Australia housing bubble

[FTE217]

Originally Posted by b0son

It's easy to say this when you're from a generation that has been able to utilise the massive equity growth of the last 20 years. Houses have gone from 2-3x income to 5-6x income. It's free money. You can buy rental after rental without even putting down a deposit, to a point. Just wait for values to go up.

How does a first home buyer compete against that? And honestly, why should they? Is living in the burbs of Sydney worth $1million? Not even close.

b0son, with all due respect - its not fair to pigeon hole earlier gen having it easier......
I couldn't afford to buy in the area I grew up in wayway back then and forget other areas I would have liked and banks weren't just opening the doors to first home buyers as some may think.
We fought tooth and nail scratch a deposit and then pray visiting banks getting an approval.
Prices were going up and up, it always does we were stressing and once in the first 5yrs was living pay packet to pay packet no extra money for take out or forget going to restaurant.
To some living in Sydney its worth the million (and where you grew up) for in time the equity builds up best compared to anywhere else in the country.
Like has been mentioned, you buy in the cheaper outer burbs OR even a mate back then couldn't afford zack in Sydney, he decided to buy in the central coast wife preggo on 1 wage, hasn't looked back but he gave up for yonks being close to family and friends.

You've all heard this before anyway, the cycle keeps repeating itself and yep its damn hard.

Thanks PG2.