We are now considered the top of low income/bottom of middle income and are very frugal. We live in the country where prices are much lower. But even out here we'll need 25k+ deposit for anything half decent.
It's way more complex than 'just save'. Of course some people renting blow their money, have poor financial skills and buy expensive prams then cry poor. You can't get a deposit living that way. But lots of us don't live like that and do have some savings but not enough.
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27-02-2016 08:02 #191
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27-02-2016 08:12 #192
27-02-2016 08:12 #193
Also, this is a fact - investors don't buy $1m houses. Unless they are stupid. It makes no sense from an investment point of view. I've seen multimillion dollar houses for rent in my area (about 3 properties - I assume it's desperate people who have moved out of their homes and need to rent) for $1000 a week. You don't need a degree in finance to know that $1000 a week on a $2m property is a bad return on investment. Investors typically buy apartments and rent them out for around 5% return. Anything less than this is a bad investment.
If houses are too expensive in Sydney it's because there are just not enough available, and you can't just blame investors for that. When people buy a family home it's usually going to stay in their family for decades, which investors sell more frequently and they typically sell cheaper properties.
The reason prices are so high in Sydney is because everyone wants to live in Sydney. Can you blame them? Blacktown used to be an unattractive place to live, a last resort for middle income earners.. But demographics change, infrastructure improves, areas become more cosmopolitan and prices go up.
The same will happen in areas which are now deemed "bad" to live in.
Maybe the government needs to spend more money on improving the infrastructure of communities outside of the Sydney metropolitan area to make housing within a reasonable commuting distance more attractive?
27-02-2016 08:34 #194
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27-02-2016 09:18 #200
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