Comment on Melbourne goes from among the most to least expensive capital cities
TheHolm@aussie.zone 1 day agomay be they should pay their own mortgage? It is should be cheaper than rent if you assume that landlord is not contributing.
You understand that buying a house requires good credit and a sizeable deposit? Both of which are things that many Australians are struggling to earn with the increase in rent and cost of basic needs.
If it were easy to “pay their own mortgage”, don’t you think more people would be doing that?
Even the people with deposits and pre-approved loans are struggling to find homes when well established slum-lords can outbid them by 100k on even the saddest 1x1.
Honestly, I do not know. Twenty years ago, when I bought my house, I had a choice: continue to rent or buy a house in a place from which I had to commute 1.5 hours one way to get to work. I chose to buy a house. I guess many people are not willing to make such a sacrifice. But the relative cost of houses has gone up. Back then, I paid four times my pre-tax yearly salary for it. These days, it would be eight times, so we can’t really compare. But when I look at young people whining about not being able to buy a house while changing their iPhones every year and driving new, expensive cars, it raises a question.
How many young people have you actually spoken to? Or is this just casual observation from Sky News? Because I know a whole bunch of younger people now that I’ve gone back to uni to switch careers after 20 years in the work force, and I can tell you that they’re absolutely struggling.
They’re on 2hr commutes one way, facing a job market that asks for senior roles only or entry level jobs that barely allow for any savings. They’ve got broken phones that they’ve been using for years because it’s too expensive to get new ones. They don’t drive because they can’t afford upkeep on a car. They either catch public transport or ride bicycles and work their arses off while their employers take advantage of them by firing them when they reach 21, which is the age where employers are legally required to pay you the national minimum salary.
They’re bloody thankful when they get offered a job paying $55k/year before tax.
So, I don’t know about you but these younger people are massively screwed and we’ll be screwed as retirees because there will be more oldies than there are young in the work force.
Ok. Under young I meant < 35 yo. Anyone <21 are just kids, no one expect them to make long term financial decisions. By 35 you should set on the trade and have decent salary. My observation comes from observing “young” guys in IT. Shiny iPhones, but no though about house.
Taleya@aussie.zone 18 hours ago
If you’re already paying someone elses mortgage, how are you going to save up a deposit to get your own?