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Non Footy Chat Thread II

Chipmunk

Chipmunk

Coach
Messages
17,415
The property market is a Ponzi Scheme though.

How many people are actually buying their first home in Sydney at the median of $1.6 million? And how quickly does your median rise when all the houses on the harbour are also included. The record house price in Sydney is $130 million.

Surely you're moving up the property ladder and contributing your equity from your previous properties to buy a $1.6 million home.

If you compare the Canberra median at the $960k (60% of Sydney, so Sydney is around 1.65 times Canberra), I'd be very surprised also if the same situation wasn't occurring with previous property equity involved. In Canberra you don't have the added issue of the cost of the places around the harbour though. The record price in Canberra is only $9 million, so the record in Sydney is more than 14 times the Canberra record.

The median house price in Australia is $1,125,923, the actual average/median mortgage levels across Australia is only $615,178 (55% of house value, or 45% equity), with an average interest rate of 6.27% p.a, meaning monthly repayments are around $3,800 a month ($45,000 per year) for a 30 year loan.

I'm a single bloke with a mortgage of over $2,600 a month ($31,500 per year), ironically in a house that the mortgage is also 55% of house value/45% equity. I can still travel internationally for over 120 days last year, and I still spent a total of more than $13,000 less than I earnt in the year. I'd do the same this year if my employer let me (have to cut it down around 80 days this year).

So basically, I could afford the average yearly mortgage costs even as a single bloke.
 
hindy111

hindy111

Post Whore
Messages
63,421
Chipmunk said:
The property market is a Ponzi Scheme though.

How many people are actually buying their first home in Sydney at the median of $1.6 million? And how quickly does your median rise when all the houses on the harbour are also included. The record house price in Sydney is $130 million.

Surely you're moving up the property ladder and contributing your equity from your previous properties to buy a $1.6 million home.

If you compare the Canberra median at the $960k (60% of Sydney, so Sydney is around 1.65 times Canberra), I'd be very surprised also if the same situation wasn't occurring with previous property equity involved. In Canberra you don't have the added issue of the cost of the places around the harbour though. The record price in Canberra is only $9 million, so the record in Sydney is more than 14 times the Canberra record.

The median house price in Australia is $1,125,923, the actual average/median mortgage levels across Australia is only $615,178 (55% of house value, or 45% equity), with an average interest rate of 6.27% p.a, meaning monthly repayments are around $3,800 a month ($45,000 per year) for a 30 year loan.

I'm a single bloke with a mortgage of over $2,600 a month ($31,500 per year), ironically in a house that the mortgage is also 55% of house value/45% equity. I can still travel internationally for over 120 days last year, and I still spent a total of more than $13,000 less than I earnt in the year. I'd do the same this year if my employer let me (have to cut it down around 80 days this year).

So basically, I could afford the average yearly mortgage costs even as a single bloke.
Click to expand...

So your mortgage is about 400k give or take..... Imagine it was 800k.
 
Chipmunk

Chipmunk

Coach
Messages
17,415
hindy111 said:
So your mortgage is about 400k give or take..... Imagine it was 800k.
Click to expand...
Yeah give or take. I'm curious though the people whose mortgage is $800k whether they can make decisions where their mortgage wouldn't be $800k in many instances. A lot of people choose to have an $800k because they want to choose to live in a specific location, or have a specific size place. If you want to live somewhere specific in a certain size home, that is probably always going to come at a cost.
 
Gary Gutful

Gary Gutful

Post Whore
Messages
53,161
US Masters is arguably still my favourite sporting event. Reminds me of being a little mincer and getting up early to watch Greg Norman shit himself.
 
Gronk

Gronk

Moderator
Staff member
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77,991
the phantom menace

the phantom menace

Coach
Messages
12,008
Well... I never!

No Way Omg GIF by Lifetime
 
Gronk

Gronk

Moderator
Staff member
Messages
77,991
Senior cop on ABC says that the perp was Joel Cauci (?) 40 yo from Brisbane, he has been in Sydney for a month. Known to police. Has priors in mental health sector.
 
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