Yes, but your attempted point is moot. In 1976 the outright figure was < 35%! And this the time all the bears tell me their parents comfortably bought a house on a single income at an average 3x price multiple? And through the whole time from the 70s to present the overall ownership rate has been 70% +\-2%.
Clearly the outright ownership figure is volatile, and driven primarily by factors other than affordability, in contrast to your inference. The ABS even states as much in the report that publishes these figures.
For Aussie property bears, "denial", is not just a long river in North Africa.....
Yes, but your attempted point is moot. In 1976 the outright figure was < 35%! And this the time all the bears tell me their parents comfortably bought a house on a single income at an average 3x price multiple? And through the whole time from the 70s to present the overall ownership rate has been 70% +\-2%.
Clearly the outright ownership figure is volatile, and driven primarily by factors other than affordability, in contrast to your inference. The ABS even states as much in the report that publishes these figures.
Der, 1976 the older boomers were buying their homes and that continued on for a decade and a half. They started their debt binge then.
Der, 1976 the older boomers were buying their homes and that continued on for a decade and a half. They started their debt binge then.
Do you ever offer anything more than welfare bashing and ageist generational divide whinging?
Please tell me all about this imaginary boomers debt binge. Boomers took on the same levels of debt relative to household income as the generation before them and the generation after them. Have you been reading the too much stuff from those doomer sites and the Bush regime's favorite right wing think tanks again?
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Yes, but your attempted point is moot. In 1976 the outright figure was < 35%! And this the time all the bears tell me their parents comfortably bought a house on a single income at an average 3x price multiple? And through the whole time from the 70s to present the overall ownership rate has been 70% +\-2%.
Clearly the outright ownership figure is volatile, and driven primarily by factors other than affordability, in contrast to your inference. The ABS even states as much in the report that publishes these figures.
Der, 1976 the older boomers were buying their homes and that continued on for a decade and a half. They started their debt binge then.
Same as Gen-X (a cohort just as large as the boomers) all started buying in the late 90s through to the mid-00s on mass - also bumping up the number of owners with a mortage? Your explanation re the boomers makes sense, but it also explains what's gone on since when you apply the same logic - and it's all about demographics and household formation / life-stage for mass cohorts, not affordability as you are still trying to argue. In fact these trends, coupled withthe over-all ownership rate, prove that affordability has remained essentially constant through this entire 40 year period - if it had not, we would have seen a significant drop off in the over-all ownership rate.
..yes, but that report also shows that FHBs with a mortgage in 2011/12 had a dwelling with a mean value of $393k (and a mean income of $110k).
The bears here reckon they deserve a lot more than a $397k place.
that is interesting because it means moops is full of shit claiming house prices are 9x incomes.
for FHB's, it's clear they are 3.5x incomes, close to his value he claims the boomers got. from the sounds of it moops must be a boot licker of some kind on minimum wage?
then again he expects a 6x3 in mosman as his basic house.
that is interesting because it means moops is full of shit claiming house prices are 9x incomes.
for FHB's, it's clear they are 3.5x incomes, close to his value he claims the boomers got. from the sounds of it moops must be a boot licker of some kind on minimum wage?
then again he expects a 6x3 in mosman as his basic house.
but who would listen to you? you're the dim-witted cock dribbler who thinks a contract rate of 800 bucks a day is chicken shit, no wonder you think houses are cheap
"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.
that is interesting because it means moops is full of shit claiming house prices are 9x incomes.
for FHB's, it's clear they are 3.5x incomes, close to his value he claims the boomers got. from the sounds of it moops must be a boot licker of some kind on minimum wage?
then again he expects a 6x3 in mosman as his basic house.
I haven't read this report yet.
But in relation to FTBs it would be instructive to know how the average income of the FTB has changed over time.
In other words, has the average income of the FTB increased thus creating a larger gap between those who can afford to buy and those who cannot- or who must wait much longer to enter ownership.
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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In fact these trends, coupled withthe over-all ownership rate, prove that affordability has remained essentially constant through this entire 40 year period - if it had not, we would have seen a significant drop off in the over-all ownership rate.
