Relevance to the discussion? You are a speculator too. You speculate on shares. You speculate on a property crash. Everyone speculates on something. So what?
Who elected you to determine what risks average people should take?
Official data has FHB numbers a bit below average, but not by a huge amount. My guess is if the missing data was included then FHB numbers would be above average...
Some are, some are not. Same as the rest of the population. Why?
LOL....so now you are counting the actual finite numbers, even when our population grew by how much?....too funny
There has been very little population growth in the FHB demographic.
I thought you would already have known this... with your "AAAGEEQUUAAAAKKEE!!" and everything...
lol... now you are showing the data that calls bullshit on your own chart....well done. 17 million to say 23 million, a what, 26% total rise and yet your actual numbers went down....too funny, keep it up and soon you will prove we are actually in that bubble you can not see.... and I am sure that you will find the majority of FHB's are below 30. Or at least, they were while housing was more affordable.
lol... now you are showing the data that calls bullshit on your own chart....well done. 1.7 million to say 2.3 million, a what 26% rise and yet your actual numbers went down....too funny, keep it up and soon you will prove we are actually in that bubble you can not see....
'Since the population in the primary first home buyer age cohort (25 to 34 years) - one of the fundamental drivers of first home buyer demand - remained relatively stable over this period, a comparison with the long-run average is reasonable (see Chart 3). Other factors that have a major influence on first home purchases are discussed in the next section and, as the analysis demonstrates, these factors have been relatively stable as well.'
Rubbish. There is no requirement to get permission from the bank to rent out or renovate. While you have a mortgage, you are under an obligation not to decrease the value, deliberately or not, so you cannot demolish, but that's about the extent of it.
You are welcome to your own invented meaning for the word "own", but if you are out of step with the rest of the users of the language, you will have difficulty with communication. Most people are capable of dealing with the idea that you can have both assets and liabilities on your personal balance sheet.
Im sorry, its been a long time since I signed my last loan agreement.
Back then there was all sorts of provisions dealing with things such as substantial changes,, placing it for rental, and I couldn't sell without their knowledge and permission.
Maybe those last two things had something to do with a personal mortgage, rather than an investment loan, or fear that I might piss off with their money?
Evidently, things have changed!
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
Im sorry, its been a long time since I signed my last loan agreement.
Back then there was all sorts of provisions dealing with things such as substantial changes,, placing it for rental, and I couldn't sell without their knowledge and permission.
Maybe those last two things had something to do with a personal mortgage, rather than an investment loan, or fear that I might piss off with their money?
Evidently, things have changed!
They are still there, but there is a difference between knowledge and permission. Strictly, I think you need to inform the bank of quite a few things, but you don't need to ask permission. Since renting a place out changes the purpose of the loan I am pretty sure you have to inform the bank. But they can't say "no". Certainly you cannot sell without permission, you could not demolish without permission, and in the case of a major renovation I would certainly inform them well in advance and see if anything comes back.
Very few people I know have actually followed the letter of the agreement and bothered to inform the bank on anything short of sale or demolition though.
Addendum: I just pulled out my most recent credit contract, and it would see that:
I cannot under any circumstances: --------------------------------------------
* Do anything to diminish the value of the security * Stop insuring the building
I must have Permission to: -----------------------------------
* demolish * sell * conduct "major works". The definition of major works is a little grey, but it seems to boil down to "if you need council permission, you need to get that permission, and then come get our permission." Anything not requiring council permission would seem not to be major works.
I must advise immediately if something happens to diminish the value that is outside my control, like for example finding land contamination, a neighbour building too close to my boundary, etc.
Anything else would seem to be open slather. OK maybe painting the exterior purple would come under the heading of diminishing the value, but I'd just go ahead and do it anyway if I was tasteless enough to want to.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Im sorry, its been a long time since I signed my last loan agreement.
Back then there was all sorts of provisions dealing with things such as substantial changes,, placing it for rental, and I couldn't sell without their knowledge and permission.
Maybe those last two things had something to do with a personal mortgage, rather than an investment loan, or fear that I might piss off with their money?
Evidently, things have changed!
There was a time when they cared, and they would charge a higher rate of interest if the loan became an IP loan, but now they don't give a hoot and would probably rather not know.
I've certainly owned properties where the use changed and I never told them.
Any expressed market opinion is my own and is not to be taken as financial advice
Who else, Glen Stevens, what has he said, do not take on too much debt and don't kid yourself on house prices only going up . Think he said we are in an insusutainable debt binge or similar.
Wespac Gail Kelly, gets paid 15 million per year, while others struggle to put food in their kids mouths bacause they are paying so much in interest and other utilities and basic living needs. And what has she said before. She said that compounding house price growth is over, FOREVER.
There was that kouk who like most bulls has no clue about anything and just parrots the same old shit. Now the dope finally sees the obvious and starts to spit it out.
Think swann gave some warnings too, gillard from memory and also Abbott.
Seems there are plenty more, but just a couple I could think of.
Seems many are now turning bearish, like they ever had a choice........
My argument is based on price/income ratios. As I said before, please try to refute the point I'm actually making, rather than some other unrelated point.
What like this:
Hate to break it to you, but that's not 10 years of relative stability for Aus. There's some noticable volatility there, thanks to GFC and the corresponding stimulus reply.
You could just as easily argue that japan had 10 years of 'relative stability' before a short upward burst that popped the bubble.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
Yeah right, like I have nothing better to do on a Sunday evening. I posted ABS data showing national incomes have increased by almost the same amount as national house prices since 2003. If that data is too complex for you to understand than I would respectfully suggest that we are not on the same level here, and that you might benefit from a few months of study into how the ABS indices are constructed. The ABS site includes a lot of detailed explanation around how their data is gathered and compiled. Follow the links I posted and start reading, because you are the only person here who seems to be having such difficulty getting your head around the data.
How's this for simplicity, if the median house price in Sydney is roughly $800k, you are stating that the average wage (or household income) net is $200k plus. That's 4 times isn't it???
Or is this wrong?? The maths is pretty basic and the fact you can't get it means you're right, we are on a completely different level!!!
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