"I’ve been saving for a house for about five years. And I’m further away than when I started,” he sighs.
Literally how we felt, and that was quite a few years back. Can't imagine how it feels these days.
this post was submitted on 28 Apr 2024
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When it comes to those in their 30s, Grattan Institute data shows that in 2016, 30-year-olds contributed twice as much to support older Australians’ living standards than Boomers did at 30. And that’s adjusted for inflation. ... The data projections expect 30-year-olds in 2041 to be paying nearly four times more.
Solid data behind the ladder pulling younger generations have been calling out since before the whole "avocado toast" boomer entitlement.
this generation has contributed more to support older generations ... in part, because more well-off, older Australians are paying less tax.
I guarantee boomers and Gen-X won't support a rebalancing, especially the type of rebalancing required — where housing being treated as an investment vehicle needs to cease via a dozen extreme regulations — like banning all ownership beyond a single investment property, banning all corporate ownership including SMSF's, banning of non-resident ownership, extreme taxes for empty property, and most penalties (beyond a sensible grace period) including outright forfeiture and resale of the entire asset; coupled with strong tenancy regulations to bring us in line with the EU, where the status quo is the opposite of Australia, instead of renting = temporary accommodation and housing insecurity.
Gen X here. I also just bought a house a year ago. I support the elimination of housing-as-investment. It has always been a smoke and mirrors trick anyway.
You buy a house to live in. You put money into that house. Eventually, 30 years later, I won't have to pay a mortgage any more but by that time I'll be a very old man. In the meantime the value of the house has gone up. Hooray? Not really: I can't get that money back out and live on it. To live on it, I'd have to sell the house. Then I'd need somewhere else to live. Oh, I suppose I could buy a house? Except the value of every other property has gone up just like mine. It's break-even. It's not an investment for anyone except developers and massive real estate corps.
I never understood why people care so much about their property values. I personally think it makes me worse off when my house goes up in value. Now I have to pay more in property taxes and I can’t move because all other houses are way more expensive too.
I've been saying all this shit for years. Fuck John Howard and fuck greedy boomers.
Housing is a human right.
I totally hit the 30 year olds 30 years ago and my son is in the same age range now. He can't afford to live on his own and I figured that if I was going to help him, I'd rather buy a condo for him to live in. I plan on putting it in his name when its paid off. Then I know he'll have stable housing after I die. HOA + property taxes + utilities are way cheaper than rent.
So I just read this, having just turned 30 in February and my wife turning 30 in 3 weeks time; it is super depressing.
We're not even doing that badly we think, we are paying off two houses live in one rent the other. I'm a qualified tradesmen for the last 9 years my wife is about to finish her apprenticeship after 4 years.
We're struggling, we're not drowning I guess but fuck me we both work flat out 50 plus hours a week each and have no idea how we're going to have children, pay for them especially while one of us stays home to look after them.
Obviously we're doing better then a lot but people should be able to have one home on a single wage and support a family.
Man I have issues with this. Your intentions are right and think you're in the right mind set with trying to sympathize with people, but you own TWO homes and complaining about not having cash. Sell one, don't be a landlord and start investing your money into one property. It's silly to me that you are two people earning money, with two homes financed, one if which is generating extra income, and are talking like you're single struggling to even find a place to live when everywhere is priced out, all because theres people with multiple houses trying to make a living off of the backs of others. I guarantee someone would love to own a first home let alone a second. Sell your second house start living within your means.
Of course I don't know you, you could be renting it out to a group of homeless aids riddled children, but something tells me that's not the case. There is something that doesn't add up with your situation in why your struggling so much and you should re check your finances and spending habits.
We own two houses because we bought a house each before we were ever together to live in.
The house we have rented out doesn't even cover the mortgage costs of the house. The problem is if it were sold today it's a 100k loss.
I'm not saying we're on full on struggle street but two incomes should be heaps, instead it pays for just enough for a regular life.
We should be in a way better position.
The problem is if it were sold today it’s a 100k loss.
How does that work? House prices have been going up since forever. Even if you bought at the highest peak and sold at the lowest trough of the last 5 or 6 years (if not longer) I'd be surprised if you managed to lose money on a house.
Because one house is in the northern Territory and property prices fell out the arse after the gasplant build
It's a myth that house prices always go up. There are plenty of apartments in Melbourne CBD around $400k, which is what they cost ten years ago.
Yes, nice big 4 bedroom two bathroom houses in nice suburbs have massively increased in value. But the bottom end hasn't moved nearly so much, because the buying power of the bottom end purchasers hasn't increased by that much.
I appreciate how much you both work. I've done 80-hour weeks before. I'm not confident you have a strong grasp of the poverty gap, but I'm sorry you have an immediate (albeit terminable) struggle due to prior investments that you had the agency to make.
Yeah, I'm sorry, I had to stop reading when I read that they own not just one but TWO homes. I saw red.
Meanwhile, I'm relatively terrified that my retirement will be living in a cardboard box under a bridge after suffering from multiple strokes based on family history.
Yeah we're similar. We're 29/28, we own our house outright, and have 9 investment properties. But with interest rates what they are and the Mrs switching to part time work, we don't know how we're going to afford to buy our 10th investment property. We might have to compromise and make it an apartment 😭
Our parents had it so much easier.