Sydney’s median house price to hit $2m, Perth $1m by 2027 (1 Viewer)

[spiderfan44]

im going to become the walter white of environmental science to afford a mortgage on a house by accepting bribes to allow companies to use asbestos as air conditioner filters in schools #GRIND

 

[Duskheaven]

To answer:

1) I am a mid-level public servant (a senior individual contributor, not a manager), I make above average wage but certainly not the top-3%.
2) My mum is a secretary, Dad is a blue collar worker (he has a trade but doesn't use it). Between them they dropped out of school in Year 9 and 10 respectively. They have done well with property, however their liquidity is fair pedestrian. My parents situation is hardly unique.
3) I went to the local catholic school and throughout our upbringing, we were constantly told to work hard and save our money. Why? Because my grandparents grew up in abject poverty - not the Australian kind, but the third world kind. They didn't want their children to experience the same. On a tangent, my partner is an Anglo-Australian and culturally, they dont seem to have any drive when it comes to finances or building better lives. I grew up with immigrants (Italians, Greeks, Arabs, Viets, Chinese, Indians etc) and almost universally, these ethnics had a determination to succeed in life and get ahead financially. Aussies on the other hand just coast through life with an IDGAF attitude. This probably why its always a Darlene Jones on ACA complaining about not being able to afford rent, not a Bu Jinwang or a Gianpiero Calluzzi (hell Darlene is probably one of their tenants).
4) Im 31 with no children - if I had children before I was financially capable, that isn't anyone else's fault but my own.
5) I invest for cash-flow primarily, not capital gain. So I've probably seen a total increase in value of around 15-20%.
6) I did rent for two years whilst my partner and I built our new home and I agree, it sucks. Hence why I knuckled down and worked hard to avoid that being anything other than a temporary necessity.
7) My parents went guarantor, which was a huge help I will admit. However, it probably saved me around 12 months total, so not the difference between success and failure

Im not saying everyone can do this - my partner grew up with very little. Furthermore, due to her home-life she needed to move out at 18. In her situation, I agree there is very little one can do. It would have been significantly more difficult for her to own a home given those circumstances.

As I said above, staying at home for as long as possible is probably the best thing you can do in terms of setting yourself up financially and buying property. The reality is, many people have this option but they choose not to exercise it because they want their independence or whatever. Furthermore, there are some great affordable properties out there, you can get a 2-1-1 unit 15-20 minutes from the Canberra CBD for around $320k. This is very affordable for a lot of people, however good luck finding anyone other than an investor to purchase it. People just arent willing to settle and be realistic.

I have all the time in the world for people like my partner who are doomed by circumstance. I have no time for those who have decent circumstances but make bad decisions and complain when they cant get their financial act together.

1.

To answer:

1) I am a mid-level public servant (a senior individual contributor, not a manager), I make above average wage but certainly not the top-3%.
2) My mum is a secretary, Dad is a blue collar worker (he has a trade but doesn't use it). Between them they dropped out of school in Year 9 and 10 respectively. They have done well with property, however their liquidity is fair pedestrian. My parents situation is hardly unique.
3) I went to the local catholic school and throughout our upbringing, we were constantly told to work hard and save our money. Why? Because my grandparents grew up in abject poverty - not the Australian kind, but the third world kind. They didn't want their children to experience the same. On a tangent, my partner is an Anglo-Australian and culturally, they dont seem to have any drive when it comes to finances or building better lives. I grew up with immigrants (Italians, Greeks, Arabs, Viets, Chinese, Indians etc) and almost universally, these ethnics had a determination to succeed in life and get ahead financially. Aussies on the other hand just coast through life with an IDGAF attitude. This probably why its always a Darlene Jones on ACA complaining about not being able to afford rent, not a Bu Jinwang or a Gianpiero Calluzzi (hell Darlene is probably one of their tenants).
4) Im 31 with no children - if I had children before I was financially capable, that isn't anyone else's fault but my own.
5) I invest for cash-flow primarily, not capital gain. So I've probably seen a total increase in value of around 15-20%.
6) I did rent for two years whilst my partner and I built our new home and I agree, it sucks. Hence why I knuckled down and worked hard to avoid that being anything other than a temporary necessity.
7) My parents went guarantor, which was a huge help I will admit. However, it probably saved me around 12 months total, so not the difference between success and failure

Im not saying everyone can do this - my partner grew up with very little. Furthermore, due to her home-life she needed to move out at 18. In her situation, I agree there is very little one can do. It would have been significantly more difficult for her to own a home given those circumstances.

As I said above, staying at home for as long as possible is probably the best thing you can do in terms of setting yourself up financially and buying property. The reality is, many people have this option but they choose not to exercise it because they want their independence or whatever. Furthermore, there are some great affordable properties out there, you can get a 2-1-1 unit 15-20 minutes from the Canberra CBD for around $320k. This is very affordable for a lot of people, however good luck finding anyone other than an investor to purchase it. People just arent willing to settle and be realistic.

I have all the time in the world for people like my partner who are doomed by circumstance. I have no time for those who have decent circumstances but make bad decisions and complain when they cant get their financial act together.

2. I think Sydneysiders with property owning parents don't know how good they have it - they all think they are normal. The majority of Australians don't actually have access to these high-paying city jobs without renting. (but I will assume you have all the time in the world for this demographic)
3. "Ethnics" generally do out achive anglo-Australian - as their parents on average have made large jumps in their own socioeconomic mobility, they expect the same of their children. But, they are definetely still feeling it. I do engineering, and, most of my friends were international students. The ones that managed to stay on, all engineers, are all ”complaining" despite having a far higher income than average for their age. For the non-anglo-Australians, haven't heard good things but I'm not in frequent contact.
4. In regards to children, it should be an expectation that the vast majority of young people are financially stable enough to have 2-3 children within a woman's natural fertility range to reach replacement levels. You are successful - and an outlier - yet you're also 29, so ... although you are still within this range, you are edging closer and closer to this point, so it is likely this cannot be replicated on a socital scale. Any pushbacks (such as not being able to stay at home, or, not getting the guarantor could've set you back beyond this point, 15-20% increase in values etc) could definitely put you beyond this point.
5. 15-20% is definitely on the low end but still represents a large increase in terms of how far it would off-set young people, especially considering highschool students will likely not be predicting the 15-20% increase that has occured now, but, the increase that will occur after they are employed. OFC, they could buy even further out, but, it is to be seen as to if this is as good of an investment.
6. Your wealth generation stratergy is banking on rental prices and property prices being stable (and perhaps your parents actually being a guarantor if needed. It is a lot of risk which had paid off for you, but, it won't always.
7. Definitely benefit from having the WFH job. This, again, greatly reduces your expenses as you can work further away from city centres & travel costs. WFH jobs can't be replicated on a societal scale (and are hard to obtain purposefully even on a individual level).

 

[synthesisFR]

If you don't believe me, ask my partner what she prefers, this life or the yolo, paycheck to paycheck instability she grew up with.

bet just drop her @
(is jk dont ban me pls)

 

[enoilgam]

what's it like working from home 5 days per week (or working remotely)? curious

When the pandemic first hit, I hated it. However, after the first wave I went back a couple days a week and that opened my eyes to how much better WFH is in general. Like, the office is nowhere near the social hub that it was pre-COVID. Also, the whole idea of in-office work being more "collaborative" is kind of rubbish for a lot of professions - I swear on the odd-occasion I do go to the office, people have no interest in collaborating. They put their headphones on and ignore everyone else. To top it all off, when I was in the office, I was frequently being called into Teams meetings. Like, if I want to sit on Teams meetings and not be able to talk to anyone, Ill do it from the comfort of my own home (for far less cost).

On a practical level, as you get older it is also very beneficial. My partner is an ICU Nurse who does shift, so because I WFH I can get a lot done and take the load off her. It was also great when we were building because I could head out on site at a moments notice to deal with the builder.

 

[scaryshark09]

When the pandemic first hit, I hated it. However, after the first wave I went back a couple days a week and that opened my eyes to how much better WFH is in general. Like, the office is nowhere near the social hub that it was pre-COVID. Also, the whole idea of in-office work being more "collaborative" is kind of rubbish for a lot of professions - I swear on the odd-occasion I do go to the office, people have no interest in collaborating. They put their headphones on and ignore everyone else. To top it all off, when I was in the office, I was frequently being called into Teams meetings. Like, if I want to sit on Teams meetings and not be able to talk to anyone, Ill do it from the comfort of my own home (for far less cost).

On a practical level, as you get older it is also very beneficial. My partner is an ICU Nurse who does shift, so because I WFH I can get a lot done and take the load off her. It was also great when we were building because I could head out on site at a moments notice to deal with the builder.

I feel like when ur young, going into the office is beneficial. If you have a young and vibrant team, you can make friends and collaborate. If they're older, you can learn and pickup on small things over time that they have gained from experience.

once you get older, i understand why WFH would be better.

 

[enoilgam]

I feel like when ur young, going into the office is beneficial. If you have a young and vibrant team, you can make friends and collaborate. If they're older, you can learn and pickup on small things over time that they have gained from experience.

once you get older, i understand why WFH would be better.

I was actually going to say this, from a HR perspective I highly recommend people at the beginning of their careers to go in. It isnt as good as what it was before, but it is really beneficial to your development. It also teaches you how to navigate office politics, which is very important in almost any corporate job.