Housing Crisis

What are people's thoughts on the cost of housing presently? Is there a crisis? I was watching a 4 corners programme the other night and a young couple had just purchased there first home in Mascot for $1,700,000 and had a mortgage of $1,400,000. Their parents had to go guarantor on the loan. There must be a few Sydney residents on this forum with kids looking to buy their first home. Is this the norm? Would you guys do the same?

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  • It's a housing crisis caused by corrupt governments. Australia with one of the greatest land masses and 20 million people lol, then we have unaffordable housing. It's all government corruption 

    • That was one point which was raised that despite being one of the largest countries in the world a huge percentage of our population is packed into two cities. There needs to be more infrastructure (high speed rail networks was mentioned) servicing our rural areas.

      Luke Bona (host of the nightshift radio on MMM) was saying that his daughter is wanting to buy somewhere on the northern beaches of Sydney but a 2 bedroom unit was over a million dollars. He was saying to his daughter that she might have to consider looking at other areas further out but she was having none of it. So is part of the problem that the current generation want the best of everything immediately? 

      • Yup, this is their problem. Whilst they're sooking about prices they're unwillling to negotiate on the location.  Our first home was in an area deemed a bit undesirable . We realised I wasn't going to be able to buy where I grew up, so we decided to hunt in an area more sure to our budget. We picked the less desirable area we thought would have the most growth possibilities and settled on a place that was in probably the least desirable area of them all but the difference is this place was only 200m from the water . Turns our that area grew big time. more than tripled  our money in 9 years . 

        wasn't easy by any means , we had some years we lived week to week , but back then even a 300k mortgage seemed like a million dollar one. Once we'd moved out of where I grew up and our eyes were more open to living in other reas we were able to start buying smart. 

        I have zero sympathy for these people who bitch and moan about the house prices but aren't willing to negotiate on where they want to buy.

        • Wiz, I bought my first property in Penrith. It's where I'm living at the moment. It's a town house, 3 bedroom, 2.5 bath. Cost $500,000 when I got it five years ago. My wife and I are looking to move. Not to the beaches, not to the city, not to the inner west. We've been looking at Schofields due to work and family. We're looking at a minimum of a million dollars for a four bedroom.

          Now I agree, there are morons complaining about housing prices because they can't live on the beach at 23. But the prices in western Sydney aren't exactly cheap either. There are dumps going in Mt Druitt and St Marys for more than a million dollars.

          • Yes I see it Super, it's crazy prices here right now too. However , you're in the market , you should have zero issues buying your second home. There are still houses around for the 6 and 700 hundreds , both up there and down here . As I said , just not in the locations these upstarts dream to live in. They also don't wish to roll their sleeves up and want everything Instagram ready.  I have zero sympathy for these 1st home buyers. Most have been living at home for longer than they used to so if they had have been smarter they'd have no problems. 

            Im sure I will encounter the same with my children as we bought this place with the vision we'd be stuck with them so we bought lots of internal sqm and lots of shitters. However , the condition will be theyre saving for a house from the day they start work. Or we may turn this place into two villas and a granny flat and wifey and I will move to the bottom level and they can buy one each off us. Dunno.  What I do know is I won't be encouraging my kids to spend 6 years at uni getting behind the game . 

            And then well , I'm sure as a proud leftie you can appreciate the immigration and over population of the east coast factor and be thankfull our new pals are getting the same fortunes and opportunities as you and I , Super and unfortunately ( fortunately for some ) driving the market prices up. If that means you are forced to stay where you are it's a small price to pay I'm sure 😜😜

          • Spot on super . I live.in Glenmore Park been her 23 yrs . Bought for 282 Grand . Now they recon 1 mil plus crasy and as you say its all over . Richmond Windsor nth Richmond all the same . So if you want to sell and buy some were else the stamp Duty is a killer.hard for the young people and anybody to get into the market really 

            • Yes stamp duty is really the only downfall. I know people who held off relocating ( my oldies being one ) , as they were going to wait for the market to do the big " crash ". I'm like if you're selling then you're going to get a higher rate. Some people just don't get the concept. Holding off paying that extra couple of grand in stamp duty for a house you're going to be in for the next 20 or 30+ years is so dumb I can't even comprehend how people develop such a mindset. If you can't afford the extra bit of stamp duty you can't afford the house. 

              • Yes, it is like people who buy a car and then don't insure it, they say insurance is so expensive. If you can't afford the insurance you can't afford the car.

                Stamp duty is a fact of life, just factor it in to the price of the house, don't do your sums on the buying price. Like a new car, dealers I don't want you to crap on about the list price, tell me what it costs on the road!

      • Mate we're not packed in that's a myth.  Plenty of room past edmonson park, Rouse hill way and campbeltown regions.   You go to the central coast and prices are through the roof. It's all government corruption . With a stroke of a pen they could reduce prices by negating landlord tax incentives,  reducing overseas countries like China buying up big  ect....

        • Chief I often wonder this, 

           

          why aren't we building pipelines to pipe water from all the rain on the coast into big dams right across the middle of the country . Imagine when we have these huge coastal downpours how much water could be caught before it flushes out to sea and then pumped into a series of catchments right acorsss the country.  We woudnt hear shit about housing crisis's, droughts or global warming , and you could generate power from the flowing water . 

           

          Maybe I'll run for the next election .

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