Geez just talking to a friend in Caloundra, his neighbour bought his house 5 years ago for around $580 000 sold it last week for 1.2 million. The house is over 40yo.
No house on the street was bought for a million, now every house on the market gets a minimum of a million and they are selling like hotcakes.
Why is anyone wasting time and money on the stock exchange, show me where you can get 100% gain in 5 years in any share market.
Housing has gone nuts.
From 1960 to 2020 the population of Sweden increased from 7.48 m to 10.35 m people. This is a growth by 38.3 percent in 60 years. The highest increase in Sweden was recorded in 2017 with 1.36%.Sp you expect everyone ar retirement age to own his her home?
I looked for a socialist Scandinavian heaven:
Sweden: where less than 40pc of people own their houses
Australian situation of very high ownership is an anomaly and the Reset coming is making sure we will go back in rank...
https://www.statista.com/statistics/539993/sweden-households-by-type-of-housing/#:~:text=In 2019, the majority of,were rented multi-dwelling buildings.
I am in QLD as well. We have been lucky as recent crazy spikes in coal prices and gas prices have created a money boom here. Same with perth with iron ore and coal prices going nuts past few years.A lot of the neighbours know each other and a lot of the houses being sold the owners have paid off their mortgages so the street is full of new millionaires. Remember when that was a rare thing.
This is the what's driving my area up, people selling on the sunny coast for over a million then moving inland and buying an acreage with a nice view and house for less than half that and retiring early.
Where is the economic doomsday crisis the finance gurus never stop bleating about - it never happens, people are getting richer everywhere, even the unemployed.
but where else do you put a million dollars without your investment being eroded by inflation ... stocks ?? MAYBE but that might involve a bit of luck ( even if buying something like WES or BHP )Geez just talking to a friend in Caloundra, his neighbour bought his house 5 years ago for around $580 000 sold it last week for 1.2 million. The house is over 40yo.
No house on the street was bought for a million, now every house on the market gets a minimum of a million and they are selling like hotcakes.
Why is anyone wasting time and money on the stock exchange, show me where you can get 100% gain in 5 years in any share market.
Housing has gone nuts.
YEP i would rather be living on a decent hillside ( despite the fact i am not as spry as i used to be )A lot of the neighbours know each other and a lot of the houses being sold the owners have paid off their mortgages so the street is full of new millionaires. Remember when that was a rare thing.
This is the what's driving my area up, people selling on the sunny coast for over a million then moving inland and buying an acreage with a nice view and house for less than half that and retiring early.
Where is the economic doomsday crisis the finance gurus never stop bleating about - it never happens, people are getting richer everywhere, even the unemployed.
Geez just talking to a friend in Caloundra, his neighbour bought his house 5 years ago for around $580 000 sold it last week for 1.2 million. The house is over 40yo.
I've been called out of retirement by some old customers to look at some of these dodgy built homes. Lots of defects everywhere.Emphasis mine.
In the current circumstances I'd be extremely cautious about buying a brand new place, anything in the past few years.
Sure there are good, honest builders and tradies but with the market as it is there's a huge incentive to pump houses out as fast as can possibly be done and that's not conducive to high quality workmanship. Doubly so given the backdrop of materials shortages and inflation, pandemic and so on.
And this is why price rises have been fastest/steepest in rural and coastal areas.A lot of the neighbours know each other and a lot of the houses being sold the owners have paid off their mortgages so the street is full of new millionaires. Remember when that was a rare thing.
This is the what's driving my area up, people selling on the sunny coast for over a million then moving inland and buying an acreage with a nice view and house for less than half that and retiring early.
Where is the economic doomsday crisis the finance gurus never stop bleating about - it never happens, people are getting richer everywhere, even the unemployed.
I was lucky enough to turn from bear to bull on property a while back by a member of this forum. Ended up making me a lot of money. Documented on this thread somewhere.A lot of the neighbours know each other and a lot of the houses being sold the owners have paid off their mortgages so the street is full of new millionaires. Remember when that was a rare thing.
This is the what's driving my area up, people selling on the sunny coast for over a million then moving inland and buying an acreage with a nice view and house for less than half that and retiring early.
Where is the economic doomsday crisis the finance gurus never stop bleating about - it never happens, people are getting richer everywhere, even the unemployed.
Emphasis mine.
In the current circumstances I'd be extremely cautious about buying a brand new place, anything in the past few years.
Sure there are good, honest builders and tradies but with the market as it is there's a huge incentive to pump houses out as fast as can possibly be done and that's not conducive to high quality workmanship. Doubly so given the backdrop of materials shortages and inflation, pandemic and so on.
Builders took pride in what they built, now it all about cutting costs and maximising profit. Give me an old hardwood house any day.
QFTOld houses were built to last. A lot of the hardwood from way back was sourced from the best hardwood species when there was a lot of choose from. Try putting a nail in it now after it's been seasoning for 60 or 70 years. It's as tough as granite. Builders took pride in what they built, now it all about cutting costs and maximising profit. Give me an old hardwood house any day.
That's not necessarily so. I knew a few old builders (now passed away) and they told me some interesting stories about short cuts that was common in their day, and shortage of materials which required interesting solutions to be used.
Well there are always exceptions, but in general old houses were built better and intended to last longer than they are now. Workmanship these days leaves a lot to be desired. I have owned an old hardwood house and it was as sold as a rock 80 years later.
Also worth noting that an ounce of prevention is worth a pound of cure here - $1000/year in maintenance avoided for a decade will be a $50,000 repair bill 10 years later, not a $10,000 one.Maintenance is the trick to a home lasting many years.
The house on the property I just bought is 80 years old and can attestOld houses were built to last. A lot of the hardwood from way back was sourced from the best hardwood species when there was a lot of choose from. Try putting a nail in it now after it's been seasoning for 60 or 70 years. It's as tough as granite. Builders took pride in what they built, now it all about cutting costs and maximising profit. Give me an old hardwood house any day.
I do see some beautiful old homes here, the outclass and outsole any new ones but the maintenance costs are off the scale like using a grinder to bring the exterior surface back to bare wood, oil, paint.... love to own one but not going to invest the time and money into that.Well there are always exceptions, but in general old houses were built better and intended to last longer than they are now. Workmanship these days leaves a lot to be desired. I have owned an old hardwood house and it was as sold as a rock 80 years later.
I posted a picture of a house I bought in Midland a suburb of Perth in 1982, it was at least 40-50 years old then and it was chopped in half carted on two truck for 200klm in a storm and then restumped and the two halves nailed back together and the roof put back on.Well there are always exceptions, but in general old houses were built better and intended to last longer than they are now. Workmanship these days leaves a lot to be desired. I have owned an old hardwood house and it was as sold as a rock 80 years later.
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