Quote:
Originally Posted by b0son
Before covid-19, we were looking for an investment property (long term aim to sell on the cheap to my daughter one day when she's ready to settle down) in the various new estates in SW Sydney. 3-4br on the smallest block you can get away with. None had spas or theatre rooms, landscaping was little more than lawn and a couple shrubs (its a council requirement, builder cant hand over bare dirt), single garage, barely enough yard to hang up washing (probably couldnt even fit a hills hoist in many of them). The most significant mod cons were a decent kitchen/bathroom and aircon. They'd add at most $30-50k to the total cost.... $550-650k. That's the entry point to the Sydney market for most FHB's ... $550-650k.
On a casual job. With no long term security. And you want to blame young people for that? If you've taken advantage of the generous capital gains tax treatment property investors receive, then you are the one who is squarely to blame. Investors alone have driven the property booms of the last 20 years. FHB are hardly to blame for the types of new homes on offer. The vast majority of established homes are not on the outskirts, they're on bigger blocks, they're way out of most young peoples budgets.
You left out the most important thing. You could build that home on 2-3x your annual income. You cant even get a block of land for that now. It was viable to have one car then because it was viable for the wife to stay home full time. Those days are long gone.
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Its like people trying to compare generations of sports players to other in different era's. On basic stats you can, but the reality and other external factors are completely different. Its not apples and apples.