Australia housing bubble

Originally Posted by Charliewool

Geesh you is a negative nellie at times leesa.....
Though I agree it is tougher than years ago to buy a house/mortgage... It IS still possible, once they set their sights a little, realistically lower!

Yeah, the scenario with the housing industry in Australia makes me pretty cranky.
I don't date so buying a house with a partner isn't going to happen and it's impossible to buy on your own unless you earn the income of two people.

When my dad was young he bought a house 5km from the city, on one income. I would just like to be able to do what the previous generations told me as I was growing up.... study hard, work hard and you can buy a house... but that's not necessarily true anymore, is it?
When looking at income/house price/interest rates, I earn more than he did back when he bought, comparatively speaking and even taking the high interest rates into account, so back then I would have easily been able to do what he did but I can't buy somewhere by myself even within 45 minutes of the city. I would just like the same opportunity as the previous generation - work hard and buy a house... but I can't. Lots of people can't, despite working really hard which is apparently all it should take. I also rent by myself which doesn't help.

It just annoys me that the housing industry has become an investment industry for people who don't need any more money. They've got a house but they want multiple houses so as to ride the equity wave to make them rich without them having to lift a finger. They're not even working hard to make that money! It's just greed, pure and simple. I'm not a greedy person so I have trouble understanding how people can morally gather more resources than they themselves need, at the expense of others. At a fundamental level it's not a trait that I have so to see that it's an every-man-for-themselves type society is a bit devastating I guess, yeah.

So now I just blow lots of money on hobbies and toys, knowing that the market is probably not likely to correct within my lifetime. And yeah, it does make me bitter, I can't seem to help it.