The great Oz property crash of 2005.

Well the 62k salary will be stacks more. We wont have 14% interest rates without serious inflation and that drives up incomes. I will bet my fully paid off house on that.
Best to go and buy an ip, work hard, save and sacrifice if you want a house. The government and tennants will help you afford it and the gov. will spend everything in the cupboard to support house prices in Aus.
If you dont want to buy, i have some rentals available, however, they are all full tennanted now so you will have to wait.;)

and how much more will wages be if it is infact stagflation not inflation?
 
and how much more will wages be if it is infact stagflation not inflation?

I will bet my fully paid off 2.5m home that we wont see major asset devaluation in aus.

My friend, there is an old saying, " a fool and his $ are soon parted" and it is a fool who plans to rent long term in aus. Luckily you have people like me, who will provide you with housing in your dotage with heavy tax breaks from the gov. and steady asset growth supported by a growing population who aspires to home ownership. Not to mention, being the best country in the world, we'll always have strong demand by OS people who will appreciate the opportunities this country offers.

Don’t worry, Ill put your coin to good use on overseas holidays, luxury living and also helping my kids not get caught in the rent trap.
 
I will bet my fully paid off 2.5m home that we wont see major asset devaluation in aus.

My friend, there is an old saying, " a fool and his $ are soon parted" and it is a fool who plans to rent long term in aus. Luckily you have people like me, who will provide you with housing in your dotage with heavy tax breaks from the gov. and steady asset growth supported by a growing population who aspires to home ownership. Not to mention, being the best country in the world, we'll always have strong demand by OS people who will appreciate the opportunities this country offers.

Don’t worry, Ill put your coin to good use on overseas holidays, luxury living and also helping my kids not get caught in the rent trap.

that had nothing to do with my question but I expected as much, and ill be renting from my parents portfolio in the short term before i decide a PPOR (probably after an investment prop) makes financial sense, thanks for the offer

last post in this thread, but my lessons I have learned include:

- buy now, any price, dont analyse anything
- dont ask any questions that might disagree with mantra of point 1, you will be viewed as a heretic
- never question anyone older than you are, they are wiser by default
- realise that majority of people that enter these threads will never be willing to change opinion no matter what evidence either for or against, I understand why, I probably would be too if I had a significant position in a market
- we are different in Australia and the property market aint a market but another form of bank account.
- any mention of economics is seen as quackery
- anyone who dares rent is the scum of the earth
- if you dont like the question that is asked cite how well you did in the past as opposed to answering the question and use that as evidence as to why the question is wrong.
- as someone who spent all of uni studying and working in property and economics, I am totally against property investment and I want to rent forever... no I am not and dont obviously
 
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Without going over my entire history (which I have done on here some years ago) I received a redudnacny and had some savings. I purchased a knackered doulble fronted, nth facing (not freestanding house) for 220kish in south melbourne. Single fronters were about <200k for 2 br's and missed out on many in AP some reno'd ones would go for 250k. Missed out on a beauty in stkilda west with a big block for 220 (a dump). Remember this was lots of money and it was 96. I was on 29k PA.

Yeah i remember those years. I was in high school. My uncle bought a townhouse in armadale for 300K in 96.

Now those 2 bedders in south melbourne street frontage going for a million plus.
 
that had nothing to do with my question but I expected as much, and ill be renting from my parents portfolio in the short term before i decide a PPOR (probably after an investment prop) makes financial sense, thanks for the offer

last post in this thread, but my lessons I have learned include:

- buy now, any price, dont analyse anything
- dont ask any questions that might disagree with mantra of point 1, you will be viewed as a heretic
- never question anyone older than you are, they are wiser by default
- realise that majority of people that enter these threads will never be willing to change opinion no matter what evidence either for or against, I understand why, I probably would be too if I had a significant position in a market
- we are different in Australia and the property market aint a market but another form of bank account.
- any mention of economics is seen as quackery
- anyone who dares rent is the scum of the earth
- if you dont like the question that is asked cite how well you did in the past as opposed to answering the question and use that as evidence as to why the question is wrong.
- as someone who spent all of uni studying and working in property and economics, I am totally against property investment and I want to rent forever... no I am not and dont obviously

Well - if you're studying and working in property and you in're sydney - then you would at least heard about nathan birch (go google). i dare say he is the no.1 renovator in Australia. Haven't seen anyone else come close. he is i think not that much older than you. In terms of strategy - he's got something working well for him which i do respect as oppose to soley investing based on the historical performance which is what you always based your counter arguements on.

I don't really know much about sydney but if you come to melbourne - there are still opportunies that come up waiting to be reaped.
 
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that had nothing to do with my question but I expected as much, and ill be renting from my parents portfolio in the short term before i decide a PPOR (probably after an investment prop) makes financial sense, thanks for the offer

last post in this thread, but my lessons I have learned include:

- buy now, any price, dont analyse anything
- dont ask any questions that might disagree with mantra of point 1, you will be viewed as a heretic
- never question anyone older than you are, they are wiser by default
- realise that majority of people that enter these threads will never be willing to change opinion no matter what evidence either for or against, I understand why, I probably would be too if I had a significant position in a market
- we are different in Australia and the property market aint a market but another form of bank account.
- any mention of economics is seen as quackery
- anyone who dares rent is the scum of the earth
- if you dont like the question that is asked cite how well you did in the past as opposed to answering the question and use that as evidence as to why the question is wrong.
- as someone who spent all of uni studying and working in property and economics, I am totally against property investment and I want to rent forever... no I am not and dont obviously

Lol, he probably expected as much too.
 
When I was a teen, international travel was a pipe dream for me.

Six months after I married Mrs Fish (in the sixties) her father died. We were in Adelaide and the funeral was in Townsville. She was only 20 yrs old and loved her father but the cost of a DOMESTIC airfare was way beyond us.

I've never done the maths but a single return fare may have cost a couple of months' wages then.
 
What I don’t get is why people who have a house or an IP, lord it over those who don’t and have such utter disregard for people that aren’t servicing a huge mortgage.

What I don't understand why you think it matters. You seem to have your knickers in a knot over a temporary phenomena. Be patient and have realistic goals.
 
I will bet my fully paid off 2.5m home that we wont see major asset devaluation in aus.

My friend, there is an old saying, " a fool and his $ are soon parted" and it is a fool who plans to rent long term in aus. Luckily you have people like me, who will provide you with housing in your dotage with heavy tax breaks from the gov. and steady asset growth supported by a growing population who aspires to home ownership. Not to mention, being the best country in the world, we'll always have strong demand by OS people who will appreciate the opportunities this country offers.

Don’t worry, Ill put your coin to good use on overseas holidays, luxury living and also helping my kids not get caught in the rent trap.

I'll take the bet long as I don't have to put up anything my side.

As far the fool comment after renting for 15 years I' d like to thank you and the goverment for your support. And as you suggest I was indeed lucky to have you.
And if it wasn't for that abilitity we would not be the income we have today, so again I thank you and it is very true "a fool and his money are soon parted".

there is more than one way to get there. 2.5m home wow we.

And without doubt I'll put your coin to good use.
 
When I was a teen, international travel was a pipe dream for me.

Six months after I married Mrs Fish (in the sixties) her father died. We were in Adelaide and the funeral was in Townsville. She was only 20 yrs old and loved her father but the cost of a DOMESTIC airfare was way beyond us.

I've never done the maths but a single return fare may have cost a couple of months' wages then.

And that is exactly the point. We have so much focus on the things that are more expensive than they used to be, that people are ignoring the things that now cost a lot less.

I must admit that it took until my thirties before I really got some perspective on this.
 
The willingness to take a chance that one might fail is the secret behind success - Jimmy Carter.

and

Success is an attitude - some guy talking about Jimmy Carter

One inspirational man, more for what he has done as post-president
 
As said - all that education and advantage by birth etc just to end up in a 100k job is alright, but nothing to boast about.

http://www.heraldsun.com.au/news/na...ruction-projects/story-e6frf7l6-1226027779689

Whenever you see an article online you should always check the original source because they have an agenda. This is from an advocacy report by the Australian Mines and Metals Assoc calling for a change in IR laws. – It is assuming that workers will get a “Casual” day rate for every day of a 4 on 2 off annual roster where they are employed “permanently” for the full year.



Casual daily rates of pay in offshore construction have nearly tripled in the past nine years, from $685.04 a day in 2002 to $1,854 a day at present.



To then say that’s a package of $460k per annum is sort of like saying that when a tennis player gets $1 million for the tournament win and then it’s divided by the number of hours on the court (around 18-20 for a 5 match tournament) then Multiplied by the number of days a year you could work to get --à $74 million per annum at that rate of pay….In other words headline rubbish.

But when all is said and done it's still not a bad crust to earn ;)
 
I don't understand why people think that Gen Y assumes that their parents had it so easy???

If I find a graduate position earning $50k I will be earning more than either of my parents ever earned!!!!!!!!!!!!!! Neither of my parents finished high school or went to university, and neither of them has ever owned their own home. I went to university so I didn't have to suffer the way they have.

Many, many of the students I'm at university with come from similar circumstances. My friends of Indian and Asian background have parents who couldn't afford shoes when they were young and came to Australia for a better life. We know how hard our parents had things and that is why we work so hard for something better!

People talk about Gen Y "wanting everything now" but a huge proportion of us put off paid employment to complete an education. We delay our LIVES to get this education. This is why young people stay at home with their parents so long and put off having relationships and children. Do you think this situation is ideal? Do you think we want to live with our parents and get to 40 and realise we haven’t had children and it's too late? We're living in a society where just an undergraduate degree isn't enough; employers want double degrees and post-grad studies. This educational pressure is one that I don't think previous generations had to face to the same extent.

You're all just making ridiculous generalisations when you talk about Gen Y being ungrateful and wanting it all now. Every day I am thankful that I got the opportunity to go to university. If I lived in a country without HECS I wouldn’t be there! I'd have the exact same life as my parents who struggled to put food on the table when I was younger. But with the way property prices and rent are currently, I think many more families are going to face that struggle. Many children are going to grow up without either of their parents being around because both have to work.

Who cares if air fares are less expensive? Travel is a luxury; a place to live is a necessity!
 
Do you really need 2, 3 degrees to be successful? How many successful businessmen have PhDs?

No, of course not. Some of the most successful business people don't even have 1 degree. Especially the older people working in finance! They work off experience rather than degrees. But things are different now to how they used to be.

When I'm at careers events and I ask the young representatives what they have studied many have done Commerce/Law, Commerce/Engineering and at a minimum Commerce (Honours). At a recent careers event I didn't speak to one person who had a straight single degree. This is a reason why I'm considering honours next year. Then whilst you work you're expected to complete further study (on top of long hours). Many people do CA/CPA/CFA/MBA/Masters/PHD etc post grad to get ahead. These are the people I'm competing against for a job! It's a lot of pressure for young people!

Some of the firms I'm applying at get thousands of job applications and hire less than 10 people!

Our generation has been told by the older generation that the key to wealth is an education and it just isn't turning out that way. There aren't enough jobs so in some extreme cases you end up with people who have degrees working in retail.

To find graduate employment you need to have excellent grades, good extra curriculars and they like you to be well travelled as well. I think it is more difficult to have good ECs and travel when you aren't wealthy. I have to work a lot so I struggle just keeping up with work & uni. It's hard for me to just pay for food and help my mum out let alone travel to Europe! Currently I haven't left my state. I haven't been on a holiday in my entire life!

The way people on this forum talk about Gen Y is ridiculous. I don't know what Gen Ys you have met, but they must come from very privileged circumstances.

On top of this I think our generation is under pressure to take care of our parents when they become elderly. I’m sure the older people on this forum have fantastic investments and superannuation that will take care of them, but many other older people haven’t done this. That means their children are going to have to help them out because their super and the pension just isn’t enough. Nobody wants to watch their parent enter poverty when they retire. We don't have it easy, I'm so sick of hearing it!
 
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last post in this thread, but my lessons I have learned include:

- buy now, any price, dont analyse anything
- dont ask any questions that might disagree with mantra of point 1, you will be viewed as a heretic
- never question anyone older than you are, they are wiser by default
- realise that majority of people that enter these threads will never be willing to change opinion no matter what evidence either for or against, I understand why, I probably would be too if I had a significant position in a market
- we are different in Australia and the property market aint a market but another form of bank account.
- any mention of economics is seen as quackery
- anyone who dares rent is the scum of the earth
- if you dont like the question that is asked cite how well you did in the past as opposed to answering the question and use that as evidence as to why the question is wrong.
- as someone who spent all of uni studying and working in property and economics, I am totally against property investment and I want to rent forever... no I am not and dont obviously

you're a slow one to catch on, huh?

took you a while to understand, but now you do.
 
No, of course not. Some of the most successful business people don't even have 1 degree. Especially the older people working in finance! They work off experience rather than degrees. But things are different now to how they used to be.

When I'm at careers events and I ask the young representatives what they have studied many have done Commerce/Law, Commerce/Engineering and at a minimum Commerce (Honours). At a recent careers event I didn't speak to one person who had a straight single degree. This is a reason why I'm considering honours next year. Then whilst you work you're expected to complete further study (on top of long hours). Many people do CA/CPA/CFA/MBA/Masters/PHD etc post grad to get ahead. These are the people I'm competing against for a job! It's a lot of pressure for young people!

Some of the firms I'm applying at get thousands of job applications and hire less than 10 people!

Our generation has been told by the older generation that the key to wealth is an education and it just isn't turning out that way. There aren't enough jobs so in some extreme cases you end up with people who have degrees working in retail.

To find graduate employment you need to have excellent grades, good extra curriculars and they like you to be well travelled as well. I think it is more difficult to have good ECs and travel when you aren't wealthy. I have to work a lot so I struggle just keeping up with work & uni. It's hard for me to just pay for food and help my mum out let alone travel to Europe! Currently I haven't left my state. I haven't been on a holiday in my entire life!

The way people on this forum talk about Gen Y is ridiculous. I don't know what Gen Ys you have met, but they must come from very privileged circumstances.

On top of this I think our generation is under pressure to take care of our parents when they become elderly. I’m sure the older people on this forum have fantastic investments and superannuation that will take care of them, but many other older people haven’t done this. That means their children are going to have to help them out because their super and the pension just isn’t enough. Nobody wants to watch their parent enter poverty when they retire. We don't have it easy, I'm so sick of hearing it!

I don't really agree with this I have a singular non honours degree and am doing just fine as are many of my peers, others with no tertiary education that went into trades are doing equally as well. So multiple degrees and honours are not a pre-requisite in my opinion. In my case I found getting a cadetship whilst at uni to be the key that way upon graduating I had education and practical experiance. This was followed by leaving jobs every 2 years or so climbing the pay experiance ladder as I went.

P.S. This wasn't that long ago as I'm a gen X/Y cusper.
 
Yeah i remember those years. I was in high school. My uncle bought a townhouse in armadale for 300K in 96.

Now those 2 bedders in south melbourne street frontage going for a million plus.

My house 4 bd 4 bath room in South Melbourne, my late partner bought the house in 1994/95 for 395K. Is unlivable that time he bought, and had to borrow more money to fix it up. From the day he own the house, he was so regret and **** himself about buying an overpriced property for months.

Few year before he passed away, he told me that this is one of the best thing that he ever done in his life.
 
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