One year to go, and life will be very sweet then. We are voluntarily paying nearly half our income on the mortgage. We'll have paid off a 25 year mortgage in ten years.
Of course - after we've paid it off, the temptation is to buy a bigger house (which we don't need but I'd like a quieter street and I have a few other tick boxes) or buy an investment property or two. Not sure if the time is right for either, but we may just enjoy the good life for a bit, and then reconsider.
I know what you mean. As soon as we paid off our home, we started itching for that better house.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Still waiting for: 1) Evidence that owning a home is a right; and 2) An explanation as to why property is unaffordable for working Aussies when 70% of Australians live in their own home.
Of course - after we've paid it off, the temptation is to buy a bigger house (which we don't need but I'd like a quieter street and I have a few other tick boxes) or buy an investment property or two. Not sure if the time is right for either, but we may just enjoy the good life for a bit, and then reconsider.
i'm battling that now. I got a big pay rise this year and the wife wanted to spend it, so far i have resisted and are paying down the house faster than ever.
without a house or rent, we could live like rock stars on my income alone.
I am the love child of Tony Abbott and Pauline Hanson
actually i'm years ahead on my loan - i only have 3 - 4 years left and i will have it paid off. can't do that when you are renting. but no matter, your rent is due every week forever, that is an inescapable fact for you.
your desperation is palpable.
Hahaha yeah suuuuree you do mate, you forgot a zero after those numbers, remember you had to re-finance to pay the credit card bills, since you started living off them 10 years ago.
Enjoy the noodles!
Frank Castle
21 Oct 2012, 05:55 PM
And butthurt timo has pleeenty of butthurt
I reckon he enjoys it
Ironic when your the one who would've paid thru the ass for the home you have now (shitbox), desperate to see prices rises to stop the negative equity rapidly building hahahah
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.
Ironic when your the one who would've paid thru the ass for the home you have now
I paid $110k for my place Hilarious when we get to see what an imbecile you are repeatedly
Quote:
desperate to see prices rises to stop the negative equity rapidly building hahahah
Negative equity? I have owned it plus several other unencumbered properties for several years now Bwaahhaahaaahaaa
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Don't despair however folks, the market is poised to crash, poised to revert to the long term trend and restore some balance and equity in the Australian economy. So my message is continue to watch your healthy deposits grow and grow, while house prices come down and down.
It's been nearly a year Timo.
House prices are up 6% nationally since you posted this. Up 8% in Sydney and Perth.
When will the crash arrive?
Tell us more about this long term trend we're poised to revert to... what is that trend exactly, and when will we revert to it?
This is for the most part a demand driven speculative bubble, driven by greed and the expectation of perpetually higher prices.
Which has worked since 1991 simply on the back of an unprecedented worldwide demographic boom off the back of WW2…and the debt splurge that ensued.
The Australian property market resembles almost every financial market I have traded over the years (albeit at a much slower pace).
All the mainstream language out there resembles bubble talk…and from the data we are getting now…it appears that it is the opportunists levering up again (at many multiples more than professional stock investors would let a listed property trust away with).
While the supply side manipulation argument certainly has merit, where I feel it falls down is in the household formation size discussion…
Currently I live in the Northwest growth belt of Sydney, right amongst all the “big” houses. If you take a supply side argument to it’s logical conclusion, you would expect to see people everywhere here crowding into the streets – not very quiet neighbourhoods, with hill upon rolling hill of two story Mcmansion’s with 2-3 people living in them for miles.
Though the main arterial roads are busy, I live in a very quiet main street 500 meters from the centre of Castle Hill. There would be three empty houses on our street at least.
Compare that to most of Asia, Africa or major cities like New York.
Sure, there is a shortage of gambling chips for the spec bubble, but really a shortage of houses in Sydney? Come on, all it would take is a couple more percent rise in unemployment and every second 20 something will be back in the McMansion with mum and dad, who are probably thinking about downsizing.
As the economy continues to weaken, and the property market continues to slide (as it did in the ninetys, and the GFC), and the RBA runs out of rate cut bullets (IMO there is buckley’s chance Australian OCR interest rates are rising significantly in the short term in this deflationary environment), there is not going to be much that can be done to stop a significant property fall.
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