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The future of Australian property prices

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Smurf1976 said:
We've reached the stage of disillusionment. If there's no realistic prospect of success then why waste time trying?

The next stage and the one that'll sink the ship will be when they decide there's no point working.
Click to expand...
That point is fast approaching IMO, people aren't going to go to work, just to pay their fuel bill and rent, even if they do go to work they won't be very productive.
 
Smurf1976 said:
We've reached the stage of disillusionment. If there's no realistic prospect of success then why waste time trying?

The next stage and the one that'll sink the ship will be when they decide there's no point working.
Click to expand...
( not ) working hard is already starting to filter through

and considering the reducing job/company loyalty , why would they
 
are they following the appropriate regulations ( NOT a new problem )

if not you end up with a substandard product/service ( not a new problem either )

BTW those ( non-slave labour ) migrants slow down as well when they work out that working hard does not translate to a fatter pay-packet

seen it all before in my younger years
 
Smurf1976 said:
We've reached the stage of disillusionment. If there's no realistic prospect of success then why waste time trying?

The next stage and the one that'll sink the ship will be when they decide there's no point working.
Click to expand...
Combine this with the nihilism resulting from climate alarmism and nuclear sabre rattling, and voila!
 
wayneL said:
Combine this with the nihilism resulting from climate alarmism and nuclear sabre rattling, and voila!
Click to expand...
Wayne I was of the opinion that half of the peasants don't want to work anyway, and then there are the percentage that believe that the sky is falling in and of course then there are those that believe that we are all doomed because of nuclear in whatever form.
I've just convinced myself why bother to work; I'll just join the dole queue like so many others.
 
Not the dole,: NDIS, discover abiriginal ancestry, be a DV victim,dole is for losers
 
Smurf1976 said:
We've reached the stage of disillusionment. If there's no realistic prospect of success then why waste time trying?

The next stage and the one that'll sink the ship will be when they decide there's no point working.
Click to expand...
Nothing like the media stating the obvious, it will be interesting to watch the next phase of this housing issue unfold.

Ordinary workers ‘can’t keep up’ with mortgages, rent and bills – even with multiple jobs

Working Australians, some with multiple jobs, are inundating financial counselling services at COVID-era levels as interest rates and inflation make life unaffordable.
www.smh.com.au

Australia’s “working poor”, including people holding down two or three jobs, are inundating financial counselling services as a combination of high mortgage interest rates and inflation leave them struggling to make ends meet.
A phone hook-up last week of counsellors from across the country heard harrowing stories as those with mortgages and people trying to keep a toehold in the rental market seek help to cover their repayments or find a way out of economic distress.

Through the first six months of the year, the National Debt Helpline received more than 78,630 calls – the highest since 2020 when the pandemic forced the closure of many businesses. Calls have climbed by 41.3 per cent since the same period in 2022 when mortgage rates were around 2.5 per cent and rental inflation was flat.

In May alone, calls were up 51 per cent on their 2022 level with more than 500 a day being taken by counsellors.
“Interest rates and the cost of living have just caught more and more people, and their incomes have just not kept up. More and more people are working two jobs, they’re cutting spending but can’t keep up.
“We’re now seeing low- and middle-income people, they’ve reached the end of the road and they need help.”
Previously, a person unable to pay their mortgage would sell their home and return to the rental market. But counsellors are finding the surge in rents has closed off this option.
Apart from housing costs, callers to the debt helpline report a growing number of problems paying council rates, utility bills and credit card or buy now, pay later debts. There has also been a lift in people, usually small business operators, struggling to pay tax office debts.
Over the past year, the number of people holding down more than one job has climbed by 30,000 to a record 974,000.
 
But it lowers the wages as that’s what large companies want. The mining companies are the biggest lobby group for skilled workers for this reason
 
Tacking this on here rather than start a new more specific thread. I'm not interested in R/E for direct investment and know nothing. I subscribe to this guy's channel as it's lively, exotic and it gives me some insights into R/E generally.

Just one thing I get from it is a big sense of relief that I live in an uncomplicated, relatively cheap, small Aussie country town. My God, the every-which-way the citizens of Florida USA are getting shafted over their home ownership.

Ok he's negative campaigning in favour of his R/E business in South Carolina USA but he sounds on the up and up to me.

 
As the percentage of owner occuppiers who are 65 and older keeps rising, it effectively takes those houses out of circulation.
This cohort of owners are unlikely to churn through multiple jouses, and the house may never return to the market (either as a sale or as a rental) until both owners die.
This percentage needs to be taken into account as policy makers do their thing.
Mick
 
so... you take a 30 year mortgage ( 'cos you can't afford cash down ) and 30 years later ( if you have finally paid off the mortgage ) and you are around 60 years old , they are going to shame you into selling the home you have finally paid out ( so they can gouge more fees , taxes and charges )

kind of destroys the myth that the government cares about law-abiding citizens
 
BBs finally owning their home means that in time, the next generation get a helping hand to finance their old age thereby saving the Govt a motza in pensions.

I would add that the current BBs in the main, did not get much help from their parents estate as that generation battled on through two World Wars and a depression.

So the BBs are the ones who built Australia as we know it and now the next generation are complaining that they did without the fancy bits and saved some money for their old age.

As BBs die off it will be the biggest transfer of wealth ever in the history of Australia so they get to spend what is left anyway, greedy shits
 
Mainstream media, finally deciding it probably best to start and paint it as it is.
Well they probably have big mortgages also.

My way or the narrow pathway: Michele Bullock’s property dilemma

Australia's property obsession has made us among the richest in the world, but it's also saddled households with enormous debts, and made monetary policy decisions even harder.
www.abc.net.au

It mightn't feel like it but this week we discovered, via a study from investment bank UBS, that we were the second wealthiest people on the planet, after Luxembourg.

The reason? Ah, that'd be real estate.

In the past decade alone, the median price of a house nationally has shot from about $500,000 to $940,000.

Apartments have gone from $450,000 to $665,000.

As this chart shows, our real estate is amongst the most expensive in the world, if you compare prices to income.

The magenta bars are Australian cities and Sydney comes in as runner-up, after Hong Kong.

But talk of further interest rate hikes and higher borrowing costs that have constrained debt limits and evidence of a mild uptick in distressed loans are expected to weigh on prices in the next few months.

And here's the flip side to soaring prices.

Anyone attempting to enter the Australian property market needs to mortgage their soul just to get a look in.

Unsurprisingly, our household debt levels are the highest in the world as this graph, which appears to be imitating a bowl of spaghetti, shows.
 
sptrawler said:
It mightn't feel like it but this week we discovered, via a study from investment bank UBS, that we were the second wealthiest people on the planet, after Luxembourg.
Click to expand...
In nominal values that's likely true.

In practical terms though high house prices are of no benefit to an owner occupier. Sure, your house is worth however much but so what? You need somewhere to live so the money isn't a lot of use in practice.
 
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