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...
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come to Perth - just drank $4.80 worth.....
It doesn't necessarily make your a bad investor either. It depends on the property you bought and what you paid for it.
The examples actually came from me. My employees are not nurses, their spouses are. I don't believe these guys are being irresponsible, they are making choices that others may not choose to make. They have prioritised owning their own home over other lifestyle choices, and whether or not you think t is fiscally responsible is not the point. The theme of the thread was whether housing is affordable for the under 35's and the examples show it is.
I know these people, they are not numbers and they are NOT under mortgage stress. When the second couple needed some extra cash to replace their car, the husband went from day shifts to night shifts to increase his income. Again another choice, prioritising a safe car over their old rust bucket.
Will their income increase - yes it will - both work in marketing and have the ability to move up the corporate ladder so in five years time when they are earning a lot more, plus having (hopefully) gained equity in their home, will they have been irresponsible?
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". But $40K later all fixed and probably worth around $1.05M. Location: Birchgrove.
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 is simply wrong to say that Sydney is "unaffordable".
yeah it's so easy spending 3 out of every 4 weeks in fifty degree heat away from family and friends - anyone can do it....
oh, wait....they're still hiring - i wonder why?
Bayview and I'm guessing that he still doesn't save?
I guess it is a question of risk tolerance and assumptions. This is a personal thing that relates o the individuals SANF.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%.
To further expand Bob Proctor quotes,Exactly what I was thinking.
You can't keep the same habits and expect a different result
yeah it's so easy spending 3 out of every 4 weeks in fifty degree heat away from family and friends - anyone can do it....
oh, wait....they're still hiring - i wonder why?
I suspect you will be right; sad to say. Time will tell.Bayview and I'm guessing that he still doesn't save?
Bayview and I'm guessing that he still doesn't save?
$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
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?
Gotta pay off the two $70k cars first. Then the boat. Then the dirtbikes.
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.
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'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.)