Heise Says #housingmarket #realestate #heisesays
It’s now taking up to ten years to save a house deposit.
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* the lucky country
Bbbbbaaahhhaaa
My wife and I have trying to save for just on 9 years and we've managed $4k between us.
Investors are about to be wiped out between falling equity triggering margin calls and rising interest rates triggering default. Gross rental yields are 3-4% vs interest repayments of 6-7% so they will be suffering massive losses once their fixed rates roll over. And if their property values fall below 20% equity they will be told to stump up more cash or offload to reduce their leverage ratio. Leverage amplifies in both directions.
You'll own nothing and be crappy
Something I was told a long time ago that I agree with, and is important here is “you can’t out save inflation”. I Hope who ever is saving for 11 years has it working for them in the mean time
A lawless marxist government is expensive.
At this point its actually off the cards
Bit under 3 years ago wife and I got a home loan with zero deposit and low doc, the lender was a little “dodgy” and interest rate was a bit high’ish (around 6.5 from memory) but it got our foot in the door ,we managed the repayments no worries, after a year we refinanced with another provider and got the interest rate down around 2.5% give or take a little. Obviously that rate has gone up since then.
We paid a little under 500,000 for the home on Northside of Brisbane, a month ago we renegotiated our loan with the bank and got our interstate rate down to sub 4%, as you’d know a valuation has to be done in the financing/refinancing process, the bank had our home valued at 950,000…that’s a bank valuation, they usually value on the low side. We still pay our mortgage as if we are paying a higher interest rate of 7-8% so we don’t get too much of a shock if/when they actually get that high.
We feel very lucky things went our way at the right time specially when you look at the current state of things.
Hope some of you can find the same luck we have had.
Meanwhile… house triples in value.
I tried saving for a deposit on an ex houso house in the 80’s and had no hope, the more I saved, the more prices went up and the more deposit they wanted.
Bought my first house at 35yo in 2002
BS. I started working in I.T. at 21 and bought a townhouse outright by the time I was 32.
Guessing people didnt live in cockroach infested sht holes when trying to save.
Stoic is the tread of the stair case for which the wealthy rely upon.
Tip….buy a large caravan…go and talk to a local farmer or landowner about parking it on their land and working off the rent by odd jobbing the property, grass maintenance etc. Work hard and save with your partner for as long as you can live for almost free….then go and buy a house. Don’t do what everyone else is doing by expecting to buy a McMansion straight out of school…work smart, keep debts and expenditure low and save like hell.
Don't worry Black Rock will rent you somethingđź‘Ť
Welcome to SlaveLandia. Gotta keep you in perpetual debt so you have to continuously work…
the politicians are never going to stick their necks out on this issue. Many of them own several investment properties. A situation like this is even worse than something like money in politics because at the end of the day politics is just their job. what you are talking about affects their actual lifestyle do you really think they are going to put that at risk just so you can have a fair shake in this land? its not even a left/right issue either it involves ALL politicians. This is a huge problem.
In the 50's, the average house in Sydney was paid off in 7 years.
Took me 2 years with my mrs we saved worked no holiday no eating out stayed at parents house and slogged it out frugal a f that’s life folks I don’t drink I don’t smoke That’s half the battle
I saved half my deposit for a property when I was in Uni from my part time job. While my peers went out and drunk alcohol and partied on weekends I worked and saved and purchased my first property 1 year out of uni when I was working full-time.
If your a good looking female just become feminine offer high value Men what they want I just leach off them 🤣
need to learn how to dodge more TAX LOL
parents worked in newman in the 1970s my dad saved his entire years income and manage 2 by two apartments 1 years work
i worked 4 years up in the pilbra and managed to save 150K …. no were near what my parents had.
I started to save at 29 and had the deposit at 30. The loans had to change to more lenient criteria for that to work for me: I could not get a loan without a much higher percentage deposit in the years before then.
Florian this is completely off topic but my son has started his own you tube channel. It's a gaming one.He is needs to make an outro. Any ideas where could find out how to make one? Any advice would be appreciated.
7 years to save for a deposit. This is why when you get a deep house price downturn where momentum of capital gains are lost you get housing prices drop then 3 to 5 years prices go flat. Without capital gains, deposit take years to save. House prices will continue on average keep dropping with the odd blip up because of people getting out of higher priced housing than normal
"You will own nothing, and you will be happy" peasants.