Discussion of the Day
Rising property market
Apr 12, 22
When we think about rising the property market, we should think of our demand in our future generations. There s no point of increasing the prices of our rentals when we know it takes time to find people who want to move in the house, but if we low our price people will always work hard in order to pay the pills and to have food on the table
Comments
  • It was a struggle to pay our mortgage at times considering we payed extra each week - never fixed ever again. Although very lucky to have sold when we did. We now live 4hrs drive from previous home and all our family. The bright side, we have no mortgage and plan to sub divide We have decided to keep the existing home as a rental - affordable for young family and our children may need it in late late future. We understand rental pricing is out of control, you have people offering any extra they can afford to pay their property agent just to keep the lease only to find the owner is asking more. It’s disgusting. Walking through the city central the amount of people congregated getting ready to camp for the night was sad. Not all have chosen to live like that. It’s the only way they can save a few dollars to send their family living in all sorts of squaller, families broken because not all can be taken in at same residence. I have concerns these people will be forgotten by society and it could be generations before stability is returned to the families doing it really tough. These extra pressures do drive people to find escape in drink and drugs. The effects are not just damaging now it’s the beginning of the cycle that becomes hard to break out from. The government has a lot to answer for. It’s not just housing or addiction now. They are going to have to re educate and we all need to stop the reliance upon the government. Do what you can for yourselves and your neighbours- rebuild community, share and be equal. Be happy with minimal. Our grandparents survived on less. There’s nothing wrong with bread and water
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    • Would like to have a house one day
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      • SOUNDS GOOD MORE PEOPLE WILL DO IT & AS MY MOM USE 2 SAY SOME BEAT NONE
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        • I think we have to put a stop to foreigners and people who only come here to buy real estate and businesses just to make money that goes back overseas. We have to be more stringent with who we give our passports and citizenship to. The prices of real estate and housing is at ridiculous rates and only those with huge amounts of $$$ can buy. The governement must ensure that our citizens are able to buy at least one real estate property that they live in which will later help pay for aged care. Aged care facilities must not force people or families to sell the family home for their bonds. The property can be leased out to provide funds for the elderly person in care. I have three adult children, one has bought a house and has a family, the second one has a property but also has a very high paying job with hardly any financial obligations and my youngest still lives me with busting her poo poo valve trying to save for her first home. Not having to pay rent and having most of her living expenses paid for by me hopefully will help her get a decent deposit together. The younger generation must realise that it will take hard work and sacrifices to get your own home, but the independence and feeling of achievement will be worth it. But you have to live frugally and not toss your $$$ away on drink, partying, clothing etc.
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          • We worked hard my husband went North & earned good money.I was home with 2 kids went cleaning( I could take my little one with me) .I banked all I earned It was tough but the kids today have it tougher. I taught mine to budget & live WITHIN their means & to put all small change in a piggy bank(it's amazing when full how much you Can save)Don't smoke we always had a drink at the weekend .My girl friends & I swapped kids clothes & school hols we would go on picnics share petrol cost & alternate whose car we used .The kids if we went to a park would play footy or cricket.Beach was a great outing as was the Museum or the art gallery .We would budget for a movie during the hols & of course we would visit each other (& other friends )We always had a date night (at home ) we dressed up & cooked a great meal a glass(sometimes a few )of wine & the kids new it was our time .We would have kids Trivia on a train trip (free if between certain hours)Those were the days (as the song goes)We bought our own home small & modest we did have some luck when the land was rezoned.The profits when we up graded our house went straight off the mortgage.Kids (when at school)had 1 day when they used the Tuck shop ALWAYS had good lunches .(As the song says)I remember it well .We are now retirees in our 80's Our kids were educated( not squares very outgoing & have done very well .I am now giving advice to Grand kids (Only if asked for )but all 6 work hard & are doing well we are very proud of them all & 2 of them have given us 3 Great Grand kids & hopefully more to come. I hope I haven't bored you all
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            • I rent and had to move to another town to get a rental...where I was living the prices were crazy high....but I love my new town and home...I'm paying the same I was but a bigger place...
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              • Also meeting new people & making friends
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              • CelyEdith v
                I find it hard to make friends...scared actually that they will leave like they have in the past
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            • Prices just crazy most aren't worth the money. Have to me a millionaire these days to rent or buy. We all aren't on politicians wages!
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              • Politicians at all levels of Government are not particularly overpaid compared with Government Department heads and CEOs of large Corporates. House prices are unfair and young people will find it hard to ever buy a home and it will get worse if we increase immigration numbers.
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            • You are so right Elins, new buyers will be paying for their houses for years to com
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              • Totally agree
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                • Prices are so high. We pay $250 more rent per week since last year. But we have a nice modern, warm, confortable home. Thank goodness that WINS helps
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                  • You sound so appreciative & I can imagine your warm loving home can you sew or knit you could help others learn .I loved your comment you came over (to me) as a warm loving woman It would be an honour to meet
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                • When we came to Auckland in 1979 we had one wage and our first mortgage with the ASB was 21% , but we survived. Always make the most of what you have got.
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                  • Good onya Robert what a great attitude I wish you all the best in life .ENJOY
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                • Isn't the real problem with rising house prices more as a result of the current generation, and the one before it too, wanting "Instant Gratification"? None seem to be content to start out small and over the years build up to bigger and, hopefully, better places. They want the Top of the Range and they want it NOW, they want their mansions, their houses with 5-7 bedrooms, 8 bathrooms, a family room, an office, a formal lounge, a formal dining, a kitchen which has all the latest, most expensive appliances with room to have an Eating area, then outside they want a garage capable of housing 3 or 4 gigantic 4WDs or similar tanks, the pool is a Must Have, What they seem to forget is that despite the crowing by governments about Low Interest Rates and how they have managed to bring this about those Interest Rates are not Fixed for the 35-years - if you are lucky it is just a couple of years - then when the Interest Rates start to rise - which is inevitable - people start to find they can no longer actually afford to live in those monstrous houses, they go on the market and "Oh! Poor Us, We ARE Victims because the value of our house has suddenly dropped by 15% or much more so the price we get doesn't cover what we owe!"
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                  • Look at any property and prove it is worth what they are asking for it. In 2015 I sold my fathers property that he built in 1935 for a princely price of 100 Pound for the land and 350 pound for the house a cavity brick place that he was derided for from the very beginning as way too expensive. To add to that all the internal walls where brick so the Block People who walked in talking about knocking walls out where very disappointed when it was pointed out not only was it brick everywhere but everything that the Architect had designed was herteridge listed which drove me crazy because you broke a piece of glass the glazier would give an invoice for 3 mm Glass that was fitted the the woman from the commission would go into rants that it had to be 1/8 glass fitted into the steel framed windows. Did not matter that 3mm is 1/8 she would then tell the glazier to silicon the glass to the metal frame to hold it in place and then putty the outside. The silicon glued to the metal frame great but caused it to rust and then not only eat away the frame but it also broke the glass within 6 months so I had to go through it all over again to get exactly the same result. but this time with the frame disappearing faster than I was at all happy with and all but impossible to repair without spending thousands of $ in the process not to mention having the entire window out for months at a time while it was being rebuilt. I eventually got feed up with the idiot glass repair threw the Glazier out and did it myself started by derusting the frame and painting it with rust killing paint then lined the inside with putty placed the glass into the frame and did the outside of the frame with putty and then trimmed it all off so it looked like new the way it was originally done. She was ecstatic with the job but claimed it would have cost me a mint to do that way and then started on about the 3mm glass not being right. I was more than a bit feed up by that stage so I grabbed a set of digital Vernier's showed her how to use them and then measured some of the broken glass that had been removed which surprise surprise read 3 mm and then a bit of the new glass that was an off cut of the replacement piece. It was the same thickness but as it was not in Imperial Measurements it was not acceptable. We settled on a compromise by changing the measuring scale of the Vernier's from metric to imperial and listed a 5 digit long decimal of an inch on all the paperwork. The next time a new person came out and asked why I was showing an Imperial Measurement because it was just 3 mm glass talk about bashing your head against a brick wall that could never be repaired because of the way the bricks had been laid it couldn't happen that way now because OH & S would prevent it but it used fewer bricks and gave a bigger internal dimension of the house/rooms whatever. Anyway the long and short of it all was that house and land which cost the original owner 450 pound sold for 1.2 million where just maybe if the knocked the house down they could have put up a McMassion that would justify the price but that was never going to happen because the Commission would string the person up by their goolies if they damaged any render on the outside wall. The new owner built a garage outside the front of the house so you could not see any of the front elevation extended the back out quite a bit and added in another hall to get through the second bedroom to the sunroom with Besser blocks. has to rip up the cedar floor to do it as well and destroyed the Tarsio Floor in the bathroom though they could not take out the tiles that had been put in years after the house had been built but the ones around the bath tub could be broken out as they had been put straight into the wet render and where basically there for the life of the wall. Quite OK to cut the bath tub out and raise it to the floor level as sunken baths are not wanted any longer apparently. They then when finished placed it onto the market and sold it for 380.000 less than they paid me to buy it and god only knows how much they wasted "Doing It Up." Anyway the property wasn't worth the 1.2 million to begin with even if you could see the clock face of the city hall clock from the back yard. The reason it sold for that much from the original owners family was compound interest which if given enough time makes everything much more expensive that it is worth and far more than you could ever hope to recover if it was totally destroyed. Sometimes I think the people who build in Flood Zones have the right idea they know the place is going to go under the power poles will be underwater and they will effectively have nothing but the land when the water recedes and lots of rubbish which they have to pay to have dumped. The land is worth virtually nothing and the buildings that they put on it will only be short term as they will also be washed away every 40 or 50 years and those are the only places that are buyable/rentable. Even the original houses that went through the 74 floods where relatively intact a few holes in the ceilings where a fridge or something had pooked it's way through the fibro but most everything else was intact. The Insurance Companies realized that the wall cavities had filled with mud which stank just like the flood waters every time there was any rain and it got damp so they pulled out all the internal walls hosed the houses out replaced most of the stud with with pine and covered everything in Gyprock. The next flood caused the stud work to rot the gyprock to disappear as it dissolved in the water everywhere except where there was some glue holding it to the studs and this time destroying the houses almost completely.
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                    • Yeah the interest rates will hopefully be going up in June this year. When we owed money the interest rates went up and up, so we sold up and then we had money in the bank and the interest rates went down rock bottom low. Been saying the banks better start paying us for our money in the bank or as a lot of other people have taken their money out and put in into other commodities and then bank won't have any money for borrowers to borrow against. Interesting times a head. Doubt if it will go as high as 18% like it did in the 80's and we suffered through those times and survived.
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                      • When the RBA starts raising the interest rates there will be a Property Price adjustment I doubt if it will be a “crash” However there will be some pain for those who have taken advantage of the cheap money Also I don’t believe Overseas investors should be able to buy property especially when we can’t?
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                        • They are saying around 15% drop in housing prices. Well I guess we will have to wait and see. Any drop is a good drop.
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                      • I find it offensive that overseas based companies and individuals both own and benefit from the ownership of Australian real estate, particularly when the similar 'rights' are denied to 'non' residents in most overseas jurisdictions,
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                        • Where do you begin? Firstly governments of all persuasions over six decades are to blame. The blatant selling of negative gearing by banks and lending companies starting in the 60's and stoked by these governments is partially at fault. The restriction of land release and the cessation of building of public housing so as not to run in competition is another. The primary reason for governments to do this was a need to move housing from the public sector to the private sector and thereby relieve them of the burden of housing. To maintain this growth governments have followed policies that have artificially kept the market buoyant instead of the four and eight year boom and bust cycle that the market should endure. There is much more but I have bored everyone enough
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                          • I just hate the way property keeps increasing, it was better before when your house increased a little in price.
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                            • Only people who live in the country should be able to buy property in the country. Too many homes are left vacant for the majority of the year by wealthy overseas owners. No more property investors. People should no longer be able to make a living from the basic human need of housing. Negative gearing was designed for a different world.
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                              • I've worked hard all my life, now that I'm retired and own my home outright, I don't care about house prices increasing. It will be hard for future generations but that's life. Who said, " life wasn't meant to be easy"?
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                                • the rising property market is so greedy. it's already difficult to keep up with all the costs of everyday living and everyone is entitled to have a roof over their heads. Our young generations are going to suffer in order to purchase a property and struggle to put down a deposit/meet mortgage loan repayments. stamp duty is the biggest overall cost.
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                                  • I agree property prices are rising but the bubble will burst within 12 months. High rents are not helping people to find suitable accommodation.
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                                    • In a very ungodly way these days some people are just very greedy and some are just extraordinarily lazy. Are the market prices the result of all that? And which part of people is guilty?
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                                      • I do not think that there will always be a situation where housing prices will go up all the time - just something we have to accept
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                                        • The problem is most people moving to this country want to live near or in the cities
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                                          • Australian Governments have been inclined to want more people to live in Australia without thinking "where will they live?" In earlier efforts they provided basic housing and as the newcomers saved enough they found more appropriate living arrangements themselves. Recently, with more immigrants they seem to have little assistance from Governments but left to find there own way in an already stretched market and little Government incentive for affordable housing.
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                                            • The biggest problem is there is no 'public' housing that people can eventually buy to get themselves off the poverty line.
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                                              • SORRY, No COMMENT AS i NEVER HAD THIS EXPERIENCE, THANK GOD
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                                                • If food and petrol costs rise then people need more money to live so naturally property costs and rent go along with it because some property owners rely on their property for income.
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                                                  • we are suffering from the rising property market. The price of rentals has gone through the roof and the amount of people looking has increased. We are finding it extremely difficult to get into a new rental accomodation
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                                                    • Migrants come to Australia because of the high standard of living by comparison to so many other countries but we seem to be slipping more and more into the haves and have nots.
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                                                      • Everything is rising so why not property tax food water electric all went up so it is staying up with the market.
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                                                        • i agree, learned from my father that keeping the rent 10 percent lower than the market rate, encouraged long term renters and thus less down time between tenants.
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                                                          • Its never easy for peoples to steps in house market. When my dad did he work three job plus long hours. He never buy his self nothing at all to saved up all the money he can to buy a house.
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                                                            • There needs to be more homes for lower paid workers, also incentives to save enough for a deposit. Maybe rent to buy for social housing.
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                                                              • It's a vicious circle, the have and have nots, this is nothing new just more impacted as there are now more people in the world, unfortunately the poor far outweigh the rich and definitely not because they EAT MORE!!!
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                                                                • A sign of the times unfortunately and not entirely because of Covid,we have the Ukraine and Russia war to thank for this too with the rising costs of everything.
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                                                                  • if you want something, you have to do with out other things to get the big things and struggle for years to make it come to fruition then have house and get rated out of it-seems pointless and sad. I am currently paying nearly $5000 plus extra for any water I use [charged by local government ]per year for the privilege of living in my own home
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                                                                    • That is a general thinking, that will be good for the renters, unfortunately, the housing market has blown right out of reach of the middle and lower-income earners. and it falls nicely on the laps of the greedy landlords I thing the government should out a cab on landlords of their rent increase
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                                                                      • the world is crazy!
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                                                                        • It's very hard for first home buyers because of rising market property
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                                                                          • THE PROPERY MARKET ID RIDICULOUS. THOSE RENTING PAY TOO MUCH & CAN'T SAVE FOR A HOUSE & THOSE OWNING A HOUSE CAN'T AFFORD IT BECAUSE OF HIGH RATES
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                                                                            • The rising of the property market is going up in which many people can't afford to live in their houses.
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                                                                              • When the interest rates rise the sales of housing will drop and when people have to start paying that rise in interest rates on the homes when they bought at inflated prices there will be a lot of people who are not going to manage very well.
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                                                                                • No I don't understand this one
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                                                                                  • Here in Queensland we have 100's of families if not 1000"s and single people trying to get rentals. Due to the fires, then floods the homes have been made unlivable. The owners of rentals have put their prices up by sometimes $100's which to me is just gouging. So we have so many people lining up for any available rental which I might add are few and far between. Many people are living with other family members or friends, are in caravans, cars, tents etc. The property market rose in one year in the price of a unit in my block by over $200,000 and the young couple who bought it a year prior made a huge profit. Not sure how that related to the house they bought when they sold this one though.
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                                                                                    • Rents and mortgages for buying a house are outrageous. They will not stop rising, unless we have a depression. Then everything will fall apart.
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                                                                                      • Either that or wages rise in line with rises in housing costs. But that would fuel inflationary pressures.
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                                                                                    • NOT HOW capitalism works? Capitalism works best when it is based on profits over people - 24/7 :-))!!
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                                                                                      • View all 4 replies
                                                                                      • Agree Walter but look at the other countries around the world. Sri Lanka is about to collapse, Asian countries are not much better, Countries in every continent are struggling but the west with it's capitalist economy is doing better. Let's hope it continues.
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                                                                                      • Hi Linda - a lot of countries are dealing with the effects of post-colonialism - except for G-20 countries - and the usa is in political turmoil over ex-president trump's attempted coup
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                                                                                      • Linda CBLACK LIVES MATTER
                                                                                        We are going to vote in 40 days. Not much of a choice actually. Hope Trump does not make a comeback or cause more hurt in your country. It seems to be imploding. Post colonialism really has been over for well over 100 years in most countries. Time to take responsibility for their own errors. A lot of the politicians who took over just ripped the countries off. I agree some of what was done in these countries for greed was dreadful and no excuses for that.
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                                                                                      • Post colonialism did not end in Asia (symbolic) - till England turned Hong Kong over to (mainland) China in 1997. Post colonialism did not end in Africa (symbolic) - till South Africa was forced to dismantled apartheid in 1992. A hundred years has NOT pass since colonialism (aka imperialism) thrive, and countries are still dealing with the aftereffects of colonialism (now known as THIRD WORLD COUNTRIES)! UNFORTUNATELY, colonialism (aka capitalism) still exists on the planet!
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