why isn't housing affordable for the average person in Australia.? It's not a luxury but a necessity..The young people coming through today have to take on so much debt that there's nothing left to enjoy your life with...I think the powers that be are happy to keep people in debt and poor so your so much more easier to control..Housing should be affordable for most people.. in my opinion its a disgrace...
It's already been confirmed that interest rates will stay higher for longer at 5-6%. Unemployment is also set to rise from 3.5% to 5% in 2025 (Trading Economics). So strap in, inflation in council rates, strata fees, insurance and of course petrol. We will see if GST and Land Tax comes along in coming years. Feels like 1990s. In the USA they are talking about the 1930s.
Yes Andrew Wilson has said it hold for longer maybe one more rise before falling late next year into 2025 ..nothing to worry about if your hedged against inflation...if your not the struggle is real
A property is not a luxury its a place to live… stop negative gearing, apply rent caps and make a rule you can only buy a property if you have lived here for 3yrs, then watch everything level back out
@@libatalklieb5793 A better investment helps not only the inestor but the economy of the country as a whole. Housing investment helps the investor, the builder for a sort time, politicians who created the unfair and self serving conditions for real estate prices to explode, real estate agents, banks and smoke alarm battery changers. 🤣🤣
I agree with Mark's assessment that interest rates will stay high until times get tough. This may take years if property prices continue to rise and unemployment stays low. Interesting times ahead.
Sorry Mark your idea of owning a house is not about status as you say but a house is a basic human need to have a stable and secure roof over you head and the equity provides safety. It’s very basic has nothing to do with status.
At one stage Adelaide had government housing at 33% of the total number of houses.This kept housing affordable. No one was homeless and the term unaffordable was not used in reference to housing. Smarter people said that policy should change and the private market should take over. That turned out well for some.
Syndey property market will follow the same fate in Hong Kong. We have an extremely low unemployment rate of 3%. The market just collapsed when more people realised the rate rise would not be not short-term. We are always given misinformation that there is no rate hike in 2021 and the reassurance of a rate reduction next year will very likely be a false hope as well. There is always a lag time of at least 6 months before the "judgement date". So the earlier one leaves the market or unloads their debt, the higher the chance they can overcome the period of high interest rates or one will get miserable for decades, like people in Japan. Greediness is always the #1 killer. The Australian property market is just another format of the Ponzi schemes.
House prices are a joke with old houses worth nothing now selling for ridiculous amounts and rent prices through the roof just doesn't make sense and with also way to many people moving to Australia it is a worry for the average Australian.
The government should stop short term rentals that sit vacant most of year and stop migration and stop negative gear, and stop allowing foreign investors from buying our housing stock and leaving the house vacant.
So unemployment still low, so why is that? Maybe it's because there is lots of casual workers, and their hour's were cut, but they are still not unemployed. You Genius !!
very true, I can only speak for myself, I'm 28 and got lucky to buy my first home only months before the pandemic, I've made 300k in capital gains, but selling is estimated to cost me around 70k+ in total, pretty much cutting my profits to 2 thirds@@johnny-yi2oi
Theres a solution Mark. Ask the guy who wants to colonize Mars. I dont think u have access to him. U cant get the right answer from the real estate industry.
If young people bought a coffee machine at home and stopped spending all their money on overpriced coffees at cafes, buying vapes, ciggies and overpriced alcohol and cocktails, they too may be able to buy a home!
Disagree with the above. Currently you can only borrow at max 6x your income. A $190k salary would get you a median house ($1.4m) property in sydney with 20% down. Statistically that salary would put you in the top 3% of income earners in the country… The issue isn’t spending but house price to income ratios. I’m 26 and on $150k. Even on my salary and currently interest rates I can barely afford a house. Saving $4 on a coffee doesn’t move the needle if house prices grow more than your earnings
why isn't housing affordable for the average person in Australia.? It's not a luxury but a necessity..The young people coming through today have to take on so much debt that there's nothing left to enjoy your life with...I think the powers that be are happy to keep people in debt and poor so your so much more easier to control..Housing should be affordable for most people.. in my opinion its a disgrace...
May be people that don't live here should not be allowed to by property
they took our jerbs.
It's already been confirmed that interest rates will stay higher for longer at 5-6%. Unemployment is also set to rise from 3.5% to 5% in 2025 (Trading Economics). So strap in, inflation in council rates, strata fees, insurance and of course petrol. We will see if GST and Land Tax comes along in coming years. Feels like 1990s. In the USA they are talking about the 1930s.
Do you have a crystal ball?
tea leaves@@itskoota
everytime someone says "strap in" nothing happens.
Yes Andrew Wilson has said it hold for longer maybe one more rise before falling late next year into 2025 ..nothing to worry about if your hedged against inflation...if your not the struggle is real
A property is not a luxury its a place to live… stop negative gearing, apply rent caps and make a rule you can only buy a property if you have lived here for 3yrs, then watch everything level back out
@@libatalklieb5793 A better investment helps not only the inestor but the economy of the country as a whole. Housing investment helps the investor, the builder for a sort time, politicians who created the unfair and self serving conditions for real estate prices to explode, real estate agents, banks and smoke alarm battery changers. 🤣🤣
I also agree with the idea of if you haven't lived here for 3 years you can't buy here.
I agree with Mark's assessment that interest rates will stay high until times get tough. This may take years if property prices continue to rise and unemployment stays low. Interesting times ahead.
Agree, they won’t stop until they have stolen the chance of wealth for young Australians
i agree with the hulk, something's gotta give.
Shut the front door
Totally agree!
Sorry Mark your idea of owning a house is not about status as you say but a house is a basic human need to have a stable and secure roof over you head and the equity provides safety. It’s very basic has nothing to do with status.
It’s about reducing migration into the country that is driving up demand at a pace we cannot keep up with.
At one stage Adelaide had government housing at 33% of the total number of houses.This kept housing affordable. No one was homeless and the term unaffordable was not used in reference to housing. Smarter people said that policy should change and the private market should take over. That turned out well for some.
Syndey property market will follow the same fate in Hong Kong. We have an extremely low unemployment rate of 3%. The market just collapsed when more people realised the rate rise would not be not short-term. We are always given misinformation that there is no rate hike in 2021 and the reassurance of a rate reduction next year will very likely be a false hope as well. There is always a lag time of at least 6 months before the "judgement date". So the earlier one leaves the market or unloads their debt, the higher the chance they can overcome the period of high interest rates or one will get miserable for decades, like people in Japan. Greediness is always the #1 killer. The Australian property market is just another format of the Ponzi schemes.
House prices are a joke with old houses worth nothing now selling for ridiculous amounts and rent prices through the roof just doesn't make sense and with also way to many people moving to Australia it is a worry for the average Australian.
The government should stop short term rentals that sit vacant most of year and stop migration and stop negative gear, and stop allowing foreign investors from buying our housing stock and leaving the house vacant.
If spending continues to drive down the Bond value then the RBA must increase the Bond Yield & therefore your interest rate.
So unemployment still low, so why is that? Maybe it's because there is lots of casual workers, and their hour's were cut, but they are still not unemployed. You Genius !!
Australians hold property because of capital gains tax and all the costs. Australians lose substantial amounts of money when they sell.
Government parasite
that's being extremely generalist... some people sell for life changing profits.
very true, I can only speak for myself, I'm 28 and got lucky to buy my first home only months before the pandemic, I've made 300k in capital gains, but selling is estimated to cost me around 70k+ in total, pretty much cutting my profits to 2 thirds@@johnny-yi2oi
Property prices should be affordable, that's I can say
I've thought the same about Porsche GT3R's, yet the price keeps climbing,
@@johnny-yi2oi I rather live in a house than a car.
Hoping that the unemployment rate rises means that Real Estate prices are too central to peoples thinking.
cut interest rate and inflation will sky high again.
Theres a solution Mark. Ask the guy who wants to colonize Mars. I dont think u have access to him. U cant get the right answer from the real estate industry.
People have no other option that you can trust! well you can't trust stocks can ya.
If young people bought a coffee machine at home and stopped spending all their money on overpriced coffees at cafes, buying vapes, ciggies and overpriced alcohol and cocktails, they too may be able to buy a home!
Disagree with the above. Currently you can only borrow at max 6x your income. A $190k salary would get you a median house ($1.4m) property in sydney with 20% down. Statistically that salary would put you in the top 3% of income earners in the country…
The issue isn’t spending but house price to income ratios. I’m 26 and on $150k. Even on my salary and currently interest rates I can barely afford a house.
Saving $4 on a coffee doesn’t move the needle if house prices grow more than your earnings