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The Bar For non Automotive Related Chat |
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#271 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,048
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You're assuming you can even get a loan in a falling market.
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#272 | |||
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Posts: n/a
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Quote:
Me.. I think Australia needs the housing crash and the resulting economy crash so that it can all start again, maybe do it right next time and nip greed in the bud before it gets to this point again. |
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#273 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
I asked him if he was worried about prices falling and he said quite the contrary, house values always go up. I said that's a shame, he said why, I said because if they halved you could have 6... Then I just left him contemplating it and moved chairs ![]() |
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#274 | |||
Lyminge, Shepway, Kent
![]() ![]() Join Date: Oct 2008
Location: Geelong - Go Cats
Posts: 3,197
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Quote:
About 10 years ago I had clients working in Port Hedland earning $400k between them. They wanted to buy an ordinary house for $1.1m to stop paying $600 per week in the caravan park. I said, "Buy a nice mobile home for $100k, buy 4 $250k houses for rental in Gippsland where you come from. When you want to leave Pt Hedland it will be because you are sick of it and/or you will be earning less. Don't bank your future on a single location operating outside the norm". They're back, they're set for retirement. The only problem is that kids moved into the rental and aren't that diligent with rent payments. Wish the advice I gave myself was as good!
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Mel Brooks sums it up best; "Comedy is when you fall into an open sewer and die, tragedy is when I get a paper cut" |
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#275 | ||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Australia wasn't allowed to have its GFC because too many fingers in the pie at Government level, instead they blew our surplus on $900 plasma TV's for everyone and now the country is stuffed.
As ive said before, stupid Aussies screwed their country for capital gains and tax evasion, quality citizens. |
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#276 | ||
FF.Com.Au Hardcore
Join Date: Jun 2008
Posts: 1,137
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The danger is even stagnant house prices will see the economy collapse. How much is driven by redraw and the feel good factor from house prices? My gut feeling tells me it will end bad but when is anyone's guess.
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#277 | |||
Guest
Posts: n/a
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The $900 was given out to people to spend at hopefully-australian-owned-businesses to make it LOOK like our economy was plugging through when really it was about to collapse in the GFC too. http://www.news.com.au/finance/econo...efe64c56fffc19 |
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#278 | ||
Lyminge, Shepway, Kent
![]() ![]() Join Date: Oct 2008
Location: Geelong - Go Cats
Posts: 3,197
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Just remember this from site T&Cs:
In short, the following things are not permitted: 1. Posts about or containing references to: religion, race, politics, sensitive or controversial subjects except at the discretion of the admin team.
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Mel Brooks sums it up best; "Comedy is when you fall into an open sewer and die, tragedy is when I get a paper cut" |
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#279 | ||
Guest
Posts: n/a
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Oh, my bad, I guess I drifted off 'cause housing and politics are so intertwined but I'll keep it in mind.
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#280 | ||
FF.Com.Au Hardcore
Join Date: Aug 2016
Posts: 895
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I feel sorry for the kids they have no chance.
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#281 | ||
FF.Com.Au Hardcore
Join Date: Mar 2005
Posts: 5,252
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RBA going to raise rates in December and possibly again during 2018.
So that would be 2 x .25 basis points. Cheap money/credit is finished thank god! |
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#282 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
When Abbott was elected post Gillard the surplus had become a $19b deficit with debts of around $160b. @ nothin fancy, that rule is to prevent argument over one or the other, im not criticising either but simply highlighting how we avoided a recession. Last edited by BENT_8; 21-09-2017 at 11:41 AM. |
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#283 | |||
Lyminge, Shepway, Kent
![]() ![]() Join Date: Oct 2008
Location: Geelong - Go Cats
Posts: 3,197
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Quote:
Liberal blames Labor, Labor blames Liberal. Barnaby Joyce and Bob Katter are voted in by people whose vote counts equal to mine. It is a zero sum game that doesn't deserve much space on a car forum.
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Mel Brooks sums it up best; "Comedy is when you fall into an open sewer and die, tragedy is when I get a paper cut" |
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#284 | ||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
Posts: 49,036
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The economy is halal in Victoria at the moment anyway, this whole year has been fairly quiet, people are hardly spending the almighty spondoolies.
Spondoolies tied up in other areas, living costs taking away from discretionary spending. |
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#285 | |||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,368
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Quote:
In bold, do you really think so ? I can't agree I'm afraid. and do you really see it that way regards to the portion of Mum n Dad investors that have worked hard to get in that position are intentionally are dinking their kids kids of kids etcetc....seriously that is a dark way to look at people in general imo.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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#286 | ||||
Guest
Posts: n/a
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There is no sense of community, generosity, selflessness, justice, courtesy or generally doing the right thing by other people anymore and I do firmly believe that. If most people think they can get away with something, I think they'll give it a shot. edit: In my 20s I did a fair bit of volunteering my time to various orgs and clubs and after all of it the message that I took home is that.. as a general rule.. people are not worth helping anymore. Most people are full of take take take and won't give back to anybody. Quote:
![]() Last edited by leesa; 21-09-2017 at 12:59 PM. |
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#287 | |||
FF.Com.Au Hardcore
Join Date: Nov 2011
Posts: 1,547
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Surely you see the irony in stating investors need to think of others and future generations, and then in the next breath stating people are not worth helping anymore? |
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#288 | |||
Guest
Posts: n/a
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As for the "investors" who insist on investing in finite resources, I've already accepted that it seems to be every man for himself. Anyway, this thread is getting even further off topic ... |
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#289 | |||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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Quote:
IMO the economy is not strong enough for us to get a rate rise, at least not this year. I would actually be surprised if it happened next year. Too many underemployed, and wage growth has not increased at all so many people's wages are stagnant or decreasing when you factor in inflation, power costs etc. |
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#290 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
I thought the warning was with regards to the political aspect as opposed to just being off topic. Mind you, and don't take this as an attack, but don't you think its a bit hypocritical to post rules on politics when your sig says 'vote yes' Just sayin' ![]() |
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#291 | ||
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#292 | ||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Mid North Coast
Posts: 6,442
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This thread is a funny read, love how people not willing to put in the hard yards complain about sour grapes.
We all have the same opportunities, yet some chose to go on overseas holidays, or **** it against the wall at the local pub, or are too lazy to put in the long hours. When I was in my 20's and early 30's I was working 70-80 hrs a week every week, I bought investment properties, drove a 25 year old car into the ground and pumped money into two mortgages owning my first property outright in my late 20's early 30's. Now in my late 40's I reap the rewards, only having to work 2-3 days a week, and spending my days going fishing, taking one of my cars for a drive. It annoys me no end when people tell me how 'lucky' I am to have three show cars, drive a nice 4x4 and live in a large house on acreage with a huge shed. When I tell them that this has been my plan that I worked towards for 20 years they almost appear offended. People I worked with are still renting, and wondering where they went wrong. As for making it hard for the next generation, I could not care about the generation of lazy people, my kids already have a great work ethic and they will be inheriting enough money and property to probably be able to just having to work part time most of their life, so I have looked after my own next generation.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave Last edited by GasoLane; 21-09-2017 at 09:10 PM. Reason: Don't try to avoid the censor |
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#293 | ||
FF.Com.Au Hardcore
Join Date: Oct 2010
Location: Mid North Coast
Posts: 6,442
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Re the mystical property bubble or housing bubble, there is no such thing, property has been increasing in value steadily for decade after decade it's a predictable increase in value that has been repeated for 50-60 years now.
My parents paid 65K for their house, I paid 165K for my first house. That was a lot of money back then, just like 50oK is a lot of money now. The problem is the new generation, want the McMansion straight off the bat, they are not willing to buy the cheap two or three bedroom house in a crappy area and live without AC for the first ten years, they want it all, as well as the latest iPhone, the latest car, the annual holiday etc etc. Something has to give.
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The Daily Driver : '98 EL Falcon, 5 Speed , 3.45 lsd The Week End Bruiser : FPV BF GT 40th Anniversary, 6 Speed Manual, 6/4 Brembo and lots of Herrod goodies Project 1 : '75 XB GS 351 Ute, Toploader, 9" with 3.5's Project 2 : '74 XB GS Big Block Coupe, Toploader, 9" with 4.11's In Storage : '74 XB GS 351 Fairmont Sedan XB Falcon Owners Group Mike's Man Cave |
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#294 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,048
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The cost of houses as a proportion of income has risen from 2-3x average annual wage to 7-10x. A 10-20% deposit takes 3-5x LONGER to save, with prices rising all the while. But hey, lets not let facts get in the way...
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#295 | |||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,539
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#296 | |||
PURSUIT 250
![]() Join Date: Mar 2009
Location: sydney
Posts: 5,780
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Quote:
Steady?! I bought my appartment in abbotsford NSW for 565 in 2012. Now you have to have 1.1 mill to even get me listening. Double in 5 years isn't steady. When dad bought in 1985 his house in Sydney was double what he is earning. Now to buy in Sydney it's about 10x. |
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#297 | |||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,539
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#298 | ||
Guest
Posts: n/a
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If you stopped shoving avocados in your cakehole you'd be able to afford the extra several hundred thousand dollars.
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#299 | ||
FF.Com.Au Hardcore
Join Date: Nov 2011
Posts: 1,547
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Does vary from city to city and state though - Sydney sounds pretty mental, with Melbourne not too far behind.
Guy I work with moved here to Adelaide 3 years ago from NSW. He earns less here for the same work, and some things do cost a bit more (electricity etc), but reckons he has a better quality of life as he can afford a much nicer house in a nice area not far from CBD...earns less yet can afford nicer house and have more disposable income and about 2 extra hours back in his day as his commute is easily one hour less each way. Obvious trade off is he is not getting anywhere near the same rate of capital growth, but he reckons the lack of mortgage/financial stress and added time with family is well worth it, and if he really wanted he could be investing more of his extra disposable income (instead they take more or "better" family holidays, he is building a track car, and they sink more into paying down the mortgage quicker for security). Guess it is similar to buy in the suburb you can afford, but he is buying in the city he can afford. Does also help that she is from here and her family are all located here. |
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#300 | |||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,539
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