Another point about house prices is, the top end (million dollars ++) ones are old money accumulated through generations.
hello,
save your money flying fish and put into shares or property,
84% clearance rate in melbourne yesterday,
thankyou
robots
Its tempting to jump on the wagon before i miss out.
As is and has been the case in many other countries so to will it be the case in Australia THAT---most housing will be owned by OLD money and passed on down the ancestory line.
Too late.
This sounds scary. So average joe can't buy a house anymore?
Getting harder and harder,2 incomes for even a unit.
In the UK its 2 very good incomes and possibly a boader in many cases.
Same in Europe in many cases (Larger cities).
Eventually most will rent until the olds pass on and the House equity split between sibblings and houses then purchased.
Wont be un common to see people buying Reasonable homes for the first time in their 50s+.
alternatively house prices return to long term trend so a median house is within median income
AFR yesterday Shane Oliver, AMP: "In 1987, the 42% slump in October was preceded by a residential market that was 5 to 10% below its long-term historical average. He says the current market is 20% over the long-term average, with house prices around 9 times average weekly earnings* compared with 5 times in the 1980s."
*must be a typo, average annual earnings...if it's weekly earnings I will be buying property next weekend!
Still the lucky country huh?Getting harder and harder,2 incomes for even a unit.
In the UK its 2 very good incomes and possibly a boader in many cases.
Same in Europe in many cases (Larger cities).
Eventually most will rent until the olds pass on and the House equity split between sibblings and houses then purchased.
Wont be un common to see people buying Reasonable homes for the first time in their 50s+.
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