You need to define cheap. I want to buy a house at reasonable cost. What it is worth. Your assertion that it will get cheap suggests that today's prices are reasonable. You are wrong.
So you think you should be entitled to buy a house for less than others are willing to pay.
The half a million people who buy homes in Australia every year are willing to pay current prices.
They also appear well able to afford current prices, given that our mortgage default rates are so low.
You can carry on thinking house price are unreasonable, but there are plenty of people out there who disagree and who will continue buying them.
You need to define cheap. I want to buy a house at reasonable cost. What it is worth. Your assertion that it will get cheap suggests that today's prices are reasonable. You are wrong.
Logic fail.
Asserting that lower than current prices is 'cheap' does not make current prices 'reasonable'.
Expecting prices to return to 2001 levels is definitely 'cheap'. And it isn't going to happen anyway, in nominal terms.
So you think you should be entitled to buy a house for less than others are willing to pay.
The half a million people who buy homes in Australia every year are willing to pay current prices.
They also appear well able to afford current prices, given that our mortgage default rates are so low.
You can carry on thinking house price are unreasonable, but there are plenty of people out there who disagree and who will continue buying them.
The Pwetentious Twats and Spoiled Pwincesses who continually whine about housing being too expensive should perhaps realise that in reality they are just average or even less than average bogans and if they moved out to and lived in the area where average bogans live they would undoubtedly find that their housing would cost less.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
The Pwetentious Twats and Spoiled Pwincesses who continually whine about housing being too expensive should perhaps realise that in reality they are just average or even less than average bogans and if they moved out to and lived in the area where average bogans live they would undoubtedly find that their housing would cost less.
Well that helps explain where you've decided to live Frank.
Well that helps explain where you've decided to live Frank.
Funny, I don't ever recall complaining about the cost of housing. Perhaps you can provide a link where I have?
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
I did not say they were too expensive. I just said they were not reasonably priced. That price being the amount of years I need to work to pay the bank to rent it before I own it.
23yo old with a $400k+ debt wants to build his portfolio
Quote:
Hi SS,
I have read a lot of take home messages on this forum and now browse daily, I was hoping to get some advice/tips for my situation from any body that is willing to assist.
I am a 23yo, still living at home, expecting to get full time employment in the coming weeks (50k per annum) and bought a 2 bedroom townhouse 12 months ago for 500k in bayside melbourne (18km from CBD) with a 400k loan. I have a 100% offset account and have an interest only loan.
As I'm sure many of you can appreciate, I am continually learning about property investment. The property is rented out for $380 p/w (I know this isn't a great yield), this is party because I bought this property as not only an investment, but a property I would like to move into it in a couple of years as I am not to keen on renting myself.
My question for all of you still reading is what advice would you give to someone in my situation, If my gold was to create wealth through property investment? Keep in mind at this stage I am not interested in renting myself when I move out, I do not want to be in a position where I am asset rich but living off bake beans, I do not particularly want to live with my parents forever haha, I have thought about doing up my property as it is unrenovated and is in a good location (Beach Rd), I am not sure if I could claim FHBG if i bought a second property before ever moving into my first property and I would like to buy a second property before 26yo or whenever I was in a position to do so.
Alot to absorb there, I would highly appreciate any responses in relation to the above or even just any tips/advice to a 23yo happy to listen. Keep up the good work all you active posters.
I did not say they were too expensive. I just said they were not reasonably priced. That price being the amount of years I need to work to pay the bank to rent it before I own it.
So could you elaborate a little on the space between reasonably priced and expensive?
23yo old with a $400k+ debt wants to build his portfolio
I don't understand the issue ... most people will have more than $400k debt when building up their property portfolio. I don't exactly have a big portfolio but I have more than $400k in debt. Good on him for starting his investing whilst others are wasting their money
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
This young man has spent his $100,000 deposit plus stamp duty on an investment that is losing him about $300 a week. It is also likely that the value of his investment has fallen by about $20,000 while he has been holding onto it. So his equity has fallen below 20%, he hopes to have an income of $1000 /wk in a few months time but is spending $300 /wk just to hold his devaluing property. Unfortunately he cannot afford to live in his house because he can't afford the mortgage repayments. I think it might be awhile before he adds to his portfolio.
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