http://www.news.com.au/money/proper...-property-market/story-e6frfmd0-1225820461473Wealthy migrants pricing locals out of Sydney property market Cashed up skilled migrants are driving up Australian property pricesAUSTRALIAN families are being priced out of the property market by record numbers of highly paid skilled workers arriving from overseas.
- Skilled immigrants forcing up house prices
- Market driven by what highest bidder will pay
- Australian property 5.5 times household income
Research by The Sunday Telegraph has revealed for the first time how skilled immigrants - predominantly from Britain, India and China - are forcing house prices to some of the highest levels in the world when compared with average incomes.
Now the UnLucky country?
http://www.news.com.au/money/proper...-property-market/story-e6frfmd0-1225820461473
I sure have something against the fact that the government last year relaxed the requirements for foreigners buying property in Australia. 40% of home sales in Melbourne at the moment over $1million are to Chinese and Indian buyers.
Source??
Instead you moan about (incorrect) stereotypes on the younger generation now. What progressI could have moaned and waited for it, but what would that have achieved?
They don't see that their parents had an older smaller unit or home, the furniture was bare minimal and often second hand and their kids had second hand.
YesOf course we expect it - it's the world we have grown up in. Our parents saw a different example in their parents, so it seems logical there is going to be a difference in expectations. Did we create this attitude? No, we picked it up by being fortunate enough to live in excess. You can't blame us for it, do you really think that the majority of boomers would have been any different?
The difference I havepersonally noted between many immigrants and Australian born is that the Australian born expect to have exactly what their parents have at the present moment the minute they start working.
They do see that their parents had an older smaller unit or home, the furniture was bare minimal and often second hand and their kids had second hand.
There were no overseas holidays each year, no 2 new cars in the driveway along with the boat and caravan.
Goods purchased lived their entire lifespan and were not updated every 2-3 years.
No eating out every day no buying of coffees everyday.
tell that to a Gen X or Y that is how you save to buy a nice home and they will puke.
Many of them change jobs every 2-3 years along with all their wordly posessions and simply are not good credit risks for the lenders.
Hey, I not bagging anyone who does enjoy the niceties in life, but you cannot complain if you cant afford to buy a property.
Everything is attainable if you are smart in working hard and saving. Life does not always give you things you want simply because you think you derserve it.
Sorry but that is my two cents worth.
My background is of a low income home because my father died quite young.
However, at the age of 25 I already had one house paid off. It was a very basic red brick home down the coast. From humber beginnings I now have have beautiful home 20 minutes from Sydney as well as a subtantial nest egg.
I could have moaned and waited for it, but what would that have achieved?
I have three children aged 28, 26 and 24. All of them are extremely frugal, have no credit cards, do not change jobs every 2-3 years, rarely go on holidays, do not eat out every day and work hard.
The eldest has bought a tiny apartment with her husband, and both of them are on high salaries.
My other two children have very little prospect of being able to buy any property as after they have paid their weekly rent and bills there is very little left over. So at the rate they are going it will take years to save a deposit for a shoe box of an apartment.
Of course we expect it - it's the world we have grown up in. Our parents saw a different example in their parents, so it seems logical there is going to be a difference in expectations. Did we create this attitude? No, we picked it up by being fortunate enough to live in excess. You can't blame us for it, do you really think that the majority of boomers would have been any different?
Wondering if can buy two houses for the cost of one Australian?He asked me where I lived. I told him I lived in Asia. He asked me why I didn't live in Australia? I told him it was too expensive and that Asia will have a more prosperous future than western countries. I also told him that I have considered obtaining Korean citizenship. He was stunned by this and asked me why I didn't want to keep an Australian passport. I told him there were benefits learning a new language and living in a different culture that Australia didn't provide.
Yes it is.It's a strange world we live in Master Jack.
I had a very interesting experience recently.
I was on a plane enroute from Incheon to Melbourne. Seated next to me was a young bloke from China. Quite an affable and friendly character. We got chatting about various things in between his portable gaming console sessions. I asked him if he would like to read a book but he told me he hated reading. I was reading the 48 Laws of War by Robert Greene.
He recently graduated from an Aussie University in IT and had just obtained Australian permanent residency.The young man also told me that he resided in Toorak and his family were in the Iron Ore business back in China.
He asked me where I lived. I told him I lived in Asia. He asked me why I didn't live in Australia? I told him it was too expensive and that Asia will have a more prosperous future than western countries. I also told him that I have considered obtaining Korean citizenship. He was stunned by this and asked me why I didn't want to keep an Australian passport. I told him there were benefits learning a new language and living in a different culture that Australia didn't provide.
It's a strange world we live in Master Jack.
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