come to Perth - just drank $4.80 worth.....
Had a month in WA in Feb....yeah I was shocked to pay $8 for a schooner of beer...!!
$10+ for a pint....!!
Just about every hotel I went to...and there was alot...
Homes officially out of reach for under 35's
- Thread starter haydos1979
- Start date
Had a month in WA in Feb....yeah I was shocked to pay $8 for a schooner of beer...!!
$10+ for a pint....!!
Just about every hotel I went to...and there was alot...
circular discussion here, but thats why I was asking a little more info!
I think its fantastic to hear of good investment stories.
Apologies. Got muddled with the multiple posters quoting. Still I would be slightly concerned. A lot of people "assume" they will climb the corporate ladder and get the payrises they want, (or say small business owners assume their business will take off etc).
Your second couple, they are really highly leveraged with one wage not likely to move significantly(nurse) and the other working in a highly competitive area(marketing, not all marketeers make oodles).
This is just what I see from the example you have provided. For average earners, they have taken on larger than average debt.
BTW the comparison rate you will find on current 6% home loans, will be more like 7.5%.
A few recent examples of our purchases in Sydney:
Paid $950K for a 2brm terrace house in serious need of new floors downstairs that were so unsupported they were "trampolining".
Paid just under $800K for a double storey Victorian that was termite infested. (I put my foot through the upstairs floor). But a $200K reno later and the property is brilliant and worth around $1.2-1.3M. Location: Summer Hill.
There are plenty of other examples, but $1M does not buy you much in the inner areas of Sydney.
But Sydney is a big place. There are many properties for example in the Blacktown LGA around the $350K mark. There are many under $300K if you want to go further west (but I'll leave these to Nathan & Co.
It might be difficult in some cases for first home buyers to buy their ideal property; however getting to where you want to be on the property ladder requires taking little steps first.
There are Government initiatives and financial assistance available that is worth noting.
There are options available for first home buyers, it just may not be feasible as of yet to buy the ideal property, but there are opportunities available as a means to getting there.
Last edited by a moderator:
Maybe most folk want the big dollars and not work for it. "Truck driving; eeewww!"
It's interesting - the average wage in Aus is apparently around the $50k mark at the moment?
Call it $60k.
So, $100k would be well above average, thus; in my book you would need to work a bit harder and sacrifice a bit more than the average Mr & Mrs Thong to get it; at least that's how it is from my experience.
My BIL is a plumber by trade, but currently working in one of the mines over in SA on the blasting crew. We worked out that with all the meals they provide he is earning around $140k per year gross (if you take into account what he would have to earn to cover the food they provide).
Now, he has never earned anywhere near $100k in his life up to this point, so $140k is a huge step up, and he and his family are normally constantly broke, complaining of no money.
This is a HUGE opportunity now for him/them to get ahead.
The downside is the living away from home and travel etc.
He was whining to me on his last visit about how hard it is etc, and my response was a nicely worded version of;
"you need to realise just how fortunate you are right now with this job, most people don't earn this sorta dough, to earn this sorta dough you have to go hard and sacrifice a bit, pretend you only earn the old wages and go hard for next 5 years and set yourself up really well financially." And so on.
I know there is a balance required; dollars versus lifestyle and free time. These sorts of jobs are hell on families/relationships, but you can't have it all your own way; you can't loll around, do the bare minimum in life (starting at school) and expect the big dollars later - even the high earning doctors/surgeons/lawyers etc have sacrificed a lot as younger people to get to where they are at say; 45 years old.
Exactly what I was thinking.
You can't keep the same habits and expect a different result
I guess it is a question of risk tolerance and assumptions. This is a personal thing that relates o the individuals SANF.
I would imagine there are many people here with PPOR and IP debt higher than this and with a higher lvr or in the wider population with lots of expensive unsecured loans. Of all the risks to take at that age I believe property would be one of the lowest.
To further expand Bob Proctor quotes,
"For if a person is in a deficit financial position, it
means they are in the “habit” of spending more
money than they earn. Similarly, if they are in a
break-even position, they are in the habit of spending
everything they earn. Since we are all “creatures of
habit,” it follows that earning more money would
not necessarily change our overall financial position.
It is vitally important, that when you decide “how
much is enough,” you also design a new financial
plan or have one designed for you which will force
you to discipline yourself—at least for a month or
two—until you form the new habit of living by that
new plan."
So a person needs to change it habit before they go and decide to afford and eventually to buy a house. This methodology can be applied to anything else in life we wish for, right?
$100 k p/a
12 hr days at 3 weeks on 1 week off
39 weeks on and 13 weeks off per year (not including leave), is that around $30.50 p/hr
Just wondering on the same issue; what are the pre-reqs for a dump truck drivers job as alluded to in the example?
I'm also presuming its an air-conditioned cab
I suspect you will be right; sad to say. Time will tell.
Gotta pay off the two $70k cars first. Then the boat. Then the dirtbikes.
$100 k p/a
12 hr days at 3 weeks on 1 week off
39 weeks on and 13 weeks off per year (not including leave), is that around $30.50 p/hr
I'm also presuming its an air-conditioned cab
Yep, I'm imagining a little piggy bank on the dash of the Haulpak.
Every minute you sit there, another 50c coin gets dropped into the piggy bank from the company......then you've got a small Govt vacuum cleaner in the passenger's seat constantly sucking 12c away every minute.
Your life revolves around sitting in that cab grinding away, collecting that 38c every minute.
So a person needs to change it habit before they go and decide to afford and eventually to buy a house. This methodology can be applied to anything else in life we wish for, right?
If someone is a spender and still get a house they will still be spending, however a large chunk of it will be on their house/mortgage rather than other things.
Sounds a lot like the better paid people that I know. Big 4WDs, boats, motorbikes, jetskis, caravans, etc, and now lots of whinging that the govt is destroying their way of life because we are in a downturn.
The generation that don't want to scrimp, or get a better paying job, will need to rent until they inherit their parent's house. Here's to the parents living to be 110 yrs old.
I am nearing 40, I am single with no children yet I am still struggling to get onto the property ladder.
The reason for this, despite my saving all I can from a reasonably paid job is that so much of my money goes into rent. I just moved away from the city to reduce my rent, I was able to take my job with me thanks to a wonderful employer however now I have increased power bills from being at home working and have home based expenses to cover until tax time.
It's not easy trying to save a reasonable deposit, then with a mortgage on my own I'd still have to pay rates, maintenance etc.
It's a vicious circle.
I am nearing 40, I am single with no children yet I am still struggling to get onto the property ladder.
The reason for this, despite my saving all I can from a reasonably paid job is that so much of my money goes into rent. I just moved away from the city to reduce my rent, I was able to take my job with me thanks to a wonderful employer however now I have increased power bills from being at home working and have home based expenses to cover until tax time.
It's not easy trying to save a reasonable deposit, then with a mortgage on my own I'd still have to pay rates, maintenance etc.
It's a vicious circle.
I'm curious about whether or not you have ever had someone in to share the rent, or have you reached nearly 40 and always rented a whole house or unit on your own? I would hate to share with a stranger, but would share with someone I knew in order to save, even for a few years.
Or perhaps there has been some financial issue and/or disaster in the past that has held you back? (Or, of course, perhaps you travelled a lot or have something else that takes a lot of your pay.)
As wylie said, you don't need an entire house if you're single.
Infact you don't need to get a place at all, just board with someone close to your work, and save on transport, parking and furniture costs.
Do this, while you curb other non living expenses as well, and you'll have a good deposit in no time, especially if your income isn't too bad.
Almost everyone (that hasn't inherited money) has had to make some short to medium term sacrifices to get their own place, both now and in the past.
Infact you don't need to get a place at all, just board with someone close to your work, and save on transport, parking and furniture costs.
Do this, while you curb other non living expenses as well, and you'll have a good deposit in no time, especially if your income isn't too bad.
Almost everyone (that hasn't inherited money) has had to make some short to medium term sacrifices to get their own place, both now and in the past.
Borrow the deposit.
If it has taken you this long and you are still renting perhaps look at an alternate way of getting your deposit.
Melanie
This is a really good idea! Or have you thought about buying a property with a relative?
This is a really good idea! Or have you thought about buying a property with a relative?
Last edited by a moderator:
Similar threads
