Australia housing bubble

[FTE217]

Originally Posted by XB GS 351 Coupe

I like camping out then, I just came back from Sydney 20 minutes ago, it's a **** hole, I would not live there if they gave me a free house, and I am not even kidding about that, my quality of life is worth more than a free house in a rats nest.

Horse's for course's pal and depending on your circumstances.
Where we live in the Rat Race is superb, a spot you feel is up or down the coast, one of the wife's friends even took a selfie one weekend posting on her FB saying away in paradise for the weekend and were just 21k's from the CBD.
We can hide from the Rat Race and in a moments decision can have anything on tap.
We love it and I'm sure countless others feel the same.
We could buy as much and more where your based just as yourself either ends of the coast but we just couldn't deal with it as much as I've considered it many times. Something about sleep hallows means just that - not enough action at the tip of your fingers when you want to step in there.
Some like it like that mate, obviously not you but don't rubbish what others consider just as you quote - we have a great quality of life right here in the Rat Race.......

[DoreSlamR]

Submitted another, and probably last attempt at a mortgage last week.

Should hear back this week.

Fingers crossed!

[Iggle Piggle]

Originally Posted by Franco Cozzo

I had to do an emergency delivery for work to a customer in the SE Suburbs of Melbourne yesterday, I'm based inner Northern suburbs of Melbourne, we're within 5km of CBD.

It took me 55 minutes to drive about 22km to Moorabbin in the South East leaving at 2PM, on the way back I got stuck for 15 minutes doing 6km/h going from the Westgate Freeway to the Bolte Bridge onramp.

Seriously though me and a work colleague were looking at house prices around the Northern suburbs of Adelaide, what you can get for $350-$400K is nuts 3 and 4 bedroom houses with massive covered outdoor entertainment areas and its a 20-25 min drive to the Adelaide CBD.

I'm aware that may be Adelaide's Broadmeadows

There are varying degrees of 'Broadmeadowness' out north. If you are paying $370k+ for 3-4 bedrooms with 2 bathrooms, double garage UMR, covered entertaining area then you are in one of the 'better' bits. 30 minute drive to city outside of peak, 50 mins in peak hour.


There are pockets of 'better' bits within the more 'Broady-like' areas as in-fill continues...lots of small market gardens becoming small estates.

[danzvtil]

Originally Posted by Franco Cozzo

Give it a decade and you'll have toll roads and city stopping traffic jams

Don’t worry, it’s happening now, Churchill rd prospect is seeing old red brick bungalows replaced with upto 6 storey apartments along the rail corridor, traffic is tight all day, I avoid it.All the new to country drivers acting like it’s the third world does my head in.
I drove into the city last Sunday along north east rd, it was stopstart the whole way, urban infill is the reason.

[Adamz Ghia]

Now banks are being blamed for overstating an applicants borrowing power, causing them to lose their homes.

Surely there has to be an element of responsibility on the borrowers part?? Surely as an adult you know your own limits!

[slowsnake]

Hello,
Sydney is the best Capital city in Australia, and it matters not out west or northern beaches!
Some of the comments about Sydney are just plain silly!

Your comments remind me of an alcoholic, they move city's or towns interstate even to get away, its not the environment you live in that's the problem, its how you accept what you have and who you are that matters.
Like an alcoholic people take their problems with them, in Sydney you need a " Sydney state of mind " and if you are a country bumpkin and carry that attitude with you, then you never fit in anywhere?..and vice versa!

Any city or town is good and bad, you got to fit between the cracks, and live and work there for a few years before you "get it"...whining and moaning is in your head,not where you live!


Cheers Billy.

[XB GS 351 Coupe]

Originally Posted by FTE217

we have a great quality of life right here in the Rat Race.......

Depends what you call quality of life I guess, I was in Sydney for AFD, the place (Sydney) is a disgrace, the minute you even get close all I can smell is sewerage and exhaust fumes (yes the whole city smells like sewerage but people living there can't smell it).

I took my two kids (15 and 13) and when we hit Hornsby they started arguing about who 'dropped their guts in the car', till they realised that was just the smell of the air

People are rude, pushy and impatient, always in a rush to get somewhere only to get there and wait and then be in a rush to be somewhere else.

I prefer walking out into my shed and workshop that is bigger than most blocks of land in Sydney, Kids being able to ride motor bikes and horse in the back paddock after school, not having to lock my house/shed/car. etc having camp fires, fishing, archery, shooting on my back door step.

Came home from Sydney on Sunday, after AFD, I swear I am done for the year, and not even sure if I will go back next year, the place is horrible.

[LeadFoot81]

Originally Posted by Adamz Ghia

Now banks are being blamed for overstating an applicants borrowing power, causing them to lose their homes.

Surely there has to be an element of responsibility on the borrowers part?? Surely as an adult you know your own limits!

True, but surely you should be able to trust your financial institution to give you sound financial advice? Isn't that *supposed* to be their reason for being, to help people with their finances? (I know it's actually to make lots of money, but they could at least pretend to care)

[XB GS 351 Coupe]

Originally Posted by DoreSlamR

Submitted another, and probably last attempt at a mortgage last week.

Should hear back this week.

Fingers crossed!

May be if you keep getting knocked back the bank might be trying to tell you something...

[slowsnake]

Every time you apply for a loan, bank or finance etc, they see every other application you made before them, whether phone, car, appliance they see it, right in front of them on their computer screen.
And, the more applications you make the more your " loan score " changes for the worse, not better.

And,you may get a loan eventually but at high interest, they know everything you do and every time you apply, its just George Orwell's 1984 come to life.
Big brother is watching you.

Do a credit check on yourself, see how they have scored you and then see what to do to rectify the situation.

Good luck...this post is generic not aimed at any one in particular!


Billy.

[FTE217]

Originally Posted by XB GS 351 Coupe

Came home from Sydney on Sunday, after AFD, I swear I am done for the year, and not even sure if I will go back next year, the place is horrible.

Keep to the above, your as rude as you quoted

[XB GS 351 Coupe]

Originally Posted by FTE217

Keep to the above, your as rude as you quoted

You are confusing rude with telling it how it is, two very different things, one is rude, the other is stating the truth without sugar coating the facts to protect the fragile souls of those unable to deal with real life.

[GasoLane]

Originally Posted by XB GS 351 Coupe

You are confusing rude with telling it how it is, two very different things, one is rude, the other is stating the truth without sugar coating the facts to protect the fragile souls of those unable to deal with real life.

It's telling it how you think it is. Personally I would never live there but there's >4 million who seem to think it's ok, so how about we stick to the topic please.

[XB GS 351 Coupe]

Originally Posted by GasOLane

It's telling it how you think it is. Personally I would never live there but there's >4 million who seem to think it's ok, so how about we stick to the topic please.

Smell is a factual thing, I don't THINK it's there, it is there I can smell it.

And I must say I am glad the people are staying there, as we certainly don't want them where I am.

[FTE217]

Originally Posted by XB GS 351 Coupe

You are confusing rude with telling it how it is, two very different things, one is rude, the other is stating the truth without sugar coating the facts to protect the fragile souls of those unable to deal with real life.

Big man, telling it how it is.
Big man

[.:4:.]

I got my suburb report from my broker today. I know my place has gone up in value but I was surprised by the average value increase in my suburb. So considering when I bought the place was at the max of what I could borrow, even with wage rises, today I'd have no chance getting into the market in Sydney these days had I not 6 years ago.

[PG2]

OK everybody that is enough.

While I also personally don't like Sydney I don't bag where others live.

The next person to bag where others live (or tell how it is) will be getting a warning. You know who you are.

[MITCHAY]

First year anniversary for me tomorrow. I have managed to smash ~$15k of principal off which I thought was pretty good. Have a nice redraw and equity in my house now.

Time flies and I get an interest rate rise as a present but luckily it's only $2 or so difference a week

Originally Posted by Adamz Ghia

Now banks are being blamed for overstating an applicants borrowing power, causing them to lose their homes.

Surely there has to be an element of responsibility on the borrowers part?? Surely as an adult you know your own limits!

Of course but lenders should not lend money they know someone cannot afford assuming all the documents provided are correct. They have a responsibility too.

They would lend me $500k but I would seriously struggle to service that loan. I borrowed $330k for reference.

[prydey]

Originally Posted by .:4:.

even with wage rises,

what is this 'wage rises' you speak of??

wages are largely stagnant and have been for many years.
https://www.theguardian.com/australi...-cent-combined

fat cats are getting fatter,dragging up the national average making it appear like everything is rosy in the statistics.

I've been in the same job for 25 years. I earnt more in 2006 than I earnt this financial year. this is the reality for many Australian families.

[.:4:.]

Originally Posted by prydey

what is this 'wage rises' you speak of??

wages are largely stagnant and have been for many years.
https://www.theguardian.com/australi...-cent-combined

fat cats are getting fatter,dragging up the national average making it appear like everything is rosy in the statistics.

I've been in the same job for 25 years. I earnt more in 2006 than I earnt this financial year. this is the reality for many Australian families.

It's when you have the meeting with the higher powers at work and say I'm worth more money. I got more money from that and a brand used work car that is way better then my old one.

[prydey]

Originally Posted by .:4:.

It's when you have the meeting with the higher powers at work and say I'm worth more money. I got more money from that and a brand used work car that is way better then my old one.

nice one.

I was meaning more in general terms though, just quoting your comment for reference. wage growth is barely alive.

a lot of industries, and especially smaller businesses, just don't have the ability to increase wages and continue to remain viable. that's just the reality of the situation. I work in an industry that is getting crippled by the digital age. its just the way it is. at least I have a job.

[.:4:.]

Originally Posted by prydey

nice one.

I was meaning more in general terms though, just quoting your comment for reference. wage growth is barely alive.

a lot of industries, and especially smaller businesses, just don't have the ability to increase wages and continue to remain viable. that's just the reality of the situation. I work in an industry that is getting crippled by the digital age. its just the way it is. at least I have a job.

You are correct when it comes to wage growth being stagnant. I don't know how the current cpi is doing but I remember a few years back the cpi was going backwards. I haven't had a cpi increase for years. I work for a small company and I have been there for 12 years. Currently there is a mass exodus of staff, which has happened a few times, but I have learnt if I stick out the hard times I always end up better off.

[b0son]

Originally Posted by .:4:.

I don't know how the current cpi is doing but I remember a few years back the cpi was going backwards.

A quarter here, a quarter there, never enough to qualify as recession. Wages are stagnant, but cost of living continues to rise. In real terms, our wages are in decline.

[Fed]

As far as I know the CPI doesn't include the costs that really hurt families, not sure what the 'basket' contains but it doesn't reflect what's really going on.

The Sun's gone over the yard arm so it's time for a beer & a smoke there goes $4, quick turn off that light before I go broke.

Want to buy a house, got a spare Million?

[mr smith]

Clearance rates are dropping, wages dropping, immigration on the nose due to congestion. Its 10 years later than Dave 289 predicted but the housing bubble is now deflating. Because the govt has let all other industry go and milked this cash cow for all its worth the pain will be deep.

[Franco Cozzo]

Retail sector is at GFC levels of growth and its eerily quiet in my industry, in particular auto workshops, people are barely fixing and servicing their cars at the moment across the SE Suburbs of Melbourne where most of my customers are based, same thing with the Burson and Repco stores I deal with, last two months crickets chirping, phones hardly ringing.

Its the big customers keeping us going in our Melbourne branch.

Was getting a haircut at the shopping center last night, not too many people in the shopping center its usually packed on Friday nights.

Colleagues missus just landed herself an apartment in South Yarra for $570K, dropped from $630K.

People are holding off spending money and its hurting already.

[mr smith]

We just renewed two big contracts at work, long term service providers have lost out to new players and their employee rates have been cut by $6 p/h. Most of the existing employees stayed on with the new guys as there are no other options going.

[Franco Cozzo]

Originally Posted by mr smith

We just renewed two big contracts at work, long term service providers have lost out to new players and their employee rates have been cut by $6 p/h. Most of the existing employees stayed on with the new guys as there are no other options going.

We're virtually killing our manufacturing capability we have in house and just using it for prototyping, we've got an older workforce they're not replacing when they throw in the towel.

We will just prototype in house then manufacture overseas in quantity.

Company used to employ 800 people in Victoria, employs 40 or so of us nationally now.

[roKWiz]

[QUOTE=Franco Cozzo;6171724] in particular auto workshops, people are barely fixing and servicing their cars at the moment [QUOTE]

No wonder, I had fuel injection service in Shepp try to rip me off to rebuild a F.I pump that didn't need rebuilding.

[Syndrome]

New car sales following housing market