MovingAverage
Just a retail hack
- Joined
- 23 January 2010
- Posts
- 1,315
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- 2,565
it’s worth what the market will pay...if they get $1.3 then it’s worth it
it’s worth what the market will pay...if they get $1.3 then it’s worth itPersonally I think we are on the end of a nasty housing cycle. It can't hold up forever.
Not sure if I mentioned this a page back or not. But my parents house just got valued at $1.3 million. And there is no way it's worth that much in my mind.
Something has to break because there is no way this is sustainable. This is all just stimulus run-off and fed would want to make a move soon.
As a multiple of annual salary looks like not much has changed there ?I moved to Perth when I finished my apprenticeship in 1976, electrician at a BHP blast furnace $11k/ annum, house and land package 3x1 in nearby Rockingham $27k. Didn't buy one got married 3 kids blew that idea.
Anyway today an industry day shift sparkies at Alcoa, SEC etc is earning approx $120k/ year, 3x2 house and land package in Rockingham $340K.
This is why I follow youit’s worth what the market will pay...if they get $1.3 then it’s worth it
As you say, something is worth what someone else will pay, but it is getting scary.it’s worth what the market will pay...if they get $1.3 then it’s worth it
With migration drying up with COVID restrictions and the associated things like overseas students and tourists not requiring accommodation, where's this sudden need for housing coming from?
The whole thing looks extremely speculative to me and something that isn't sustainable.
Didn’t think my dribble was worth following, but I guess there is no accounting for tasteThis is why I follow you
I will sleep sound tonight my friend
Perth really peaked in 2010 GFC, crashed then double topped just before the mining boom popped and we are only really getting back to the 2010 prices now. I down sized in 2010, my old place is still only worth what it was then, it might have jumped a small amount in the last 6 months, but really I think it would only sell quicker at the moment not for more money.As a multiple of annual salary looks like not much has changed there ?
Reckon you’d need an $800k deposit alone to get into double bay now ?Perth really peaked in 2010 GFC, crashed then double topped just before the mining boom popped and we are only really getting back to the 2010 prices now. I down sized in 2010, my old place is still only worth what it was then, it might have jumped a small amount in the last 6 months, but really I think it would only sell quicker at the moment not for more money.
The thing with Perth, there is a lot of land releases, so established is always competing with new house and land packages, or new infill housing.
I'm surprised by the way Sydney has gone, when i was working in about 2009 I received an email from defense housing , there was a really nice town house in a group of 4 for sale $800k. I thought that is a lot of money, it was located midway between Sydney CBD and Bondi, I think it was called Double Bay. Obviously that was another missed opportunity.
bit of fun mateDidn’t think my dribble was worth following, but I guess there is no accounting for taste
Opinions are also like something else ??bit of fun mate
opinions are good.....show me backgrounds
feel free to move/move back to these failing states..leaving Europe [to Australia] was the best move I ever made...no regret for leaving, probably should have gone to the USA in hindsight..but too late nowEurope is categorically a better place to live than Australia unless you are already wealthy here in Australia. Notice I said "live" to not accumulate a fortune in property speculation.
so in 76, house was around 3x raw income, now...around same 3xraw income..same same unless we consider the real tax rate has increased too much ?I moved to Perth when I finished my apprenticeship in 1976, electrician at a BHP blast furnace $11k/ annum, house and land package 3x1 in nearby Rockingham $27k. Didn't buy one got married 3 kids blew that idea.
Anyway today an industry day shift sparkies at Alcoa, SEC etc is earning approx $120k/ year, 3x2 house and land package in Rockingham $340K.
Yes once you are away from the CBD Perth's house prices really haven't changed much as a multiple of incomes.so in 76, house was around 3x raw income, now...around same 3xraw income..same same unless we consider the real tax rate has increased too much ?
That's what worries me.it’s worth what the market will pay...if they get $1.3 then it’s worth it
I think that is what I am saying .....You'd have to break this down by age as you don't buy a place when you're 50 or whatever.
You're not going to find many 28 year olds on 90k.
Well the boomers can't respond with data because the data disproves their assertions.Well I think I’ve followed this forum enough now. I’ve got better things to do. I’ve added my 2 cents worth, which in short is, as a boomer I believe it’s more difficult to get on the housing ladder today than when I was a 20 year old.
Open discussion of opinions is good but this, for me, just seems to be an argument.
I’m off for a beer, but as a leaving comment, I pay tax, but I can’t vote, so what can I do ? I’m an immigrant.
I am sorry to see this good, interesting forum discussion on a really interesting and important topic being dragged in to one of insults and non bi partisan discussion.
Oh well moving on to see what the adults are discussing.
Gunnerguy
(sad and depressed that this interesting discussion has just gone downhill)
To me this is just insane. And I trade crypto and meme stocks.NSW average house price cracks $1m
Australian residential real estate hits $8 trillion, four times GDP and $1 trillion more than the ASX, superannuation and commercial real estate combined.www.afr.com
Talk about being "all in" a SURE thing. Reminds me of the peak in the Nikkei in 1990....To me this is just insane. And I trade crypto and meme stocks.
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