My short answer to that question is yes, recent median coverage suggests to me that so much of the commentary around housing is completely negligent of what most people earn.
Bondi apartment likely best for 2 renters/incomes.
What are the monthly payments assuming 30y mortgage? And how do they compare?
I bought many years ago, and it was initially tough way back then. Took until I reached 30+ before I could afford to buy with my partner.
Tough for first home buyers is nothing new. We need to acknowledge that.
Paying down principle and growing income gives optimism. It gets easier.
Not being able to find an affordable property that is well located is a planning issue.
And once a first home buyer gets their first home, they join the rest of society that wants house prices to go up.
These are just observations. Affordable housing is necessary and society benefits from it immensely. I wonder though, how much of the issue is due to changing demographics.
That Bondi apartment would cost a lot more to rent, my point is that it is meant to be part of an affordable rental scheme and a typical household would spend more than 50% of their income on it so a low income household would sell much more. Also, it's household income we're quoting not individual income so this assumes more than one income.
The average age of buying your first home now is ~35 yrs so most people aren't even getting into ownership until they are older than 30.
Completely agree though that once you're in most people want prices to go up.
I think we as a country need to do a lot more for people who can't afford housing that is more rent assistance and more government and community housing, private sector is unable/unwilling to deliver the housing needed for low income earners.
There are economic realities at play - that rent probably is 'affordable' for Bondi...
Agree that there needs to be a focus on affordable housing. Vibrant communities are made up of people with differing backgrounds, ages, vocations, hobbies, routines.
I don't see 35 as being old to buy a first home. There is a lot more transience today - delayed families, travel for work/experience etc. And buying when you're 22 only to outgrow it when you're 25, etc etc, wastes a lot of money on stamp duty. To me, it's just shifting demographics and behaviours.
People must realise that owning residential property is not a panacea. There are plenty of examples where people get low/no capital growth over time. If it's about creating wealth, the share market is better for most people. If it's about home security, then long term rental agreements will solve that. Plus more flexibility in how you treat your home - pets, painting, wear and tear etc.
The complaint about not being able to afford to buy where one wants to live is not a legitimate complaint IMO - people make suburbs, not the other way around. So go to where you can afford, and contribute to the community to make it better. There will be compromises, but most can be managed. Moving to an outer suburb with a longer commute/less amenities is not a death sentence.
Bondi apartment likely best for 2 renters/incomes.
What are the monthly payments assuming 30y mortgage? And how do they compare?
I bought many years ago, and it was initially tough way back then. Took until I reached 30+ before I could afford to buy with my partner.
Tough for first home buyers is nothing new. We need to acknowledge that.
Paying down principle and growing income gives optimism. It gets easier.
Not being able to find an affordable property that is well located is a planning issue.
And once a first home buyer gets their first home, they join the rest of society that wants house prices to go up.
These are just observations. Affordable housing is necessary and society benefits from it immensely. I wonder though, how much of the issue is due to changing demographics.
That Bondi apartment would cost a lot more to rent, my point is that it is meant to be part of an affordable rental scheme and a typical household would spend more than 50% of their income on it so a low income household would sell much more. Also, it's household income we're quoting not individual income so this assumes more than one income.
The average age of buying your first home now is ~35 yrs so most people aren't even getting into ownership until they are older than 30.
Completely agree though that once you're in most people want prices to go up.
I think we as a country need to do a lot more for people who can't afford housing that is more rent assistance and more government and community housing, private sector is unable/unwilling to deliver the housing needed for low income earners.
There are economic realities at play - that rent probably is 'affordable' for Bondi...
Agree that there needs to be a focus on affordable housing. Vibrant communities are made up of people with differing backgrounds, ages, vocations, hobbies, routines.
I don't see 35 as being old to buy a first home. There is a lot more transience today - delayed families, travel for work/experience etc. And buying when you're 22 only to outgrow it when you're 25, etc etc, wastes a lot of money on stamp duty. To me, it's just shifting demographics and behaviours.
People must realise that owning residential property is not a panacea. There are plenty of examples where people get low/no capital growth over time. If it's about creating wealth, the share market is better for most people. If it's about home security, then long term rental agreements will solve that. Plus more flexibility in how you treat your home - pets, painting, wear and tear etc.
The complaint about not being able to afford to buy where one wants to live is not a legitimate complaint IMO - people make suburbs, not the other way around. So go to where you can afford, and contribute to the community to make it better. There will be compromises, but most can be managed. Moving to an outer suburb with a longer commute/less amenities is not a death sentence.