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Anyone on minimum wage can afford to buy or rent a home in Australia
Topic Started: 29 Jan 2013, 03:53 PM (22,052 Views)
Veritas
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Trojan
20 Jul 2013, 07:49 PM
70% of the population in the world would love to swap places with you and be doing exactly that in Melbourne.
I've lived on minimum wage before and no it wasn't luxurious. But what did you expect it to be?
So what?

Measuring poverty and inequality against other much poorer countries is pointless.

Poor Americans are better off than poor Sudanese, does that neutralise objections about the US being the most unequal developed country in the world?

Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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XXX
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Veritas
20 Jul 2013, 08:09 PM
So what?

Measuring poverty and inequality against other much poorer countries is pointless.

Poor Americans are better off than poor Sudanese, does that neutralise objections about the US being the most unequal developed country in the world?

Yes it does. It shows that people in first world countries need to get a grip and stop f**king whinging.

You got it good even if you are in the shittiest part of Aus. You won the ovarian lottery (to quote Warren Buffet).

You'll really live a much happier life once you come to the realization that any place in Aus is good. Do a quality of life index with the people of Somalia at 0 and Warren Buffet at 100. Where are you? My guess is you are still above 80, maybe 90. Do you really need to sit there whinging that you are 1 or 2% below the next man in terms of quality of life when you still breathe the same quality air that all Aussies are afforded the luxury of breathing? When you can still drink water fresh out the tap? When you can go for a walk down the road to the shops without fear of having a gun shoved in your face for your 500 pesos? When you feed your dog food that is probably processed better than the food some of these poor bastards overseas call dinner? This list could go on for 100's of points (although you probably won't quite get just how real the variances are unless you've lived in a third world city like I have)...

The point, you're lucky, I'm lucky, the Aboriginals in outback Australia are lucky. Stop worry about what you don't have focus on what you do. I recommend a trip to Asia (the poorest countries) if you haven't been already...

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Shadow
29 Jan 2013, 03:53 PM
Some of the other bulls and bears may like to perform a similar exercise for other cities, but since Perth is supposedly one of the 'least affordable' cities in Australia, I think this example should be quite enlightening. The bottom line is that it is quite easily affordable for anyone on minimum wage to buy or rent accommodation in Australia.


The national minimum wage is $606 per week

You can rent in Perth for $140 per week

Or you can buy in Perth for $207 per week

(Buyer eligible for $7K FHOG. No stamp duty payable on WA FHB purchases under $500K. Assumed 20% deposit and Westpac 3-year fixed rate of 5.39%)

Now I'll wait for the excuses... 'but but but they would have to share, they would have to save a deposit, they would have to make sacrifices, that's not a desirable suburb, everyone is entitled to a freestanding 9-bedroom mansion in Peppermint Grove as their first home, oh the humanity!'
ive never heard some much garbage in my life.... im in canberra try living on $600 a week here, really these baffoons should get out of there offices sometimes and live a real life
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Marc Hedley
20 Jul 2013, 08:18 PM
Stop worry about what you don't have focus on what you do.
Ah, the Tyrants manifesto.

Your points are valid but they are not appropriate. Anyone with your attitude will only ever have their lifestyle degraded, as they would have no interest in bettering their lives or themselves, content as they are to perpetually compare themselves to someone less favourable. I suppose the guy with a gun to his face in your example should focus on the fact he had 500 pesos to get stolen, as opposed to some poor bastard starving in Ethiopia? Hes won the lottery too, yay!

If you cannot understand why your position is not only completely vacuous, and is in fact outright dangerous, then good luck to you. But you will be rightfully ignored in any meaningful discussion on the topic.
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John Frum
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Marc Hedley
20 Jul 2013, 08:18 PM
You've never had it so good blah blah first rate health system blah blah think of the poor yada yada i want to suck warren buffet's ding dong wank wank
Of course we know what privilege we have; we've got discovery channel, don't we?

what a fucking patronising fool you are, do you think the OP or for that matter anyone else is the West hasn't had that sanctimonious crap drilled into their heads by well meaning parents since the get-go?

The obvious point is that while technological progress has lifted up our living standards, sociologically we've only just stepped out of the jungle. We might think we comprehend that we're better off than the starving pickaninny of the Savanna, but unfortunately our instincts manage to sideline that information when we make important decisions. What matters most in this context, whether you're a poverty stricken black in a ghetto, white middle class lawyer, soccer mom, kid in a playground or whatever is how you're doing compared to your peers. Failure to acknowledge this fact is likely to cause you considerable pain in life - many great minds have been destroyed in this way.
Edited by John Frum, 21 Jul 2013, 01:06 AM.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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XXX
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Soul Torpor
21 Jul 2013, 12:55 AM
What matters most in this context, whether you're a poverty stricken black in a ghetto, white middle class lawyer, soccer mom, kid in a playground or whatever is how you're doing compared to your peers. Failure to acknowledge this fact is likely to cause you considerable pain in life - many great minds have been destroyed in this way.

Are you one of these wankers that lives in a McMansion with debt up to your eyeballs trying to keep up with the Joneses? Do you find it's a rather empty existence behind your made in china fake Oakleys whilst walking your $6,000 poodle down to get it's hair clipped at a $500 a cut parlor?

I fail to acknowledge that I need to keep up with anyone at all. Failure to acknowledge that you do not need to keep up destroys... (well, I wouldn't say great minds, you were abit of a goldfish to begin with if you had the idea that you had to keep up with people).

I don't give a rats stinking A-hole if my whole street drives a 2013 model Mercedes Benz. I will still drive my Barina. It's 90% of the car, for 10% of the price, if they are happy to work 10 times harder for their car than I am, then I am happy for them, whatever works for them.
Edited by XXX, 21 Jul 2013, 01:40 AM.
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John Frum
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Marc Hedley
20 Jul 2013, 08:01 PM

Capital allocation is always down to the individual.

I choose to allocate no more than I feel is above and beyond what is reasonable for me. I am already saving a good 80% or so off the Sydney Median. I don't need to go any further with it and live 15 hours from Sydney to save another 10%, I've already saved 80% in my first 2 hours out of Sydney and I find it does not pay enough to go any further. With that said, I would not move any closer to Sydney because I don't want to spend any more than I am on my own personal cost of accommodation, I would rather use whatever borrowing power I have left to buy IP's and have someone else do the repayments (and therefore build my net worth) for me. It's basically a "work hard to afford yourself a nice PPOR vs. living in a lesser house and letting someone else work to pay off the balance of whatever the bank would let you borrow" analysis.

I choose (b). But that's just me :)
grasshopper - you are naive, full of shit and are going to get burnt bad. :bye:

On a positive note it will be the most enlightening experience you could ever wish for - and if it happens soon enough it will educate and leave you in good stead for future financial endeavours in more ways than a Margaret Lomas book or Warren Buffet video ever could.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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XXX
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Soul Torpor
21 Jul 2013, 01:39 AM
grasshopper - you are naive, full of shit and are going to get burnt bad. :bye:

On a positive note it will be the most enlightening experience you could ever wish for - and if it happens soon enough it will educate and leave you in good stead for future financial endeavours in more ways than a Margaret Lomas book or Warren Buffet video ever could.

Ummm... exactly what part was "full of shit" and/or naive? My recent purchase of property is well documented on this forum. My address is on this forum so you can verify the purchase for yourself. You can (if you do even a little bit of research) confirm that my property was/is positive cash-flow from Day 1.

My entire area is positive cash-flow from Day 1.

How exactly am I going to get "burnt bad"?

I can feel that this is a sock for someone I have already "burnt bad" on here in the past. Mike? MMM? Is that you there bud?
Edited by XXX, 21 Jul 2013, 01:51 AM.
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John Frum
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Quote:
 
Are you one of these wankers that lives in a McMansion with debt up to your eyeballs trying to keep up with the Joneses? Do you find it's a rather empty existence behind your made in china fake Oakleys whilst walking your $6,000 poodle down to get it's hair clipped at a $500 a cut parlor?


although it's irrelevant to the argument, I just wanted you to know that I did get a great deal of pleasure creating a mental picture of me cast in this role, especially the poodle. So thank you.

Quote:
 
I fail to acknowledge that I need to keep up with anyone at all. Failure to acknowledge that you do not need to keep up destroys... (well, I wouldn't say great minds, you were abit of a goldfish to begin with if you had the idea that you had to keep up with people).


I did not say you had to acknowledge that you need to keep up with anyone. I said that you had to acknowledge how our brains are wired at a fundamental level. Sure, shit sounds a little deep but if you're smart enough to understand leverage, inflation and other investment lore then I'm sure you'll get that.

Quote:
 
I don't give a rats stinking A-hole if my whole street drives a 2013 model Mercedes Benz. I will still drive my Barina. It's 90% of the car, for 10% of the price, if they are happy to work 10 times harder for their car than I am, then I am happy for them, whatever works for them.


your tone betrays your intent.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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XXX
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Soul Torpor
21 Jul 2013, 02:04 AM


although it's irrelevant to the argument, I just wanted you to know that I did get a great deal of pleasure creating a mental picture of me cast in this role, especially the poodle. So thank you.




I did not say you had to acknowledge that you need to keep up with anyone. I said that you had to acknowledge how our brains are wired at a fundamental level. Sure, shit sounds a little deep but if you're smart enough to understand leverage, inflation and other investment lore then I'm sure you'll get that.




your tone betrays your intent.

That's the best you can come up with in 17 minutes?

F**king hell. I'm going to bed. Good-luck cleaning the toilets tomorrow man, remember, start at the top of the cubicle so that all the stuff you clean rolls down and you don't waste time re-cleaning the same shit stains twice.
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