Yeah but in each one of those examples can you show the price of houses v single income. The difference between 74 and 2011 would be mind blowing ....a wake up call of sorts.
In 1974 women couldn't buy a house in their own name solely as the breadwinner unless they were career women past their child bearing age.
In those day a single male wage was the household income. A lot has changed since then and now the household income is two wages for an FTB, or about 1.8 times a single wage as a median.
I know that you're going to say that it should still be calculated on a single wage, but it's not, so get used to it.
It's a little difficult to do an accurate comparison based on a household income, because in 1974 there was no assistance for child minding, Family Allowance, and tax rates were a lot higher then. Houses are also much better and more energy efficient.
Certainly on balance I think that houses are a little higher priced now, but not as much as you think. I think that the major difference is that the outer suburbs are now a lot further out, but what other way is there, and supply is not keeping up with demand. There is also a lot of extra "tax" loaded into a house now. really I don't know how they can fix that, if they ever can.
Any expressed market opinion is my own and is not to be taken as financial advice
In 1974 women couldn't buy a house in their own name solely as the breadwinner unless they were career women past their child bearing age.
In those day a single male wage was the household income. A lot has changed since then and now the household income is two wages for an FTB, or about 1.8 times a single wage as a median.
I know that you're going to say that it should still be calculated on a single wage, but it's not, so get used to it.
It's a little difficult to do an accurate comparison based on a household income, because in 1974 there was no assistance for child minding, Family Allowance, and tax rates were a lot higher then. Houses are also much better and more energy efficient.
Certainly on balance I think that houses are a little higher priced now, but not as much as you think. I think that the major difference is that the outer suburbs are now a lot further out, but what other way is there, and supply is not keeping up with demand. There is also a lot of extra "tax" loaded into a house now. really I don't know how they can fix that, if they ever can.
Peter 22% of our homes are lone occupants and that is to rise to 31%. How can there be any shortage?
In those day a single male wage was the household income. A lot has changed since then and now the household income is two wages for an FTB, or about 1.8 times a single wage as a median.
Sure has changed a lot. I think the household income is calculated as the income of everyone who lives in the house though doesn't it. The kids incomes are included too I read which scews it even more.
Is the answer 'because these people don't want to downsize or share' ?
Correct. Which is why we need a carrot and stick approach. Social isolation for the aged is a national disgrace and 'ageing in-place' is a complete social failure. Land tax, with reverse mortgages provided from Centrelink, as well as the option to downsize and put the capital left over into govt bond excluded from the pension mean test is a good start. We should also create a Family Assist Part S, for seniors to share with a family and the rent the family receives to be tax free as well as receive a govt $10k grant per year to do so. This will help the young with mortgage stress.
Is the answer 'because these people don't want to downsize or share' ?
Correct. Which is why we need a carrot and stick approach. Social isolation for the aged is a national disgrace and 'ageing in-place' is a complete social failure. Land tax, with reverse mortgages provided from Centrelink, as well as the option to downsize and put the capital left over into govt bond excluded from the pension mean test is a good start. We should also create a Family Assist Part S, for seniors to share with a family and the rent the family receives to be tax free as well as receive a govt $10k grant per year to do so. This will help the young with mortgage stress.
You do have a point about the sole occupants that was not such a feature in days gone by.
We have Gen X who left their housing needs until later in life and now they are playing catch up, we have the Boomers who are entering retirement and will live longer and in greater health than the preceeding generations (as will the following generations) so they will occupy their homes for longer. We also have high immigration and slow subdivision development approval times holding down supply, and there is a huge amount of costly compliance on aged care facilities - it's a perfect storm.
I really know little about the social security system and I wouldn't like to make any comment on what benefits should be made, but perhaps a policy to accelerate the type of aged accomodation that appeals to boomers to entice them out of their homes and into aged communities. That would free up a lot of existing supply. It's a thought.
You do have a point about the sole occupants that was not such a feature in days gone by.
We have Gen X who left their housing needs until later in life and now they are playing catch up, we have the Boomers who are entering retirement and will live longer and in greater health than the preceeding generations (as will the following generations) so they will occupy their homes for longer. We also have high immigration and slow subdivision development approval times holding down supply, and there is a huge amount of costly compliance on aged care facilities - it's a perfect storm.
I really know little about the social security system and I wouldn't like to make any comment on what benefits should be made, but perhaps a policy to accelerate the type of aged accomodation that appeals to boomers to entice them out of their homes and into aged communities. That would free up a lot of existing supply. It's a thought.
Peter Always a pleasure to see you thinking. Much respect.... Note, 10% of our homes have 5 or more occupants.
Correct. Which is why we need a carrot and stick approach. Social isolation for the aged is a national disgrace and 'ageing in-place' is a complete social failure. Land tax, with reverse mortgages provided from Centrelink, as well as the option to downsize and put the capital left over into govt bond excluded from the pension mean test is a good start. We should also create a Family Assist Part S, for seniors to share with a family and the rent the family receives to be tax free as well as receive a govt $10k grant per year to do so. This will help the young with mortgage stress.
Centrelink already provide reverse mortgages for pensioners. But it encourages oldies to stay put, not downgrade or share with their kids.
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. Its just hes not liking what he sees.
