Certainly, if you're employed in a knowledge industry, you need to be located in the metro area. The decline of Australian manufacturing has seen knowledge jobs increasingly concentrated around the CBD. This is one of the reasons for the surge in inner-city house prices: everyone wants to be where the jobs are.
Excellent point, although slightly elementary dear watson.
"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.
Personally having a great time renting in a nice area, saving, spending, and watching most mortgaged people live out their dull pointless lives of austerity and fear because they've been sold the dream that property's the one way ticket to happiness.
I'm also a specialist contractor and enjoy very good rates (especially the fixed-fee stuff I do on the side of my main gig), so I understand where you're coming from.
For me it has always been about balance. I like overseas travel with my wife and kids, I have a very nice PPOR but I also figure property has been a good long term vehicle for wealth storage and creation. When I was young and broke I lived pretty simply, but now there is no real need to.
After paying all that interest to the bank , council rates, water rates, insurance rate, maintenance and upkeep, lenders mortgage Insurance, landlords insurance, strata fees and the like, I guess there would not be much left over.
With all the overbuilding, job losses, vancancy rates increasing and rental declines, they will soon have a lot less again.....
I'm also a specialist contractor and enjoy very good rates (especially the fixed-fee stuff I do on the side of my main gig), so I understand where you're coming from.
For me it has always been about balance. I like overseas travel with my wife and kids, I have a very nice PPOR but I also figure property has been a good long term vehicle for wealth storage and creation. When I was young and broke I lived pretty simply, but now there is no real need to.
Ok, so you've done well out of property, but would you say the backbone of your wealth creation has been the shrewdness of your investment strategies? Or the time you invested in acquiring career skills that others are prepared to pay you handsomely for?
My argument is that it's the latter. And the reason i think this country's headed for a huge fall is too many of us think it's the former.
"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.
Ok, so you've done well out of property, but would you say the backbone of your wealth creation has been the shrewdness of your investment strategies? Or the time you invested in acquiring career skills that others are prepared to pay you handsomely for?
My argument is that it's the latter. And the reason i think this country's headed for a huge fall is too many of us think it's the former.
+1
All these liberals who have been so thoroughly done over and embarrassed by scum property developers will be seen as the black swan for the housing bubble.
That such brain dead, clearly despicable characters (property developers) could inflict so much damage on a once proud party!
In the past, these guys wouldn't have even made it past the tradesmans entrance, now they are the puppet masters of entire Parties.
Whereever you have something that looks too good to be true, you will find a guy ripping you off.
Our housing bubble is like this x300,000
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
Ok, so you've done well out of property, but would you say the backbone of your wealth creation has been the shrewdness of your investment strategies? Or the time you invested in acquiring career skills that others are prepared to pay you handsomely for?
My argument is that it's the latter. And the reason i think this country's headed for a huge fall is too many of us think it's the former.
The backbone of my personal wealth creation is without doubt my skills and experience as a professional. I earn several times (no not 2 or 3) the average working income each year, and this is about to increase significantly again. Property has just been the vehicle I have used to capture and hold some of that wealth. You'll notice I tend to harp on about using property as a tool, and also about managing risk. I firmly believe that property is a very effective asset to capture and grow wealth in the longer term, provided you don't listen to the spruikers and can understand how your strategy will work - in good times, bad times and average times.
I have also used shares in the pastm but found them too volatile, too unpredictable, too risky and generally too much work. Property is a far easier bet once you understand what you're really trying to achieve,
Ex BP Golly
17 Sep 2014, 11:32 AM
+1
All these liberals who have been so thoroughly done over and embarrassed by scum property developers will be seen as the black swan for the housing bubble.
That such brain dead, clearly despicable characters (property developers) could inflict so much damage on a once proud party!
In the past, these guys wouldn't have even made it past the tradesmans entrance, now they are the puppet masters of entire Parties.
Whereever you have something that looks too good to be true, you will find a guy ripping you off.
Our housing bubble is like this x300,000
What have your political leanings got to do with anything being discussed?
What have your political leanings got to do with anything being discussed?
What has happened to once proud political parties is about the best and most recent example of the damage inflicted by the massive amounts of money Australians have seen fit to sink- putting a roof over their heads.
This is an observation of the depravity our democracy has sunk into, not a "political leaning".
I think what has happened to the NSW Liberal party is a useful device for illustrating what I think will happen to our wider economy.
Dr Watson
17 Sep 2014, 11:57 AM
Absolutely nothing. Property investors are not confined to either political party or a particular ideology. They span the spectrum.
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