The future of Australian property prices
- Thread starter Joe Blow
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My grandparents were forced to live in the most run down crime ridden part of Brisbane where only people with no other options were forced into.
They took the worst jobs and worked tirelessly and started buying all the houses that nobody else wanted in the street. They (and people like them) then turned the forgotten derelict suburb into flats, businesses and thriving communities.
That suburb has now been for some time now one of the trendiest prime real estate locations in SEQ full of elite rich hipsters, a thriving artistic community and massive investment in top tier units and office space.
QLD'ers guess the suburb.
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Even the trendy suburbs can have bad areas, in the 1970's I lived in the Battle Street flats in Mosman Park Perth, it was a State housing war zone. The State housing sold off the flats and changed the street name to Murray Avenue.
The good thing about living there was, you never had to phone the police, they were always on site. ?
I think it's a prerequisite, the drugs bring in young people, artists, musicians etc who are followed by 20 something year old professionals with money looking to see what's going on in the underground, restaurant owners and social venues follow, then the hipsters, followed by speculative property developers sensing the next big thing ......then rich old people buy up all property and start complaining about the noise, the drugs, the music venues, art...etc all the things that made the place trendy and attractive in the first place.....the hip young elite professionals leave and the cycle starts again somewhere else and you are left with another overdeveloped, generic looking suburb full of overpriced housing, generic franchise businesses and no life.
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Another (tongue in cheek) historical perspective on housing prices.
“But interest rates were 17% in my day!” complains man who bought house for $67,000
A 63 year old man who bought his first inner-city four-bedroom house for under $70k in the 1980s says young people complaining about interest rate rises don’t know how good they’ve got it.
“Back then we had to save up for weeks, just to get enough for a deposit!” John Bradly from the eastern Melbourne suburb of Camberwell said.
“And then, once we had our house, my generation didn’t have anyone helping us to pay off the mortgage. It was just us and our salaries, which were only about one fifth of the value of the average home back then!
“It took my more than seven years to pay off my first house. Seven years! I was practically in my thirties by the time I was debt free. Can you imagine? Being beholden to a bank for your entire twenties! I’m pretty sure no-one in their twenties these days has to go through that”.
Bradly said young people simply didn’t know what hard worked looked like. “Try managing tenants across eleven investment properties scattered around Melbourne and Sydney during a global pandemic. That’s what hard work is!”
www.theshovel.com.au
“But interest rates were 17% in my day!” complains man who bought house for $67,000
A 63 year old man who bought his first inner-city four-bedroom house for under $70k in the 1980s says young people complaining about interest rate rises don’t know how good they’ve got it.
“Back then we had to save up for weeks, just to get enough for a deposit!” John Bradly from the eastern Melbourne suburb of Camberwell said.
“And then, once we had our house, my generation didn’t have anyone helping us to pay off the mortgage. It was just us and our salaries, which were only about one fifth of the value of the average home back then!
“It took my more than seven years to pay off my first house. Seven years! I was practically in my thirties by the time I was debt free. Can you imagine? Being beholden to a bank for your entire twenties! I’m pretty sure no-one in their twenties these days has to go through that”.
Bradly said young people simply didn’t know what hard worked looked like. “Try managing tenants across eleven investment properties scattered around Melbourne and Sydney during a global pandemic. That’s what hard work is!”
“But Interest Rates Were 17% in My Day!” Complains Man Who Bought House for $67,000 — The Shovel
"We had to save up for weeks just to get a deposit!"
www.theshovel.com.au
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New farm,?
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For those interested in how Melbournes property prices have grown in the last 50 years.
Goes to 2010 so clearly current prices jump off the graph.
Goes to 2010 so clearly current prices jump off the graph.
The Changing Patterns of Housing Prices in Melbourne
As Camberwell has become increasingly higher cost relative to the rest of Melbourne, the corresponding trend has been a disappearance of sales in the second and, more noticeably, third price quartile. In 1976, 27.4% of Camberwell houses sold in the third quartile and 12.1% in the second quartile. By 2009 this percentage was negligible, at 3.0%.Given this is a money oriented forum shouldn't house prices be irrelevant compared to affordability, employment rate etc
What percentage of your pay repayments are, living costs, job stability, transport.....it's everything other than the dollar value of a house is the only way to compare affordability to own a home or not, price is misleading.
What percentage of your pay repayments are, living costs, job stability, transport.....it's everything other than the dollar value of a house is the only way to compare affordability to own a home or not, price is misleading.
Holy crap, was it that obvious, what gave it away??
You sir are correct on first guess.
JohnDe
La dolce vita
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True, though I see more complaining, reminiscing and conspiracy fears than "money oriented" investment discussions.
Agree fully, I said it here not long after I joined...I have learnt rather quickly there is a high correlation between what gets discussed on forums like this and what gets discussed on prepper forums.
Many famous money gurus with huge public profiles and experience in share trading are the most vocal and extreme of doomsday thinkers.
I was shocked to be honest.
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Left Brisbane less than 2y ago and spent 20y based there.
I worked in New farm..before and then after revival...
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Maybe it could be a telltale sign that the western whole economy by all objective views is f***ed...
I wish one could tell you put everything in VAS and you will make a killing
VAS??
What other system did you have in mind, the western liberal system has proven to be the best so far, nothing else comes close. Are you talking about living a traditional indigenous way? Not enough land and to many people for that not to be a disaster.
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Vanguard Australian Shares Index ETF
ASX: VAS
basically, an index etf on aussie share market..you buy, you get the fividends and travel to the Caraïbes..which are not overated...so if you can..go
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The west from the 70s with elected representatives, not chosen by media or deep state, and were decisions are made by technically competent personnel, not narratives.
What we used to call western democracies...
That's a huge relief, when you said we're all going to be F'ed and to start investing in Vas I took it to literally and thought you meant Vaseline.
I thought the 70's were an economic disaster with inflation, fuel shortages...etc.
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I said i wish I could tell you to invest all in VAS.
Yes we are f***ed and no, do not put everything in VAS?
