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Vic homeownership rates fall to 66% and rapidly declining; I wonder why that is?
Topic Started: 19 Jun 2017, 07:48 AM (2,116 Views)
Chris
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https://www.domain.com.au/news/almost-twothirds-of-australians-see-home-ownership-as-something-for-the-wealthy-survey-finds-20170619-gwsucf/

Overall nationally ownership down with the 25-34 yrs denigraohic at its lowest since the 1950's at under 30%.

https://www.google.com.au/amp/www.huffingtonpost.com.au/amp/2017/06/12/what-to-do-if-you-cant-afford-to-buy-a-house-right-now/

Why is this trend of falling homeownership occurring fellas?

I thought homes are affordable?
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Rufus
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Chris
19 Jun 2017, 07:48 AM
https://www.domain.com.au/news/almost-twothirds-of-australians-see-home-ownership-as-something-for-the-wealthy-survey-finds-20170619-gwsucf/

Overall nationally ownership down with the 25-34 yrs denigraohic at its lowest since the 1950's at under 30%.

https://www.google.com.au/amp/www.huffingtonpost.com.au/amp/2017/06/12/what-to-do-if-you-cant-afford-to-buy-a-house-right-now/

Why is this trend of falling homeownership occurring fellas?

I thought homes are affordable?
Homes are affordable for those buying them.
Ownership rates are expected to fall to about 60%.

The sad thing is that a lot of people could have afforded to purchase over the last decade, but chose not to because of the negative views expressed by many economists and commentators.
Take risks - if you win you will become wealthy, if you lose you will become wise
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stinkbug
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With all articles about the Big Crash, generation wars and social media clogged with misinformed crap about property is it really any wonder a few FHBers are holding out? The market itself will continue, but those who held out waiting for large discounts will inevitably suffer. No only will they pay more than they hoped (even if the market does drop a bit), but they've lost the opportunity of time in paying down their loan, which is irreplaceable.
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While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Chris
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Rufus
19 Jun 2017, 09:07 AM
Homes are affordable for those buying them.
Ownership rates are expected to fall to about 60%.

The sad thing is that a lot of people could have afforded to purchase over the last decade, but chose not to because of the negative views expressed by many economists and commentators.
Well that's your stance but it is shows you to be the property shill you appear to be given the 25-34 bracket would all have been aged between 14-25 a decade ago so they wouldn't have been able to afford it. Even your 'mighty' shadow has admitted on this very forum that housing has been seriously unaffordable at 10x+ incomes since 2003.

You just chose to ignore facts to suit your own end. Affordability to you is living in a scenario where you may one day pay it off or come close to paying it off. Most boomers were able to pay off their mortgages in 10-15yrs if they remained in the one place. If not they would have upgraded at least once in that time. They had spare money for family holidays, savings and miscellaneous or discretionary things like boats, caravans, trampolines etc for their kids and family time.

Today we are saying affordability is buying and dedicated everything to the mortgage, houses have gone up 60-100% in five years and wages have only gone up 12% in that time. That suggests to me there are many families who may have brought and are living in a mortgage prison unable to live or have a family life just to service a stupid debt attached to an overpriced asset.

You say houses are affordable to those who are buying them but how do we know that? Banks are giving them credit based on a scenario e.g. NG IP. This doesn't mean the individual can genuinely afford it, if the formula is based on capital gains and long term rent growth but this does not come to fruition then what is affordable and what's not affordable is redefined.

Edited by Chris, 19 Jun 2017, 10:52 AM.
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Tyson
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Chris
19 Jun 2017, 07:48 AM
https://www.domain.com.au/news/almost-twothirds-of-australians-see-home-ownership-as-something-for-the-wealthy-survey-finds-20170619-gwsucf/

Overall nationally ownership down with the 25-34 yrs denigraohic at its lowest since the 1950's at under 30%.

https://www.google.com.au/amp/www.huffingtonpost.com.au/amp/2017/06/12/what-to-do-if-you-cant-afford-to-buy-a-house-right-now/

Why is this trend of falling homeownership occurring fellas?

I thought homes are affordable?
I can tell you why there's a trend of falling home ownership Chris.

Because spending has increased in all other aspects of life as priorities are shifting for upcoming generations. We've got millennials that care more about 'life experiences' than 'financial security'. Being in this generation, I see it first hand, priorities have shifted dramatically in comparison to my parents generation.

Like on travel:
https://www.travelonline.com/news/record-breaking-spend-travel.html
https://www.westpac.com.au/about-westpac/media/media-releases/2016/4-August/

On pets:
http://www.theaustralian.com.au/life/australians-are-spending-12-billion-a-year-on-their-pet-animals/news-story/f2a29f12f8d8ac158dc769968eddc4c2

On technology, on partying, on going out, on eating out, on appearances, on cars, on furniture, on dating etc etc. There isn't data to show a lot of these expenses over a long period of time, especially since some of these things didn't even exist until recently - like smart phone, netflix, spotify etc related expenses. But as I said, coming from the millennial generation, I know where my friend's money is going and it's certainly not going in a savings account to buy a house. You've just got to open your eyes and look around and you'll see where people's money is going.

https://tradingeconomics.com/australia/consumer-spending


This money has to come from somewhere Chris, it seems quite evident it's coming from home ownership. People are sacrificing owning a house, to have 'life experiences' and 'nice things' instead.

Surely you can't sit here and tell me personal expenditure (minus true living expenses) have remained constant, just basic necessities have increased? I know that my parents main focus was buying a house when they were young so that they could start a family and traveling was something they figured they'd do later in life. Whereas today that has completely changed, people want to travel and experience life before settling down, which considering travelling costs are decreasing and housing prices are increasing, it's locking them out of the home ownership market.

I'm not saying one way is right and one is wrong, I'm just saying people can't have everything, they can't have the best of both worlds. It has to come from somewhere.
Chris
19 Jun 2017, 10:52 AM
Well that's your stance but it is shows you to be the property shill you appear to be given the 25-34 bracket would all have been aged between 14-25 a decade ago so they wouldn't have been able to afford it. Even your 'mighty' shadow has admitted on this very forum that housing has been seriously unaffordable at 10x+ incomes since 2003.

You just chose to ignore facts to suit your own end. Affordability to you is living in a scenario where you may one day pay it off or come close to paying it off. Most boomers were able to pay off their mortgages in 10-15yrs if they remained in the one place. If not they would have upgraded at least once in that time. They had spare money for family holidays, savings and miscellaneous or discretionary things like boats, caravans, trampolines etc for their kids and family time.

Today we are saying affordability is buying and dedicated everything to the mortgage, houses have gone up 60-100% in five years and wages have only gone up 12% in that time. That suggests to me there are many families who may have brought and are living in a mortgage prison unable to live or have a family life just to service a stupid debt attached to an overpriced asset.

You say houses are affordable to those who are buying them but how do we know that? Banks are giving them credit based on a scenario e.g. NG IP. This doesn't mean the individual can genuinely afford it, if the formula is based on capital gains and long term rent growth but this does not come to fruition then what is affordable and what's not affordable is redefined.
If you don't have extra money left over after your mortgage repayments then you've bitten off more than you can chew and are living beyond your means.

Granted Sydney is ridiculously priced, but Sydney isn't the be all and end all of housing or jobs. I bet 90% of Sydney's population have the ability to get jobs elsewhere if they wanted to. Sure there's some jobs specific to Sydney due to certain head offices and field of work etc. But you can't tell me an average accountant, lawyer, doctor, engineer, retail staff, etc can't get a job elsewhere in Australia. Now if you're going to come back at me and say 'yeah but they earn more in Sydney', then I think you just found the reason why it costs more. But for most people, they are just caught up in the Sydney hype and don't want to move because they don't want to lose their feeling of fake pride by telling everyone they live in Sydney. It's no different to those that live in New York because they want to have that big city feel, it makes them think their life has more meaning by living beyond their means to try to imitate a life they wish they could afford.
Edited by Tyson, 19 Jun 2017, 11:28 AM.
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Chris
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Oooohhhhh God another Tyson rant.

A 20 something who hates 'lazy' millenials and their frivolous life styles, sounds very much like a boomer in his posts but he is a work in progress as far as socks go.

I like the links that fails to provide any evidence or attribution to millenials.

I'd also add my parents went overseas together three times before I was born and a further 5 times as I was growing, they had two other kids and a mortgage. We had the best computers, best TV's and good clothing. They never had to say to any of us 'sorry you can't...........because we need to pay the mortgage'.

Tyson is not n a fairytale land where boomers had it tough, it has been proven time and time again they had it immeasurably easier.

As a boomer he should know that
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Rufus
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Chris
19 Jun 2017, 12:56 PM
Oooohhhhh God another Tyson rant.

A 20 something who hates 'lazy' millenials and their frivolous life styles, sounds very much like a boomer in his posts but he is a work in progress as far as socks go.

I like the links that fails to provide any evidence or attribution to millenials.

I'd also add my parents went overseas together three times before I was born and a further 5 times as I was growing, they had two other kids and a mortgage. We had the best computers, best TV's and good clothing. They never had to say to any of us 'sorry you can't...........because we need to pay the mortgage'.

Tyson is not n a fairytale land where boomers had it tough, it has been proven time and time again they had it immeasurably easier.

As a boomer he should know that
Lucky you, you were born with a silver spoon in your mouth.
Your parents story was not typical of either the boomers or their parents, unless you count active service in WW2 or Vietnam as an overseas holiday.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Tyson
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Chris
19 Jun 2017, 12:56 PM
Oooohhhhh God another Tyson rant.

A 20 something who hates 'lazy' millenials and their frivolous life styles, sounds very much like a boomer in his posts but he is a work in progress as far as socks go.

I like the links that fails to provide any evidence or attribution to millenials.

I'd also add my parents went overseas together three times before I was born and a further 5 times as I was growing, they had two other kids and a mortgage. We had the best computers, best TV's and good clothing. They never had to say to any of us 'sorry you can't...........because we need to pay the mortgage'.

Tyson is not n a fairytale land where boomers had it tough, it has been proven time and time again they had it immeasurably easier.

As a boomer he should know that
One of the links was directly related to millennials, while the other supported that link as context.

The other links didn't necessarily isolate millennials, but maybe you could use your powers of deduction to determine what/who was the main driver of the trend and you'd come to the conclusion that it relates strongly to millennials.

Maybe I'm overestimating you though, maybe someone who can't afford to budget accordingly to buy a house, can't read between the lines.

That's great, you had a more privileged upbringing than I did by the sounds of it. I'm assuming the 5 holidays while you were growing up was holidays with their children, but if not my parents never went on holidays without us. The only 'holidays' we went on when growing up was camping because that's all my parents could afford at the time. Their success didn't come until later in life, probably because they sacrificed while we were growing up.

We never had the best computers, or best TV's, and my parents did say at times that they can't afford to buy us what we want.

Funny though, you had such a great upbringing and you're still the most incompetent person I've come across so far. To think you had all that privilege and you can't afford a house. And to think someone like you has the nerve to say I had it easy because I lived at home during university. You're a joke, you're exactly the type of people I refer to when I refer to lazy millennials.

I've never said anyone has had it tough, I've always said that people need to sacrifice to get where they want to be and live within their means. Something I believe our parents did more so than us.

All you seem competent at is taking things out of context and then arguing out of context to make you feel better. Keep it up Chris, I know you'll go far.

Maybe you should look at your attitude, and the attitude of successful people. Maybe noticing how significantly you differ from them, might give you some perspective.

*EDIT*

Oh and I'll add that we still definitely weren't poor. My parents were a bit stretched at times but we were certainly sitting in middle class to upper middle class.

As Rufus said, your experience growing up certainly wasn't typical of most families.

Is that the root of your problems perhaps? Your parents were very successful and aren't giving you a cent because they don't see you worthy of it. Therefore you complain that no one else will give you anything for free and angrily argue that to maintain an 'average' standard of life is far too expensive, when your ideas of 'average' and the reality of average are very different.
Edited by Tyson, 19 Jun 2017, 01:48 PM.
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Chris
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Wow, Tyson is a lunatic.

Reminds me of that other demented property looney Matthew.......mmmmm I wonder why that is?!

Tyson sock you are as pathetic and narrow minded as your handler, you are spruiking from the binvested handbook trying to get others to drink from the coolade. We are the most indebted country in the western world with the highest house prices in the western world with declining wages.

You are a fool if you believe the dribble you type out, just an uneducated foolish shill
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Amanda
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Chris
19 Jun 2017, 07:48 AM
https://www.domain.com.au/news/almost-twothirds-of-australians-see-home-ownership-as-something-for-the-wealthy-survey-finds-20170619-gwsucf/

Overall nationally ownership down with the 25-34 yrs denigraohic at its lowest since the 1950's at under 30%.

https://www.google.com.au/amp/www.huffingtonpost.com.au/amp/2017/06/12/what-to-do-if-you-cant-afford-to-buy-a-house-right-now/

Why is this trend of falling homeownership occurring fellas?

I thought homes are affordable?
no strong governmental support for affordable housing yet (I suppose)
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