue living it up while the people whose futures they exploited suffer".
Normalising this level of selfishness and refusal to account for the wellbeing of others is exactly what led to this mess.
I saw recently Adelaide hit top 10 most unaffordable cities in the world. Totally cooked.
https://www.forbes.com.au/news/investing/sydney-melbourne-adelaide-are-top-10-least-affordable-cities-for-housing/
> Adelaide hit top 10 most unaffordable cities in the world. Totally cooked.
That article and its research is what's cooked. As previously highlighted:
[https://www.reddit.com/r/Adelaide/comments/1dfjfr4/adelaide\_the\_8th\_most\_impossibly\_unaffordable/](https://www.reddit.com/r/Adelaide/comments/1dfjfr4/adelaide_the_8th_most_impossibly_unaffordable/)
*This "research" looks at middle-income housing affordability in 94 cities in eight countries. Not the world - just 8 countries. You might have noticed that there is nothing from Japan or Europe. That's "due to data not being readily available".*
*It uses 2023 Q3 prices and income levels for evaluation, dividing the median house price by the gross median household income to find the median multiple for housing.*
*That's just making stuff up.*
>city in the world
*Let me repeat. Not the world. Just 8, count 'em, eight, countries.*
I live in the northern suburbs (the hood).
My home is tracked on realestate.com and apparently it’s worth $800k
I’d NEVER pay $800k for my home… it’s outta control
It’s ridiculous but I’m not convinced it will change all that much. Maybe in the shittier areas. Interstaters are selling up and moving/buying here. Australia will always be desirable for internationals. With the current climate, Australia is looking more and more desirable to live, cost of living considered and all. It’s still a much nicer place to be. Knuckle down and move strategically
"Property prices hit record high, again"
*over 35s commenting on how terrible this is*
*people protest*
"WHY THE FUCK WOULD YOU BLOCK TRAFFIC YOU UNGRATEFUL FUCKS"
Adelaide is amazing. The economy here is good and we should be glad that real estate is strong. It’s a motivation to study and work hard to achieve great things
Im sure prices can just keep going up forever with no catastrophic consequences.
Houses prices absolutely will keep going up. It will just be that 20% of the population owns all the property and rents back to the plebs for a fortune.
I bought a house in like 2019 I think Value has more than doubled. It’s weird knowing we have so much equity but it doesn’t serve us at all. Only people that have property they aren’t living in are really benefiting. It’s kinda like watching a bushfire from really far away or something.
There has to be a natural hard limit though. The median price can't double because rent would need to double (or the investors tolerate the rental yield halving) and there's a limit to what people can afford to pay in rent unless wages are also doubling (lol).
If our commonwealth associates are anything to go off, I'd expect prices will rise waaaay more before coming down. Look at Canada and UK - our housing prices are a fraction of theirs' and their prices still aren't falling. Affording homes in English cities has been near-impossible for the working class for over 2 decades now.
I guess we can only hope our compulsory voting system where parties have to appeal to the centre saves us. It has taken too long to get here, but is going to be a key Federal issue https://www.abc.net.au/news/2024-03-25/australia-housing-crisis-political-battle-federal-election-issue/103625554
The UK is almost across the board cheaper than Adelaide. London and the commuter belt is the exception. The median house price for the whole UK is only £282k.
There’s cities in the UK cheaper than Adelaide. People live in places other than London.
Same applies to Australia. They just don't provide the same study and employment opportunities.
That's not true, Australian house prices consistently rank pretty highly globally.
I would say three decades in the UK, but yeah … it’s nuts. 1995 3x my salary, now it 11x salary for comparable role
These sorts of situations are how you get a Mao styled upheaval at some point though Australians don't have the culture of physical protest where buildings get set on fire and the like so that complacency of the politicians and upper classes result. I honestly think a real breakdown of a large chunk of society will force it or if there are more people like Purplepingers who really shit stir but in the legal framework.
What has rental yield got to do with investing in a house? Find me another investment that yields a 14% increase in a year. Rental income is a bonus, not a requirement. Rent has no requirement to double for houses to keep going up.
Also an investment that you can leverage your investment (deposit) on to up to 10x without having to pay a huge risk premium. It’s insane how profitable investing in houses is at the moment.
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You shouldn't use terms you don't understand.
Oh why didn't I buy those 10 houses when I was 7?
You weren't working hard enough
Too much avo on toast?
Even if you could, you would have been repeatedly told “don’t buy a house now, the bubble is about to burst!”
How do you catch a falling knife?
Absolute insanity yet everyone in politics/real estate acts like its normal because they all benefit wildly from it
% of politicians who are property owners in homes above the median. % of politicians who are multiple property owners. What are these numbers? No doubt these numbers would be "fudged" purposefully because many politicians would own these additional properties through trusts and through partners/family etc... or other investment vehicles.
From memory roughly 80% of politicians are landlords. Most of them have multiple
https://www.aph.gov.au/senators_and_members/members/register
This is old news I expect, according to an ABC article a month ago using CoreLogic data it has already hit $811k for house prices in Adelaide. I think yours may be looking at all dwelling data. [https://www.abc.net.au/news/2024-06-03/house-prices-breakdown-by-state-territory-capital-city-region/103919074](https://www.abc.net.au/news/2024-06-03/house-prices-breakdown-by-state-territory-capital-city-region/103919074)
Yeah this seems more realistic.
Guess I'll be living at home for another 4 years.
Trying to look at the bright side of being forced to still live at home, as I get older I appreciate the time I still get with me dear old Da so I try and have a more grateful outlook on it tho. Still tho I’m pretty salty at my age he was married and in his own house by now.
It definitely has an impact on my social life. It's embarrassing to tell girls I live at home still.
Yep can understand that. Has definitely impacted my dating life unfortunately.
How so? If a girl judges you for living at home regardless of age she’s not worth knowing
True.
Never understood this stigma. I’m from a Middle East background and it’s normal for people to live with parents even after getting married. Never was a fan of leaving my parents alone at an old age. It’s okay to tell girls you live at home, there’s no shame in that.
The right woman will be understanding of cultural values and will still consider dating regardless.
Yeah I definitely see this stigma as a unique one as most of the world wouldn’t see it this way.
How old are you?
To be fair, statistically they are likely in the same exact situation.
I am counting on inheritance so another 10 years for me
Inheritance is a terrible financial plan.
Why?
Or buy a unit. Or a house in an area that's cheaper. It's not complicated. Adelaides property prices were virtually stagnant for decades, if anything we've only caught up, if that even. Most people don't want to buy a house in Elizabeth or Morphett Vale though, everyone thinks they're entitled to 800sqm in the inner city suburbs for 500k
The idea that this is a normal market correction is laughable when in fact house prices in Adelaide are so de-coupled from wages its absurd. Two median income adults can't get a loan to cover a median house price mortgage in Adelaide of all places. Even cheaper areas are growing faster in price than your average full time earner can save a deposit. It's just a shame that the powers that be will do anything to prevent the real market correction - ie the bubble bursting. Also, saying that everyone wants a "800sqm in the inner city suburbs for 500k" is such mindless wank to attempt to dismiss valid criticism and complaint of the current runaway housing market.
Oh...I thought it's about having a roof over your head? I can't keep up with the cognitive dissonance from the whingers. It's simultaneously about having a roof over your head (you can buy a unit in nice enough areas for under 300k, houses for under 500k in outer suburbs) but also the median price? Which is it? Because there is *heaps* of affordable housing in Adelaide for buyers. Who cares what the median is
Oh great sage of Adelaide's real estate, where are these nice areas where houses are under 500k? The medians are important because they show the signs of the economic illness. Median wage earners should at least be somewhat close to being able to get a loan for a median house price
Here's a random one from about a zillion that come up when you search for houses for sale in SA with a maximum price of 500k 44 St Germain Avenue, Andrews Farm, SA 5114 https://www.realestate.com.au/property-house-sa-andrews+farm-145325748
119 houses under 500k in the Greater Adelaide area (its all good to tell people to buy rural, but there's fuck all jobs out there). Majority are high 400s, and I'd absolutely put money on them selling for over 500. In any case that's 119 houses that are somewhat affordable. Now if you're under the median wage those houses are your potential purchase pool. I dont imagine, with a housing/rental crisis that 119 houses is going to cut it. My main issue is that where are those on lower incomes supposed to buy? We still need people in Adelaide to do lower paid jobs, but if there's no affordable housing for them then where do they live? Rent forever? Something needs to change, either property prices need to come down, or wages need to increase (but that brings its own set of issues, wage suppression notwithstanding) before we price out the people who provide our services.
There's units and apartments as well. Ok they're smaller, but it's about having your own place and a roof over your head, right? Id happily buy a cheap unit if that was my only option to own my own place and have a secure roof over my head The thing is even if the supply/demand problem is fixed in a few years, it's unlikely to affect prices of inner city suburbs much anymore. The days of suburbs like, say, Enfield, Clearview, Edwardstown etc being rough and cheap areas are gone forever. People have caught on to the fact the areas have huge blocks and great location For example, as far back as Darlington, Bedford Park, Bellevue, , Mitchell park, etc...those areas are going to be a 5 minute easy cruise into the city once the south road tunnel is finished. Prices In those areas will probably double overnight when the time comes. There's actually still really good deals to be had in Adelaide if you're in the market.
And then complain that there's no parking in the city and that Adelaide used to be a "driving city".
This is truly awful and I say that as someone who is already on the property ladder and benefiting from the increased prices. Housing should be a right. For decades it was the focal point of what we considered the Australian dream and yet successive governments and policy makers have been either asleep at the wheel or willfully negligent when it came to housing and the needs of the populace. I feel sorry for the younger generations. Millennials who have been able to get into the property market have seen how draining and difficult it is and it's getting worse. I can't imagine what it's going to be like for future generations. It's just so sad.
>This is truly awful and I say that as someone who is already on the property ladder and benefiting from the increased prices. Same boat and I 100% agree. (However, I don't see any "benefits" as a property owner... All I see are my council rates and other fees/taxes increasing disproportionately due to the perceived increase in value of my home, which I pay a mortgage on! My income doesn't increase at the same rate, which means my disposable income goes backwards.) I fear for my children (teenagers). They won't have the same right of passage to be able to live out of home (due to extreme rent costs) nor even come close to afford their own home. I never was and am now in less and less of a position to be able to offer them support for a deposit. They'll be "stuck" waiting for their inheritance to even (maybe) consider purchasing property... by which point it will be decades into the future 😮
Everyone is saying ‘wait until the transition of wealth’ well you can bet your bottom dollar they will make sure they take that from us. Some countries are looking at inheritance taxes……the bastards will take it all
There won't be any advantages from boomers dying. Migration has soaked up the demand and will continue to keep the prices high unfortunately.
- inheritance taxes - increased working age (access to super) - increased taxes on super - lower pension rates vs. cost of living increases - higher costs for ages care (that will drain any equity you plan to pass on) ...all will contribute to the government taking more and more... and the next generation getting less and less. In short, the biggest beneficiary of increasing property prices is... the government and those who sponge off it (banks, real estate agents, aged care).
If we get quality services this is acceptable but it's going into tax breaks for the haves.
Inheritance tax is fine. The issue is that inheritance in general is kinda unfair. Essentially, for young people today, it is verging on almost impossible to buy a house UNLESS you have parents that will gift you a few hundred k of their super (or die.) Like, that is literally the only way. What is happening at the moment in Sydney? Young couples walking around buying properties with $2mil cash that their parents gave them. Because it’s the only way. No young couple is going to be able to afford a $2mil house unless they are lucked into the CEO class basically. The catch of course is that not everyone has wealthy parents. Plenty of people have poor parents. Plenty of people have wealthy-ish parents that aren’t particularly wealthy in retirement, just having enough to live comfortably. Plenty of people have parents who have spent all the inheritance on cruises haha. Plenty of people have moderately wealthy parents whose wealth has been sucked up by aged care in some form or another. But more than that, there are loads of aging mums and dads who simply don’t have much super, and can’t help their kids at all. So there is a class divide between rich parents and poor parents. Kids with rich parents will always be able to buy in an inflated market - their parents HAVE that stupid money, and they will either gift it or it will be inherited, it’s just a matter of when. Kids with poor parents have to start at the bottom of the ladder, saving every penny for a deposit, likely while renting too. This is largely becoming a fantasy. Certainly for what is the majority of incomes in Australia. People simply don’t earn enough to pay rent and save for a modern mortgage. That has been solved for a long while with having dual incomes; but these days even a dual income is not enough to buy into the market. But there’s loads of wealth out there that will be gifted and inherited, so it will keep the bubble going a while longer, entrenching wealth within families whilst excluding entire swathes of the population into generational poverty. Good stuff. /s
It's scary how much this is mirroring Canada a few years back
We're basically twins at this point
Not a chance in hell I could ever afford to buy my house again at current market value. I really worry about my daughters generation
Partner and I were looking at an area that was 500k-600k, 6 weeks later when we got a pre approval we asked the agent and the new pricing for that release was 700-800k. It's just unfathomable
Your not wrong. We brought in 2021 for around $500k now close to $950k.thats insane!!
I bought in 2017 ... house has literally quadrupled in value... crazy
Price and value are very different
Very true... no way house is worth the price
That’s because people arnt buying the house they are buying the location. A house that is 1 million dollars in one suburb would be 400k in another.
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Killdozer time ?
Nah I bought an investment property that will be hers
A lot of the purchases are investors, to advertise for rent day after buying it.
We can thank the vicborians who are selling their titchy 2br houses for 2mil and relocating to SA to buy our properties.
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What do you propose?
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Arright, settle down Marx. Back to your box now
And your solution is?
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I replied to the fool calling you Marx
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All good. I just get annoyed when someone like you puts a post up and some clown dismisses it without any Critical Thinking at all.
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I mean can anyone even feel bad about stealing from Coles or woolies? They post record profits and don't pay their suppliers a fair wage.
Cool story. What did you do about it?
It's crazy how many people can afford $1m+ homes. Properties just keep getting snatched up!
2 or 3 families (migrant) pooling equity.
Or simply a couple of generations of a single family
Happened in North East recently, three generations of Indian immigrants bought a 3br 2br townhouse for easily over 50k asking price. Like 9 of them going to live in it. The filthy RA promoted the sale on a local FB community page, as if this is something to be proud of. The post was deleted very quickly after locals stopped caring about being PC and were angry. We need more people who facilitate this crap to be shamed.
I think there is being able to afford, and being approved for/desperate. A lot of people have over extended, only paying interest on the loan, and on the poverty line with a very expensive house. Then screwed if you got pregnant, or sick and couldn't work. I bought my house right before the GFC (prices crashed after we bought), and was offered a loan that would have taken 75% of our combined incomes to pay off.
But ate they getting approved. I couldn't get approved for 300k back in 2020. The housing market seems so hard to get into, but so many living in houses they can't afford
My son recently turned 18. His whole life, including high school army cadets, he was prepping to join the ADF. He's become so disillusioned with our Government that he, and many of his like minded mates, refuse to enlist now. Direct quote from him (and his mates). "Why should I serve a nation that won't even allow me to buy a house. Why should we put our lives in danger for a Government that will never recognise or help us for our sacrifice". He would be deployed in a heartbeat from Canberra, yet cannot purchase a basic first home if he comes home. And I support and understand this choice. We come from a military family Australian background. We're proud of our families military service. Not anymore. This Country isn't worth fighting for anymore and it fucking sickens me.
This is why you'll see adf ads so much. Young kids all have social media and see the news. They all know it's a shame and you'll be tossed out of the adf with little more then thanks for nothing. Don't blame your son at all for not wanting to join. Lots don't now.
Australian dream no more. Thanks migration
I’m likely selling my house when my kids are older, then downsizing, then giving them whatever cash is left to buy their own properties. Some of these older generations need to stop blowing their retirement savings on self-serving overseas holidays and then begging for the pension in their mansions. Just because you can doesn’t mean you should. If housing value outstrips salary capacity any more than currently, then my kids will need all the help they can get. Who cares about a holiday to England. I’d rather see my kids into sustainable housing.
Older generations have the right to spend their money on whatever they want. People don't blow all their cash to live off a basic aged pension. You can give your money to your kids if you wish. That doesn't mean everyone else should, or can. Personally, I find the growing expectation that kids will inherit from parents disgusting. Everyone is waiting for someone to die so they can get something. I know some siblings already fighting over 'their' inheritance while their mother is kicking along nicely. It's sick and entitled. Other mature aged people are getting into punch-ups at wakes over the estate. It's an ugly business. The reality is, assets will likely be needed for supported living later in life. The problem with the system needs to be addressed, as mentioned in other posts, and gifting isn't going to solve the problem.
Older generations who inherited better living conditions need to understand that their children are struggling and suffering more than they did with the most basic standards and needs of living, and adjust their standards accordingly. They lost the moral right to spend their money on whatever they want in their old age when they didn't protect the future their children would inherit. They may still have the legal right, but it's not okay to say "people who captured all the resources have every right to continue living it up while the people whose futures they exploited suffer". Normalising this level of selfishness and refusal to account for the wellbeing of others is exactly what led to this mess.
This is ridiculous!
I saw recently Adelaide hit top 10 most unaffordable cities in the world. Totally cooked. https://www.forbes.com.au/news/investing/sydney-melbourne-adelaide-are-top-10-least-affordable-cities-for-housing/
> Adelaide hit top 10 most unaffordable cities in the world. Totally cooked. That article and its research is what's cooked. As previously highlighted: [https://www.reddit.com/r/Adelaide/comments/1dfjfr4/adelaide\_the\_8th\_most\_impossibly\_unaffordable/](https://www.reddit.com/r/Adelaide/comments/1dfjfr4/adelaide_the_8th_most_impossibly_unaffordable/) *This "research" looks at middle-income housing affordability in 94 cities in eight countries. Not the world - just 8 countries. You might have noticed that there is nothing from Japan or Europe. That's "due to data not being readily available".* *It uses 2023 Q3 prices and income levels for evaluation, dividing the median house price by the gross median household income to find the median multiple for housing.* *That's just making stuff up.* >city in the world *Let me repeat. Not the world. Just 8, count 'em, eight, countries.*
I wonder if my wages will go up just as much to compensate? 😂
If they haven't already, why should corporations start raising them now?
The more hours I work the further away I get from being a home owner. What a land of opportunity.
I live in the northern suburbs (the hood). My home is tracked on realestate.com and apparently it’s worth $800k I’d NEVER pay $800k for my home… it’s outta control
It’s ridiculous but I’m not convinced it will change all that much. Maybe in the shittier areas. Interstaters are selling up and moving/buying here. Australia will always be desirable for internationals. With the current climate, Australia is looking more and more desirable to live, cost of living considered and all. It’s still a much nicer place to be. Knuckle down and move strategically
Stop immigration and stop voting for Labor, LNP and Greens. Unless you like sleeping in your car or a mates lounge.
"Property prices hit record high, again" *over 35s commenting on how terrible this is* *people protest* "WHY THE FUCK WOULD YOU BLOCK TRAFFIC YOU UNGRATEFUL FUCKS"
Adelaide is amazing. The economy here is good and we should be glad that real estate is strong. It’s a motivation to study and work hard to achieve great things
Lay down the meth mate.