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nosirommit

1,995 Posts.

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11/07/17

12:24

Post #: 25790055
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Originally posted by danginvestor ↑

$700K is the going rate for a detached house pretty much within a 60km radius of the CBD.

For $350k, a young buck might be lucky to get a one bedroom, 60 or so year old flat among the barbarians.

For those on medium income at $80k, buying a median home at some $1M.. .they'd need to save up $250K or so. That would take, say 5 years with only the occasional smashed avocadoes. Better not get sick, get fired, or have that clunker broke down...

That and property prices better not gain some 10 to 16% p.a. during those five years because interest rate for a savings account don't pay much; wages aren't going to rise by any real term; fuel and power bills aren't getting any cheaper. etc. etc.

So while we can point to examples of lazy and hopeless young people wanting to afford a home and eat with only one salary, there are countless other examples of people who turn up to work, do what they're told and still couldn't afford a place of their own - anywhere within two hours transit to their work.

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I've said it before and I will say it again.

Median priced houses are bought by people with median wealth, not, median incomes.

Median income alone doesn't enable you to buy a median priced home.
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