Good. Let it burn. When you can buy a beachfront property in Malibu cheaper than a run down fibro house in the inner west of Sydney there is something sick in the market. Plus the obvious fact that everyone in this country is obsessed with television shows about property auctions, renovation reality tv etc. Burn Burn Burn.
Can't wait until these yuppies who bought at ATH see their interest rates rise and property value fall off a close cliff.
damn, misread that as austria
Property in aus is an elaborate pyramid scheme. Can't wait to see more homeless
does commercial property also crash with the residential market?
Another thing that shits me is the fact that our whole economy seems to be dedicated to housing. Commercial areas are full of real estate agents and mortgage brokers, industrial areas are full of trade suppliers. Go and look on seek and a huge portion of the jobs seem to be property management.
The other obvious issue is that Chinese are laundering money into Australian property and leaving them empty. I know several couples on house number 4,5,6 paid for by thier "uncle"
Canada ain't far behind
I think you guys actually did something about it though (vacant property tax / foreign investor tax) The Australian government just strap on the knee pads and assume the position.
It’s only the inner suburbs of the big capital cities that will go backwards and so they fucking should.
Keep an eye on Toronto ..
You know I was thinking about investing in property in Austria, want to look at the prices here’s my thought process
>western/central euro nation >right wing nation >going to shut down immigration >less troublesome Muslim >less trouble = more desirable to live there >Germans and other westerners sick of Islam will want to go there >central/eastern euros wanting a better life will move there Seems like a good long term investment
People have saying it will crash for the last 5 years. It only doubled.
Well it will have a ripple effect. Outside suburbs will also be hit. Nearly every aussie family will be effected if this happens again. I'm waiting to buy. Property has already started dropping, but I don't think if will go down drastically unless they raise interest rates by a few points
pffff melbourne outer suburbs are even worse...
Ahh, this is great. If Melbourne house prices crash 30% or more in this year I'm definitely moving there from the Netherlands.
Yeah I also can't wait for the economically illiterate and 100 iq middle class to get completely fucked by greedy kikes again.
There's been talk and the usual warnings etc.. and that has all been getting louder.. but the normie has never said it will crash and does not believe this is possible, literally a rise in interest rates is the only thing that is going to stop this train, until that happens norman is just going to keep buying
Fucking finally. If only my memecoins had any gainz left that would be sweet
How would eliminating the buyers from the market possibly benefit the market?
fucking bullshit, these niggers buying everything and anything they can borrow money for are the problem, literally mainstream greed that's overdue for backfire
The big capital cities are all that matter in this country, regional areas have been stripped of their economy and their young people have all left for universities and city life.
Current prices are unaffordable unless bought with Uncle Chong's money.
Not talking about the speculators.
>going to shut down immigration
You stupid faggots really believe everything you read on an anime imageboard
owner occupiers don't have a problem, they can still live in their homes
chinks going to get burnt. delicious.
It's not going to happen. The government will find a way to keep it propped up.
If they crash that far, there will be negative consequences for the whole economy. It’s not gonna fucking happen I’m sorry. It’ll stagnate sure but it’s not going backwards.
Everyone knows it's overvalued. I agree that they'll try something though - my guess is they'll start giving more money to first home buyers.
good for people who don't own a home, bad for those who for example own multiple and want to cash out
do you have not the slightest fucking idea how overinvested the normies are in this shitcoin user?
That’s fucked, you’re clearly a degenerate or too young to understand. I’m 33 and we’ve inherited this problem from the greedy af boomers and our piece of shit government who doesn’t actually give a fuck about anyone who isn’t an elite. If the interest rates rise to the point where people can’t service their loans, the banks fuckin win nobody else.
There are property investment companies whose sole job is to get normalfags to buy 5, 10, 15, 100 property portfolios. Binvested is one of them, their owner Nathan Birch has coincidedntally just sold a shitload of properties to shore up his portfolio. The money knows it's coming.
The banks most certainly will not win, it is their money on the table senpai and everybody fucking knows it
Housing crash in europe too btw.
I'm having trouble selling my property which is a real bummer I was going to use the money to finance my beach house
>don't hate the system goy, hate your own people, the ones who are just looking out for their own best interests just like everyone else
Yes retard. But do you seriously believe that we’re gonna crash -30% in capital cities? Cunts have been saying this shit for like 10 years.. I believe it will stagnate not keep growing at such an insane rate
You know over in china they were running this shit on chink normies, they would front the deposit at a ridiculous rate to get them on the rocket, these average chinks will be even more BTFO, don't know how rampant it was though
Wtf are you even talking about. Boomers and our government have let our country become cucked by China and degenerate immigrants. At what point did I stick up for the system you literal mong
Something like a rate squeeze then sure, one in three motherfuckers is pulling this interest only shit on multiple properties, yields are negative, your average individual has next to fuck all buffer
>past performance predicts future performance Please tell me how people can afford to service 50k+ a year on a mortgage? You need two very good incomes for the bank to even give you a mortgage big enough for Sydney or Melbourne property.
Melb / Sydney will just turn in to London, NYC etc. A few people will own most of the properties, everyone else will have to rent. I have friends who own 5+ properties, and the bank is letting them buy more. It's crazy but doesn't seem to be slowing down because the politicians use this same tactic
Maybe your goys already made it I don't know, but I see a lot of next to no equity on multi properties, this is quite literally the weak point of the market because you quickly run out of room to write off the loss and are basically forced to sell
Often times they use trusts and trustee companies to hide their other houses so the banks don't know they're already on the hook for millions of dollars.
You should stop believing what you hear in the media. The will shut down nothing and are not even freely able to launch laws for minimum collateral, because they would be against the constitution >Good long term investment
what's the REAL current Chinese population in aus? Anecdotally, from when I walk through the CBD, I'd put it at at least 1 in 5. I'm not exactly sure what Australia will look like in the next 20 years but I'm assuming parts of it will start to approximate Chinese cities more and more. Whites may find themselves as 2nd class citizens as the chinks gain more economic and political power. Either way, boomer cunts deserve to be homeless. They inherited a paradise and rather than conserving it for their children, they peddled it away to savages condemning their own progeny to indentured servitude. Boomers are cockroaches, they deserve every misfortune.
I was in Springvale today and there were 10 Asians to 1 white. Same as chadstone shopping centre
chines cross aborigine? chabo?
It's smaller than it sounds and some of the new regulations actually made it harder for local first time homebuyers to qualify for a mortgage Our train hasn't stopped
Seattlefag here... same here. 2 on my street.
Damn, the way she eats them makes it look like they're delicious. Anyone get this feel?
You've proved my point.
Boomers have fucked us all, again, but that doesn't mean that a gen Y wage cuck normie has to fomo in at ATH to buy a $1m 1 bed shithole in Bondi and be stuck paying it off for eternity or eventually hand it back to the bank. Why not rent until the inevitable happens and buy at a low. Markets are cyclic.
Holy shit what a name
Guys you always forget that there are1.3 BILLION chinese that's 1/6 of global population
They apply for IT jobs without being able to spit out a sentence of English. Oh boy I'm having fun at those interviews
It's that bad though, they literally believe they have to and that nothing could go wrong on 10x leverage
They're not. Your talking out of your arse. The biggest declines in Melbourne were a couple of percent lower than last quarter despite houses having risen someyhing lile 10% a year for the past decade. There wont be a crash only a slow down. This isnt crypto cuck.
Lol I'm not a boomer but I lol everytime one of you fast-food working millennial cries about this shit.
Always gotta have a boogeyman to blame for your ineptitude I guess.
I just don't know how people are such failures. I've been on six figures since 25-26 yo. I've managed to save and invest 60-70% of my income year in year out. I'm very comfy as a single person, dual-income is even easier.
Meanwhile I've met doctors and people earning 1K+ a day with shit all savings crying about the fact that they can't afford real estate. No shit faggot, maybe stopped spending all your money on mercs, uber eats and renting a 4 million dollar house you'd actually get somewhere.
>out investing in property in Austria, want to look at the prices here’s my thought process >>western/central euro nation >>right wing nation >>going to shut down immigration i live in Austria alot of Innigrants Price for a Appartment 70-100 m2 over 200000 in Graz In Viena you pay 3000€ for 1m2 for a Appartment
Hahaha never thought of it until now
probably one of the dumbest sentences i've ever read
>reddit spacing >capitalizes L in lol >"I'm not a boomer" you need to leave man, this is not the place you're looking for
>Owner expectations >Sydney
Because they have retarded expectations because it's fucking Sydney
... so you’re saying an apartment that’s 200000 in Graz is 300000 in Vienna? I would have thought the price in Vienna would be far greater than other places in Austria.
At least that’s the case here with Auckland compared to the rest of NZ
Not shocked at all, I've seen this coming for a year. It was a bubble caused by speculative investors buying properties that they didn't even plan to live in purely for the sake of selling them at a profit.
The price increase was such an obvious bubble that it was painful.
This could trigger a financial recession in Australia too BTW. That's how much of Australia's finance is tied into real estate.
Australian property has not been cyclic because it is a highly politicised market. Any downtrend is prevented by new government policy such as the first home buyers grant (which only helps to drive up property prices because suddenly banks are willing to give out bigger loans which in turn fucks young people harder) and increased immigration, haven't you noticed the shitskins fucking everywhere in the last 10 years? The government and the filthy fucking boomers sold us out.
I'm not even sure that I want to own property in Australia anymore. What's the point? So that my children can grow-up as a minority in a multitude of minorities with the Chinese government as overseers of their country?
Yeah, shit needs to change or Australia's going to end up almost literally becoming a 3rd world country in 20-30 years. The entire economy is based on markets that are either about to collapse or about to literally stop existing (like coal, steel, property, etc). Australia just has no complex exports or major income generators like electronics, IT, Entertainment Industry or anything like that, it's all based on basic resources, many of which are on the way out as valuable resources all together.
And yet the politicians here seriously think that the market for fucking COAL is going to double in size over the next 20 years when the blatant truth is that coal will be basically worthless in 20 years because everyone will be using other means of power generation that are better.
wtf did the banks not remember what happened in 2008, it was their greed that caused the economic recession. I fear the next recession is coming this or next year.
It's not going to be a recession for Australia this time. It's going to be a depression that will tank the economy for decades if things keep going the way they are.
What does a depression in Australia mean for global markets?
is this good or bad for someone that's going to graduate and find a decent job in 2 years
That is somewhat dependent on the field. What kind of job? In general the answer is no but some jobs are relatively recession/depression resistant and can offer some security, allowing you to continue earning while things get cheaper and cheaper due to lowered earnings by everyone else, allowing you to save more money for when things start to rebound.
So yeah, what field?
Welcome to the US, right before our housing crash. All those marble counter top installers, house rehabbers, construction guys, HVAC/Plumbing, roofers, got hit right in the nuts overnight when the market crashed.
My brother in law was a carpenter, he went from turning down work because he was too busy, to not working for months, in less than a month.
That's what everyone said here in the States, right before it crashed.
I blame Matt Damon.
will be a bachelors of information technology (networking & cybersecurity) but would ideally move towards data analytics/big data. trying to get as many extra certs as possible
There will be a war in Australia in the next 50-100 years.
And most of them are poor. The income gap in China is way worse than it is here. There's more of them, but the vast majority of them don't have the wealth to buy property overseas.
it's good that we know what the problems are but i just want to chime in that our economy isnt all that bad
(speaking fot QLD) we are transitioning from the mining boom into a service based economy and govs are investing heavily into high capacity railways/ more buses.
This can potentially making it viable to live further away from the cbd as it takes less time to travel and public transport becomes more accessible.
Transit-oriented developments are gaining traction as well, for example we have a $1billion buranda station masterplan going on in brisbane that's developed by foreign holding groups.
Couple of speculated TODs coming up for cross river rail as well. Australia is transitioning into knowledge intensive, service based economy like Singapore and the rails will prevent density bottlenecks that can potentially inhibit growth. Coupled with the upcoming Queens wharf precinct, the change that will happen to Brisbane in the upcoming decade can be dramatic (definitely more foreigners, they're becoming a significant portion of our "export")
What's the average salary, compared to housing prices?
That will tell you how bad your economy, and how hard housing could crash there. You have an obvious housing bubble there, and it could take down otherwise healthy sectors of the economy.
We were steaming right along here, until it didn't.
Then you're probably pretty good. Data Systems Analysts and Network Systems Analysts are number 1 and number 2 on the list of recession/depression resistant job types due to being relatively unaffected by economic downturn. Basically companies still need people to analyze their data even if the economy has gone to shit, in fact in some cases they might actually need MORE people doing this due to the economic downturn.
Good pick honestly user. You should be able to stick your job and survive through depression, just make sure you get hired by a company that is unlikely to significantly downsize or go under completely as those are scenarios where you could still lose your job.
About 15-25 percent of people in your field will lose their jobs in a depression (this sounds like a lot, but when most fields are sporting a 50-75 percent chance of job loss it's actually exceptionally good, companies are also often less likely to fire newer employees due to not needing to pay them as much as older, more experienced ones as long as the newer guys are really good at their job).
The banks don't give a fuck, there's already a fuckhueg emergency fund set aside for the by the government for when the housing market crashes.
I doubt if the profits from foreign student's uni fees will be put to good use though... A foreign student will pay a total of ~40k per year in uni fees. I have a few international students and they told me overall expenses would be about 450k for the entirety of their education (including living expenses). That's 450k per fucking student, give or take 50k. Where do the money go?
Apprently unis are getting scrutinized on their balance sheet as well, of which has never been done before. Results wont be published until 2020ish which is bullshit
that's good to hear. i've already sold all my crypto and lost like $1k as a student and feel like a complete fuckwit so i'm pretty determined to try to make a fuck load of money the old fashioned way. getting as many extra certs and doing as much extra curricular stuff as i can
there has been an oversupply of apartments and student accomodation within inner city area, with several more under the pipeline.
That's gonna be good imo, hope it drives the prices down