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#2431 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,046
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Quote:
https://www.rba.gov.au/publications/...c-housing.html |
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#2432 | ||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,340
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that true I suppose, point I was trying to get across that we/me/you/them/kids have battles getting into buying property no matter when for there is always 1 or 5 others that have more $$$.
Lets not forget interest rates had been in a "peach" for around that time, especially post GFC 07 once things settled back again so could say 16yrs. You didn't have to have a lot up front no matter who you were and age.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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#2433 | ||
If it ain't broke........
![]() Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,538
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Exactly. Let's not forget the Media and all the Current Affair viewers banging on about the interest rate rises. Did all these clowns think the term of there mortgage would stay at 1% ? We have been warned many times that the good times couldn't last forever...........
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#2434 | |||
Rob
Join Date: Sep 2006
Location: Woodcroft S.A.
Posts: 21,508
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Quote:
Mortgage to income ratio is the highest it's been and 3% on $500000 is more than 17% on $50000. The good times have been gone for many years.
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UA2 TREND 4WD BI TURBO |
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#2435 | ||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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#2436 | |||
If it ain't broke........
![]() Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,538
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Quote:
are seriously doing something wrong..........
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#2437 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Haven't read one media report where anyone has said rates shouldn't rise. I called it here back in Nov 2021 that it should have risen. People are cheesed off with the behaviour of the RBA, and rightly so IMHO.
Lets break it down..... RBA has conceded that it was a mistake to make the 2024 forecast. Fair enough, think we can agree that was a fail. Did not revise the statement when they had data to suggest that the forecast no longer held true. Big fail. Data suggested that rates should have started to rise around Nov-Dec 2021, but they delayed the decision due to looming federal election. Given they are not supposed to be swayed by politics, that's another fail. Being late to the party, and now having to dish out 9 in a row playing catch up, possibly going on to 12 or 13, risks putting the country into recession, which is going to impact more than just recent home owners, massive fail. Responsible recent home owners probably factored in 3 or 4 rate rises in a given year, not 9 going on to 12 ![]() Would love to see stats on spending and contribution to inflation vs age groups.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2438 | ||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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No one sounded the alarm bells for us back in the 80's/90's when we were crucified. It was just accepted casualties.
Rates go up 3% and suddenly the RBA/Federal Gov-Co are burnt at the stake. Go figure... ![]() |
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#2439 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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If you are negatively geared it means your costs are more than the income you make for that property. Renters think that you as an investor should just be a good sport and take it on the chin
![]() As I said before, play the game, not what you think it should be. By the way I'm not an investor and have none other than my own place but starting to rethink that. |
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#2440 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,540
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Quote:
As an example, who foreseen the Covid pandemic, the Russian Ukraine war which has greatly impacted budget blow outs and the rising costs of living. In my opinion the feds are trying to deflect some of the blame onto the RBA as they are failing to keep inflation under control in this country. To be honest the RBA is making decisions that has to be made whether we like them or not. |
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#2441 | ||||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Covid - they get reports from the banks frequently, and would have known that deposits were being stashed and that the economy was flooded with cash from covid bail outs. Hey, you could even magically pull out $20k from your super, tax free, if you wanted to. Yet they never revised their forecast...fail. Ukraine war - no amount of interest rates hike is going to fix cost of living increase due to the war, so not in the equation. Had to have a laugh at the guvnor's forecast today... Quote:
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2442 | ||
Guest
Posts: n/a
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I'm just glad i dont have to pay rent.
Found out the townhouse two doors down is perma rented for $720 a week !!! |
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#2443 | ||
If it ain't broke........
![]() Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,538
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#2444 | ||
Regular Member
Join Date: Jan 2014
Posts: 372
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Is it really a matter of interest? Considering eight nearby houses including ours, are occupied by twelve people. Most of these would be three to four bed one bath all on reasonable sized blocks. The area is within eight kilometres of the CBD. I estimate that up until forty years ago these same eight houses would have been home to at least twice as many people. Housing shortage ! Go figure.
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#2445 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,062
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The bottom is in! Prices are starting to going up!
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Falcon: 1960 - 2016 My cars Current ride 2016 FG X XR6 - 6 speed manual Previous rides 2009 FG XR6 - 6 speed auto 2006 BF MkII XT ESP - 6 speed auto 2003 BA XT V8 - 5 speed manual 1999 AU Forte - 5 speed manual 1997 EL Fairmont - 4 speed auto 1990 EAII Fairmont Ghia - 4 speed auto |
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#2446 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,855
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That’s a big call. Just had someone else (angling to buy) telling me it will be September.
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#2447 | ||
Donating Member
![]() Join Date: Jun 2007
Location: Checking out soft furnishings....
Posts: 8,687
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Yeh, no chance, still more cuts coming. People aren't hurting properly yet, that'll come though.
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#2448 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Not seeing a slow down in spending. The big shopping malls are still chockers. Reckon the small independents will get hit first as people look to big chains for savings.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2449 | ||
Rob
Join Date: Sep 2006
Location: Woodcroft S.A.
Posts: 21,508
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RBA will keep going until inflation starts to ease or reverse. Blind Freddy can see that needs to happen.
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#2450 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,046
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Not quite. They'll be factoring how much of the inflation is coming from overseas, because they cant control that. The last thing they want is a recession while inflation is still ticking along.
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#2451 | ||
FF.Com.Au Hardcore
Join Date: Apr 2005
Location: Canberra
Posts: 13,374
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#2452 | ||
Regular Member
Join Date: Dec 2022
Posts: 53
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#2453 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Sounds like the folks who aren't very good at making forecasts, aren't very good at interpreting data either.
![]() https://www.abc.net.au/news/2023-02-...tion/102020610 Quote:
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2454 | ||
WT GT
![]() Join Date: Jan 2006
Location: The GSS
Posts: 17,759
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#2455 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,540
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Quote:
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#2456 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Next Tuesday will be fun...another RBA meeting.
If it gets to 6% i might put some money back in the bank instead of under the mattress.
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#2457 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Deposit interest of 6% will see mortgages hit +7.5%. And at that rate, someone on an average income taking out an 80 LVR loan on an average house price, will be putting 90% of their monthly wage to service a P&I......same as 17% in the early 90s.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2458 | |||
Experienced Member
Join Date: Sep 2006
Location: Australasia
Posts: 7,540
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Quote:
Well, you are being a mug to yourself if you have not already done so, the last 6 months I've been making good money with bank interest. ![]() |
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#2459 | ||
Regular Member
Join Date: Dec 2022
Posts: 53
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#2460 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,062
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Where is dave289? Many years ago he had a lot to say about this subject.
https://www.fordforums.com.au/search...rchid=13647869
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Falcon: 1960 - 2016 My cars Current ride 2016 FG X XR6 - 6 speed manual Previous rides 2009 FG XR6 - 6 speed auto 2006 BF MkII XT ESP - 6 speed auto 2003 BA XT V8 - 5 speed manual 1999 AU Forte - 5 speed manual 1997 EL Fairmont - 4 speed auto 1990 EAII Fairmont Ghia - 4 speed auto |
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