The value in the housing market isn't real, it's just debt. That's what is worrying...
The Australian domestic debt is huge.
One economic downturn, people starting to fail their repayment and the correction will be severe.
The place was an absolute tip and verging on uninhabitable when I brought it, but hey as a single first home buyer that's all I could afford.
Well if you can't afford a house in Sydney or Melbourne but still want to live there, you can always just buy a cheap property elsewhere, like Brisbane or Adelaide or Hobart, negatively gear it and then push the house prices up for the people wanting to buy there
I think the whole idea of property for investment doesn't sit well with me. Feels like people would be better investing in something productive and not messing around with something so essential to us all.
The cheapest listed house in Sydney is a 3 bedroom old housing commission house in Willmot (the suburb of Mt Druitt where they filmed Struggle Street) and it is listed for $409,500
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