I was talking to someone recently who is involved in a worldwide study on "lifestyle expectation".
He is a pro photographer and we went to school together and he was accompanying a small group from the UN on a trip around Australia (this is what he tells me anyway).
The object of the study was to compare the lifestyle expectations and ambitions of 15 to 25 year olds in different countries.
The main gist that I got, was that the average Australians typical expectations are far higher than most other countries in the study. Our fifteen to 25 year olds expect to be earning a higher than average income, expect to be living in a 4x2 with a pool and expect to retire at 55 with a healthy bank balance and be able to leave a good chunk for their kids.
I don't know when this study is going to come out, but if I see my mate again I will try and get an update.
Has anyone else heard of this study?
Any thoughts?
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
Sounds like Australia is going to have to takes its medicine then.....
After a bubble has burst, no one denies that it existed. But before it does, the popular refrain is that though bubbles existed elsewhere in the world, “there’s no bubble here”. So housing bubbles are admitted to have existed in Japan, the USA, Spain and Ireland – because they’ve already burst.
Besides, what's wrong with an economy entirely reliant upon the appreciation in value of a non productive asset.
Australia has a huge economy outside housing, eg resources, energy, agriculture and education? Who told you that nonsense?
Any chance it was the author of this book in the OP who claims London prices to income are lower than Sydneys when the reality is that they are nearly double.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Australia has a huge economy outside housing, eg resources, energy, agriculture and education? Who told you that nonsense?
Any chance it was the author of this book in the OP who claims London prices to income are lower than Sydneys when the reality is that they are nearly double.
If you quote numbeo data I'll shoot you.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?
The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly. Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
Try the RBA papers you love, you will find the data there.
The OPbook uses the data from those Demographia developer guys and I do believe it is the first time buyer data for units and houses from London which they compare to data for houses only in Sydney. Totally unethical behaviour which suited their agenda to pressurize governments to release more farmland and remove environmental controls in Australia and Canada.
You still cannot see this as you cannot seem to leave go off the cheap homes fantasy these unscrupulous people sold at the same time.
You don't owe these liars your loyalty. You can walk away from their bitter lemons anytime you wish and look out for you and yours instead of letting these people poison your future.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
I guess that depends on the timing. When everything is going swimmingly, no one cares. When the shit hits the fan people suddenly sit up and take notice.
Not that I'm saying I'd agree with everything in the book - I haven't read it.
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