NAB found FHB owner occupiers accounted for 21.2 per cent of new property sales in the quarter and FHB investors bought 14.4 per cent – a total market share of 35.7 per cent, the biggest such proportion since the survey started tracking the FHB breakdown in 2014. FHBs shaded non-FHB owner occupiers' 33.2 per cent and were nearly double domestic investors' 18.2 per cent. Foreign buyers took 11.6 per cent.
But but, all the bears here tell me that FHBs can't afford to buy anymore???
LOL none of the bears want to touch this one, too many facts in it.
It also correlates directly to what I tell Chris.
Rent somewhere you can afford, buy elsewhere. That's what lots of FHB'ers are doing these days to get ahead, that's shown in the graph.
Yet again if Chris doesn't get on board with the new trend, he'll miss out on that as well.
Right now I'm looking at buying another property with city views etc. Can I afford to live in it? Nope. I'm buying it as an investment, living where I can afford, and hopefully in 10 years time or so I can knock down the existing home on the land and replace it with a big house for me to live in. If I just keep saving until I can afford it, chances are it'll increase in value faster than I can save for it or all the good blocks will be already taken and replaced with expensive homes that aren't to my taste. Mind you when I say I can't afford to live in it, I mean I could live in it but it'd be pointless. I don't need a house with a lot of space right now, so why pay extra for that when I can live elsewhere that's cheaper so I save more money and pay off my investments quicker, but I know I'll want that extra space in the future so I may as well lock it in at today's prices.
It's this sort of logic that the bears don't understand, they also don't see that young people are still making things work, they are just taking a different approach. Something people like Chris refuse to do since he wants to do it the exact same way the previous generations did it, well picking and choosing what he wants from the previous generations. Since he wants the cheap technology/standard of living of today, and the cheap houses of yesterday - not cheap houses of yesterday + expensive technology/standard of living of yesterday.
First-home buyer couple shell out $1.2m for house transported from Ballarat 150 years ago
A first-home buyer couple shelled out $1.23 million for a Yarraville house believed to have been transported from Ballarat more than 150 years ago.
Vendor Stephen Brown, a retired antique dealer, said he discovered the history of 12 Montague Street from research through the Footscray Historical Society about 20 years ago, after he bought the property with a friend.
The listing referenced its origins as not one, but two single-fronted Victorian cottages transported by bullock dray – a wagon led by bulls – to Yarraville at the end of the gold rush.
Mr Brown and his friend Roger Murnane unearthed the history of the house when they started to renovate.
“You could see how the walls were put together as a flat-pack home,” he said, likening it to an “original Ikea home”.
The property, he added, was one of the original homesteads in the area and a map from the historical society showed it was on a huge parcel of land.
Little pockets of land around the homestead were leased out to miners who came to the area for work when the goldfields dried up, he said.
On Saturday two bidders fought for the 1850s three-bedroom cottage in front of a crowd of about 70, with a young professional couple renting in the suburb paying $100,000 above reserve.
Jas Stephens auctioneer Craig Stephens said the couple fell in love with the history of the house after their first inspection on Thursday.
“[The house] is full of old antiques, so it gave it a really good ambience when you walk inside,” he said.
Rent somewhere you can afford, buy elsewhere. That's what lots of FHB'ers are doing these days to get ahead, that's shown in the graph.
Yet again if Chris doesn't get on board with the new trend, he'll miss out on that as well.
Right now I'm looking at buying another property with city views etc. Can I afford to live in it? Nope. I'm buying it as an investment, living where I can afford, and hopefully in 10 years time or so I can knock down the existing home on the land and replace it with a big house for me to live in. If I just keep saving until I can afford it, chances are it'll increase in value faster than I can save for it or all the good blocks will be already taken and replaced with expensive homes that aren't to my taste. Mind you when I say I can't afford to live in it, I mean I could live in it but it'd be pointless. I don't need a house with a lot of space right now, so why pay extra for that when I can live elsewhere that's cheaper so I save more money and pay off my investments quicker, but I know I'll want that extra space in the future so I may as well lock it in at today's prices.
It's this sort of logic that the bears don't understand, they also don't see that young people are still making things work, they are just taking a different approach. Something people like Chris refuse to do since he wants to do it the exact same way the previous generations did it, well picking and choosing what he wants from the previous generations. Since he wants the cheap technology/standard of living of today, and the cheap houses of yesterday - not cheap houses of yesterday + expensive technology/standard of living of yesterday.
I come into contact with a lot of young people (mid to late 20s) with my work. They are comparatively highly paid so the sample isn't perfect. I've got to say many have recently or are buying homes in Sydney and a couple of them are even doing some simple development projects such as buying an ugly house on a decent sized block out West and putting a granny flat on the spare land and fencing so they can be rented as 2 properties. A high proportion of these buyers are second generation Australians and accordingly aren't as romantically attached to having a freestanding house on a 1/4 acre. They view apartments, villas and semis as acceptable places to live (even with a small family). Also for them prices have always been high (being born or small children in the early 90s) so they don't have this, revert to 1990 wage/price ratio mentality. They are just getting on with it.
Unfortunately, Gen X and Y that put off buying are stuck with admitting defeat and buying higher than they could have or continuing to wait.
I come into contact with a lot of young people (mid to late 20s) with my work. They are comparatively highly paid so the sample isn't perfect. I've got to say many have recently or are buying homes in Sydney and a couple of them are even doing some simple development projects such as buying an ugly house on a decent sized block out West and putting a granny flat on the spare land and fencing so they can be rented as 2 properties. A high proportion of these buyers are second generation Australians and accordingly aren't as romantically attached to having a freestanding house on a 1/4 acre. They view apartments, villas and semis as acceptable places to live (even with a small family). Also for them prices have always been high (being born or small children in the early 90s) so they don't have this, revert to 1990 wage/price ratio mentality. They are just getting on with it.
Unfortunately, Gen X and Y that put off buying are stuck with admitting defeat and buying higher than they could have or continuing to wait.
Exactly, and because they are buying properties for investment, or well above the stamp duty concession threshold, and there is no FHOG available to them, there is no reason for a bank or broker to ask them if they are first time buyers, and so these people never get recorded as first time buyers, even though they are.
I think the NAB survey is pretty close to the real mark, and it's also confirmed by DFA surveys.
The real FTB numbers are much higher than the ABS numbers.
Take risks - if you win you will become wealthy, if you lose you will become wise
Exactly, and because they are buying properties for investment, or well above the stamp duty concession threshold, and there is no FHOG available to them, there is no reason for a bank or broker to ask them if they are first time buyers, and so these people never get recorded as first time buyers, even though they are.
I think the NAB survey is pretty close to the real mark, and it's also confirmed by DFA surveys.
The real FTB numbers are much higher than the ABS numbers.
'Spect me 18 yo niece wot's buyin' an established joint in QLD (in halvies wif her olds) wouldn't get counted in any official ABS FHB figures even tho she's gunna live in it neither hey Rufus?
A Professional Demographer to an amateur demographer:"negative natural increase will never outweigh the positive net migration"
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