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If you or your family wanted to buy a home (house or unit) in Australia, could you afford it?
Yes, we could afford it. 40 (64.5%)
No, we can't afford to buy a house or unit in Australia. 22 (35.5%)
Total Votes: 62
Australian Property Prices; Can YOU afford to buy a home in Australia?
Topic Started: 10 Jan 2011, 07:03 PM (12,791 Views)
Shadow
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Evil Mouzealot Specufestor

Simple question... if you or your family wanted to buy a home (house or unit) in Australia, could you afford it?

Half a million families bought homes in the past year, so clearly somebody can afford it.

I just want to get some idea about how many members of this forum can afford a home.

(If you already own a home then vote Yes, as clearly you can afford one.)
1 - Debunking Demographia. Demographia Survey Debunked. Australian housing is not particularly unaffordable by global standards.
2 - USA, Ireland, UK, Spain and Japan Property Bubbles versus Australia. All property bubbles had one thing in common...
3 - Banks can't margin call on residential property unless borrower defaults, because residential property loans regulated by NCCP Act 2009.
4 - Housing is second highest taxed sector of Australian Economy. Renters subsidised by high taxes incurred by homeowners.
5 - Epic Fail! Steve Keen's Bad Calls and Predictions.
6 - Australian household formation rate faster than population growth rate since 1960s = ongoing improvement in housing affordability.
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hoofarted
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This is a little silly really. You may as well ask, who can afford to buy their wife, girl friend or A N Other a diamond ring. Most likely everyone can, just the size of the diamond that matters.

If on the other hand you asked, can you afford a $700K house then THAT is a different question.
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Shadow
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Evil Mouzealot Specufestor

hoofarted
10 Jan 2011, 07:44 PM
This is a little silly really. You may as well ask, who can afford to buy their wife, girl friend or A N Other a diamond ring. Most likely everyone can, just the size of the diamond that matters.

If on the other hand you asked, can you afford a $700K house then THAT is a different question.
Why is it silly? When people on this forum claim that housing is 'unaffordable' in Australia, they don't usually specify the type of home that is unaffordable... it just seems to be a broad belief that all forms of housing are generally unaffordable. I'm really trying to work out what they mean by that. Do they just mean that some housing is unaffordable to some people? In which case what's the big deal? You could say the same about anything.

Judging by the poll results so far, most people here can afford a home.

Half a million families could afford to buy homes in Australia last year.

So who exactly is housing in Australia unaffordable for? And what type of housing are we talking about?

Do you think housing in Australia is unaffordable, and if so, what does that actually mean?
1 - Debunking Demographia. Demographia Survey Debunked. Australian housing is not particularly unaffordable by global standards.
2 - USA, Ireland, UK, Spain and Japan Property Bubbles versus Australia. All property bubbles had one thing in common...
3 - Banks can't margin call on residential property unless borrower defaults, because residential property loans regulated by NCCP Act 2009.
4 - Housing is second highest taxed sector of Australian Economy. Renters subsidised by high taxes incurred by homeowners.
5 - Epic Fail! Steve Keen's Bad Calls and Predictions.
6 - Australian household formation rate faster than population growth rate since 1960s = ongoing improvement in housing affordability.
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raveswei
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hoofarted
10 Jan 2011, 07:44 PM
This is a little silly really. You may as well ask, who can afford to buy their wife, girl friend or A N Other a diamond ring. Most likely everyone can, just the size of the diamond that matters.

If on the other hand you asked, can you afford a $700K house then THAT is a different question.
not just that, everyone can afford even big house but at what cost (non-financial cost).

The good question is does somebody wants to scarify life style and/or work extra for 30 years to buy a home
Edited by raveswei, 10 Jan 2011, 08:04 PM.
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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hoofarted
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raveswei
10 Jan 2011, 08:00 PM
not just that, everyone can afford even big house but at what cost (non-financial cost).

The good question is does somebody wants to scarify life style and/or work extra for 30 years to buy a home
Absolutely agreed. Because I can afford it, does not mean I should pay it. I am no debt slave.

I don't want my children to work for 30 years to buy what Shadow considers an affordable house.
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Mr Wu
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hoofarted
10 Jan 2011, 07:44 PM
This is a little silly really. You may as well ask, who can afford to buy their wife, girl friend or A N Other a diamond ring. Most likely everyone can, just the size of the diamond that matters.

If on the other hand you asked, can you afford a $700K house then THAT is a different question.
Wu ask why you say $700k house, why not $3,000,000 house

Wu think fhb should look to buy in fhb area and cheap house more like $350 to $400k, or unit for even smaller money

What next? you say p plate driver must have Audi as first car?
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hoofarted
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Mr Wu
10 Jan 2011, 08:32 PM
What next? you say p plate driver must have Audi as first car?
Nearly all P platers can afford A CAR. This does not mean that it is a great car, a car they want or even a car that is legal. The definition of a home in the context of Shadows question is meaningless.
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Maveri
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I voted no because even though I own a home I couldn't afford it if I was to buy today.

I already purchased way out in the suburbs and to go much further out to buy something affordable I'd be falling off the edge of the planet.

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Maveri
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Mr Wu
10 Jan 2011, 08:32 PM
...

What next? you say p plate driver must have Audi as first car?
P Platers have the option of buying a second hand car that has dropped in value.

How many second hand houses drop in value?

People do not buy cars to get a capital gain so they buy with the notion that the car will devalue over time and therefore tend not to over spend on it unless they have excess money and the size of the purchase and time to repay it out is much shorter so the thinking is more short term as well.

A house is seen as an asset appreciator so the philioshphy and mindset is totally different. People want to capitalise on the purchase as much as possible - so naturally they will not want to buy way out in the suburbs unless they have to.

i.e. You cannot compare buying a car with the mentality that goes in towards buying a house.

I skipped buying a unit because at the time units had rushed up in value compared to houses. I put in the extra hard yards and paid a bit extra for a house realising that when I wanted to start a family I would loose money on stamp duty and agents fee's selling the unit to buy a house.

Not long after i purchased, house prices caught up their respective difference with units again. It was a matter of being in the right place at the right time.
Edited by Maveri, 10 Jan 2011, 08:59 PM.
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Frank Castle
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Business As Usual

Maveri
10 Jan 2011, 08:53 PM


How many second hand houses drop in value?

I think you'll find they drop in value considerably

I get offered houses regularly for free for removal
And regularly see very nice houses get demolished for the next monstrosity to be built

It is the LAND and LOCATION that costs the money
The forum is a better place with the forum fuckwits and their spank socks on ignore
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