BigGambler, Just because Im 22 does not mean I do not understand the history of the property market.
My parents bought in 1970 for $18,700. I would always think wow what a free ticket but then Im reminded that dad bought home about $23 a week.
I do believe there is a property bubble, I do believe prices are inflated. I do believe that changes in foreign investment and the fohg have kept the prices up. There is a lot I actually agree with you on.
But I want a home, somewhere to live. I was sick of getting moved on every 6-12 months by landlords. I want to be able to paint the walls what colours I like and really, I couldnt care less if property dropped because Im not looking to sell anytime soon and Im not looking to use property as a method to make money. Mazlows hierarchy of needs -shelter is down the bottom! Everyone needs a home. Too many people going into massive debt, to buy a house, to renovate it so they can sell it for a profit. This I believe is the issue. Property shouldnt be a way to make money it should be a place to live.
Hsv2001, how much do my two jobs pay? Enough to make $500 a week repayments. I also got two bedrooms so that when interest rates rise, I can rent out the second bedroom at $200 a week.
But when it comes to the argument about young people not being able to afford a place, I think its just about priorities. Most of my mates want to live life, have fun, get wasted, go traveling etc. Those things come at a price. I havent been traveling yet as uni has really tied me down here but I hope that by continuing to invest in the right places I can pay this off quicker. Im down from 30 years to 23 years already.
