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Australian house prices more than nine times median household income; For more than 100 years the average Australian family was able to buy its first home on one wage
Topic Started: 24 Sep 2013, 12:47 PM (6,489 Views)
genX
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Strindberg
24 Sep 2013, 06:03 PM
ABS Housing Costs and occupancy Report 2011-12 - FHBs with a mortgage in 2011/12

Mean gross weekly income = $2120 ($110,542 pa)

Mean value of dwelling = $393k

House price/income ratio for FHBs in 2011/12 = 3.5
6310.0 - Employee Earnings, Benefits and Trade Union Membership, Australia, August 2012
In August 2012, the median weekly earnings in main job for all employees was $950

APM Stratified National Median House Price September 2012 $533K.

Median house price to median income ratio = 10.7


:bl: :bl:

Posted Image

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Veritas
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Pig Iron
24 Sep 2013, 06:57 PM
and yet he very clearly states he is talking about first home buyers.
so is he stupid or misleading?
Look at the graph Timmy.

The data it is based on is median house prices. I strongly doubt the FTB data strindberg has used goes back that far.

In this way, the authour is only working with the data available.




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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Strindberg
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Veritas
24 Sep 2013, 09:40 PM
Look at the graph Timmy.

The data it is based on is median house prices. I strongly doubt the FTB data strindberg has used goes back that far.

In this way, the authour is only working with the data available.



The graph in the article is based on Stapledon's data. It has nothing to do with income. It has no income components.

Where is the data supporting the author's following statement? It is not in the graph as claimed.

Quote:
 
As can be seen from the accompanying graph, the median house price is now - in real terms that is - relative to income, more than nine times what it was between 1900 and 2000.


According to the ABS the mean house price to income ratio in 2011/12 was 3.5 for FHBs with a mortgage.
Edited by Strindberg, 25 Sep 2013, 09:47 AM.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Pig Iron
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Bogan scum

Veritas
24 Sep 2013, 09:40 PM
Look at the graph Timmy.

The data it is based on is median house prices. I strongly doubt the FTB data strindberg has used goes back that far.

In this way, the authour is only working with the data available.



i'm sorry here i was thinking the part where he writes "FOR more than 100 years the average Australian family was able to buy its first home on one wage" might be relevant seeing as that's his opener.
genX
24 Sep 2013, 09:24 PM
6310.0 - Employee Earnings, Benefits and Trade Union Membership, Australia, August 2012
In August 2012, the median weekly earnings in main job for all employees was $950

APM Stratified National Median House Price September 2012 $533K.



why august 2012???
Edited by Pig Iron, 24 Sep 2013, 11:09 PM.
I am the love child of Tony Abbott and Pauline Hanson
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genX
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Pig Iron
24 Sep 2013, 11:07 PM
why august 2012???
BECAUSE THAT IS WHEN IT WAS PUBLISHED.

And the author uses median income and median house price, and Strindberg the liar has not once, but twice used the mean.

In fact, Strindberg the liar has inadvertently revealed a truth. Income disparity in increasing, as evidenced from the growing diversion of the mean from the median.
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Massive
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hahahaah.. genx the image following up the comment was pure gold..

you are so out of it using an individual's income... now its normal to use household income... its kind of how it always was really, so just use it ...

times change - and so does the way we use statistics .. mean income against median FHB price is perfectly representative of the big picture.... everything else is just white noise...
Edited by Massive, 25 Sep 2013, 01:19 AM.
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Strindberg
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Bob Day seems to be the new bear pin-up boy as a result of writing that article. "Whocrashedtheeconomy" are drooling over it.

This is the made up shit the bears are drooling over:
Quote:
 
As can be seen from the accompanying graph, the median house price is now - in real terms that is - relative to income, more than nine times what it was between 1900 and 2000.


So, Bob Day is claiming that the median house price, in real terms, is more than NINE TIMES what it was in the year 2000 - and dumb bears lap it up.
Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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Catweasel
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Strindberg
25 Sep 2013, 09:46 AM
Bob Day seems to be the new bear pin-up boy as a result of writing that article. "Whocrashedtheeconomy" are drooling over it.

This is the made up shit the bears are drooling over:



So, Bob Day is claiming that the median house price, in real terms, is more than NINE TIMES what it was in the year 2000 - and dumb bears lap it up.
Catweasel say a new the anti-narrative is special for its sparring partner.

And give The Bag opportunity to flash its fangs

and pull out its Ministry of Number propaganda.

Problem the be,

Numbers the be construct in mind of most mouse,

Including The Bag.

Even looking at Bag's interpret of a statistics,

it not even know what a hell it the looking at.

And this the same that trotted out to the mouse on daily basis through its beloved media.
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skamy
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Massive
24 Sep 2013, 06:34 PM
these days you need at least a median income to be a FTB ;)
The median home is not the same as a first time buyer home silly. There are more than 50% of the home buyers who are up graders with equity and much higher incomes than the median. Don't forget 30% of the population never buy.


Articles like the above are based on that stupid misunderstanding that the median income has EVER bought the median priced home.

The median house price is the price above which 50% of home buyers pay. The other 50% which will include most FHBs purchase cheaper homes.

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.
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Catweasel
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skamy
25 Sep 2013, 10:09 AM
The median home is not the same as a first time buyer home silly. There are more than 50% of the home buyers who are up graders with equity and much higher incomes than the median. Don't forget 30% of the population never buy.


Articles like the above are based on that stupid misunderstanding that the median income has EVER bought the median priced home.

The median house price is the price above which 50% of home buyers pay. The other 50% which will include most FHBs purchase cheaper homes.
Catweasel understand what a rapscall say.

Median the income not the much to but the mouse house,

and never the should be the benchmark.

Does mouse to need to reach the upper the quintile

for slight feeling of "made it" in mouse society?

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