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03-06-2020, 10:11 AM | #1141 | |||
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03-06-2020, 10:21 AM | #1142 | ||||
FF.Com.Au Hardcore
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On a casual job. With no long term security. And you want to blame young people for that? If you've taken advantage of the generous capital gains tax treatment property investors receive, then you are the one who is squarely to blame. Investors alone have driven the property booms of the last 20 years. FHB are hardly to blame for the types of new homes on offer. The vast majority of established homes are not on the outskirts, they're on bigger blocks, they're way out of most young peoples budgets. Quote:
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03-06-2020, 10:21 AM | #1143 | ||
The 'Stihl' Man
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Come on, lets not label everyone, millennial lives matter
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03-06-2020, 10:23 AM | #1144 | |||
The 'Stihl' Man
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Its like people trying to compare generations of sports players to other in different era's. On basic stats you can, but the reality and other external factors are completely different. Its not apples and apples.
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03-06-2020, 10:25 AM | #1145 | |||
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17.5% versus 2.5% takes care of that. also...My taxes paying for someone's child care? Seriously? |
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03-06-2020, 10:58 AM | #1146 | ||
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It was less than half that within 2 years. If you took out a 25yr loan in 1990, you would have had an average rate of around 7.5% or less.
Median Sydney price 1990 - $155k ($27k avg wage) Median Sydney price 2020 - $1.1m ($67k avg wage) A 7.5% average lifetime rate would take 48% of your average income. A 2.5% lifetime rate starting today would take 78% of your average income. Rates dont really have anywhere to go but up right now.... and with a recession coming, what do you suppose the prospects are for your typical FHB today? A lot worse than yours were.... |
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03-06-2020, 12:19 PM | #1147 | |||
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Hmmm.. What's this average lifetime rate? Which bank offers it? When is the recession coming...actual date please? The rates are going up?....when? My post was based on actual data not crystal ball gazing mate. |
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03-06-2020, 12:54 PM | #1148 | |||||
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It's the average rate paid over the life of the loan. People always trot out 17.5% like that's what they paid for the life of the loan. It's laughable.
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the Australian economy shrunk by 0.3 per cent over the first three months of the year according to today’s national accounts... The definition of a recession is two consecutive quarters of the negative growth, a requirement that is certain to be met in the June quarter which will include the economy wide shutdowns ordered to save lives and protect the community from COVID-19. Is 3 and a bit weeks near enough for you? Quote:
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03-06-2020, 01:13 PM | #1149 | |||
AU3 ute EL futura
Join Date: Oct 2008
Location: Brisbane
Posts: 485
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And in the old days no bank would finance you unless you had 20% down. So you and your missus who had been living with mum and dad for years after they were married had saved every possible penny turned up at the bank with 20% deposit. They bought a renovators delight but people back then knew how to do things. He'd be fixing the plumbing, frame and cladding while she was painting everything. I sold a boat last week. I had 2 lots of young people come to look but when they saw the trailer needed some welding no deal. Then a 70yo bloke came along and bought it without hesitation. Young people don't have it easy, but I think if you really looked hard you would find it ain't that much harder overall. And seriously don't get me started on single women's wish lists. I made myself so popular with them when I was younger pointing out the flaws in the plan. |
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03-06-2020, 01:27 PM | #1150 | ||
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Like my taxes paying for previous generations' pension, despite them receiving their full wage and not setting aside any money for their future while I also get deductions from mine to pay for my own superannuation?
It's almost as much of a joke as me getting access to hundreds of thousands of dollars in super when I'm 70 and probably only a year or two away from death while today I can't buy a house for my own shelter. A lot of good that'll do me then. |
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03-06-2020, 02:08 PM | #1151 | |||||||
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Every generation has people that delude themselves. How many boomers think they've paid enough taxes and its the young folk's turn to support them? That too is a laughable assertion. You dont stop paying your way til you die. |
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03-06-2020, 02:30 PM | #1152 | ||
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My version...
It's all well and good talking about 6 times average earnings blah blah Whineing about how good we had it forgets a few facts. Years ago we had one income...now there are two. How did prices go up? At auctions we had people bidding on the assumption of one income. As time went by the dual income equal opportunity hard working child care dependent women would assist in the auction, bidding the price up cause they had more money to bid with their partners. The rest is history....the market is driven by what people will pay. Where the sookey lah lahs get into trouble is when she gets pregnant and one income stops. Happy to hear any other version of it? |
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03-06-2020, 02:30 PM | #1153 | |||
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Both "successful" and "handsome" are pretty subjective. Successful at its most basic just means someone who has at least a shred of drive to do anything other than sit at home all their life and collect the dole. I don't think many people would bother with someone who has such little drive to better their own circumstances. You can be successful and still work a menial job. And we all know how varied peoples' tastes are when it comes to what's good looking or not. There are plenty of people who are still good looking despite not being conventionally attractive. I'm not surprised she ended up "living with a guy and his dog in his caravan" rather than pursuing her own success if she was told by people in her life that she had no chance at happiness because they thought she was ugly. That's pretty rough. |
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03-06-2020, 02:40 PM | #1154 | ||||
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I know of people who died well before they were old enough to get the pension, yet they also paid tax all their lives Quote:
Tell me what you earn and I guarantee I reckon I can find a dwelling for you to buy....won't be your dream come true, but reward is usually linked to effort. |
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03-06-2020, 02:43 PM | #1155 | ||
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My little story.
I was silly enough to build a home and stay in the town I grew up in, Whyalla, based on heavy industry. The market boomed with the price of steel and influx of available jobs which further increased house prices. It become much cheaper to build new than buy old. Seemed logical. Nothing special 3br, fart box sized land, did my own landscaping and then artificial turf and small - yup, pergola! The build quality was less than desirable. The market dropped rapidly 2yrs later. Fast forward another 8yrs and the market has barely recovered due to oversaturation in the market - everyone built new inc. sub contracting companies to house employees before later selling on; and oil and steel prices never regaining what was. I have moved on but rent the property for slightly above market value and think breaks even. But when the property was built my parents put money into the property after making a brilliant sale of their house at the time. Many others who did the same but not supported by their parents would be worse off then me. There is no reward without risk. There is no comparing apples and apples. There is no crystal ball. At low interest rates now there is only one way it would go. If you're buying, buy within your means and forecast for a increased interest rate rise. If the interest rate rise takes 2yrs longer than predicted then any buffer forecasted for then becomes a bonus. Don't rely on the current rate. Get a girl with brains not one with '6 number' followers on instagram
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cheers Shaun Current SY FPV F6X Territory #214 Previous FG MkII G6E Turbo built by Heinrichs Performance and Tuning BFII FPV TORNADO #0021 351rwkw - Heinrich Performance and Tuning "Milk is for babies. When you grow up you have to drink beer" - Arnold Schwarzenegger Last edited by raised by monkeys; 03-06-2020 at 03:06 PM. |
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03-06-2020, 03:03 PM | #1156 | ||||
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I'll pass on telling you what I earn, it's pretty good but still not enough to pay rent AND save for a house deposit on a single income. I'd move out to the sticks but silly younger me lacked foresight and picked a line of work that doesn't exist outside of a capital city. Can't afford to buy close to work, can't move away else I'll have no work. I really ****ed myself in that regard. But this coronavirus year has given me a time to reflect and once it's passed I'm going to move out of the city and throw the career down the drain. The one that I worked so hard to progress in, I don't think you'll find anyone amongst my family or friends who wouldn't agree that I put in plenty of effort to get there. Seeing as it comes down to enjoying life or career, I'm going to pick life. |
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03-06-2020, 03:04 PM | #1157 | ||
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03-06-2020, 03:09 PM | #1158 | ||
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03-06-2020, 03:12 PM | #1159 | |||
FF.Com.Au Hardcore
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But in all seriousness, most people have 2-3 careers in their life. I worked retail, heavy industry and then found myself at Uni and become a social worker. Although I barely consider retail and my stint in heavy industry careers, I don't doubt that ill move on from social work. But most skills are transferrable. If it means working just to survive VS changing career and living more remote for happiness and health, then risk seems worth it
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cheers Shaun Current SY FPV F6X Territory #214 Previous FG MkII G6E Turbo built by Heinrichs Performance and Tuning BFII FPV TORNADO #0021 351rwkw - Heinrich Performance and Tuning "Milk is for babies. When you grow up you have to drink beer" - Arnold Schwarzenegger |
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03-06-2020, 03:22 PM | #1160 | ||
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03-06-2020, 04:06 PM | #1161 | |||
FF.Com.Au Hardcore
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But- If you enjoy your career-you should try to think laterally about buying something that you can get that has good capital growth- it may not be new, pretty, in a desirable location, but something to get a toe in the market in an area that is feasible to get to your work from. Even an old solid flat with parking and low strata fees etc. Just beware throwing away your career and moving to the country and then getting an unrewarding job and suddenly ending up full of regrets. Anyway- good luck !!
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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03-06-2020, 07:25 PM | #1162 | ||||||
AU3 ute EL futura
Join Date: Oct 2008
Location: Brisbane
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(I edited that sentence. I don't know why but sometimes what appears when I post is different to what I intended to type. Could be my wireless keyboard, or something else) I think you misunderstood the intent of my post. I hear young people complaining how easy the boomers had it and conversely older people complaining how easy young people have it today. I was trying to illustrate that overall, while the situation is different, it's not that much harder or easier. Some friends have a daughter who must be 30 this year. She has an extensive property portfolio on sydney. I watched in amazement as she built it through her 20's. She works in jewelery, assessing stones I think. I don't really understand it, but I don't think it's ridiculously well paid. I know another young lady, daughter of other friends, who likewise built a portfolio in brisbane, worked in china for years, built herself quite a career. Smart girls who know how to work. Quote:
I'm genX. I left my parents home at 18 with a bag of clothes and the change in my pocket. I starved, I slept on the street. I spent my 20's getting up at 5 am then studying engineering till 7 and 9 pm every night after work. My life was not easy. Not complaining, just pointing out... Quote:
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I was complaining to anyone who would listen in the 80's as Hawke systematically dismantled our society. The most radical right wing government in our history came from the labor party, but no one since has moved to correct those atrocities. I hate so much of what Australia has become and some of the issues you raise are among them, but I'm old sick and powerless. You young people need to figure out how to fix it. Truth is no one cares. People just want to yell at each other on internet forums and wave their fists at the TV. |
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03-06-2020, 10:22 PM | #1163 | ||||
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It comes from your employer's bank account, no matter how you slice it or dice it. Quote:
anyway... (a) you need a partner to share a mortgage with (it halves the numbers) (b) start a business...even a coffee van does better than PAYE I can think of two capital cities that you can buy a house for under 300k right now. |
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04-06-2020, 12:15 AM | #1164 | ||
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04-06-2020, 07:07 AM | #1165 | ||
The 'Stihl' Man
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OK some interesting news to come out to help the housing industry. Great, more tax payer money going into capital to help home owners FFS.
I get tradies will pick some work up but seriously what other industry gets so many hand outs? Personally I wont be eligible due to the proposed income brackets, so we will continue our middle class slug to prop the industry up and not get our new deck.... https://www.abc.net.au/news/2020-06-...s-25k/12317786
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04-06-2020, 07:14 AM | #1166 | ||
If it ain't broke........
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04-06-2020, 07:41 AM | #1167 | ||
The 'Stihl' Man
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Id prefer the Gov just let it run its course and invest the money in people and support to build the future, not band aid the housing market alone as the problems run deeper than someones patio.
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04-06-2020, 08:03 AM | #1168 | |||
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$150k plus Govco's $25k..if you spent $175k renovating a home here in Adelaide's 'burbs you've just spent nearly 50% of the homes value. I'd have to put on a second story to spend that kind of money on rennos. I just can't see many that could afford to spend that kind of coin, and very few that could find enough work to be done that would cost that kind of coin. Is this something where they want to be seen to be doing something without people actually taking them up on the offer? Should I join my wife watching Tarek and Kwithtina on channel 94? |
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04-06-2020, 08:28 AM | #1169 | ||
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I had this same discussion just then in the office. I really doubt they are going to pick up many renos work out of this. Just doesn't stack up.
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04-06-2020, 08:36 AM | #1170 | ||
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Isnt the cyclical nature of construction work one of the justifications for the high pay rates? Not really sure why this time around we need to be subsidising construction, especially when high house prices are such a drag on the economy.
Of course, why should we be surprised. Didnt courts just rule casuals that work regular hours now get the same leave entitlements as permanents AND get to keep their casual loading? It's almost as if people think money grows on trees... |
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