The Great Aussie Dream

[Neferti]

So we were all brought up to think that when we "got married" we would be able to BUY A HOUSE.

What a DREAM that has turned out to be.

I bought MY house (as a sole Mortgagee) which I still currently live in. My daughter and her husband bought a house in 2012. Buying a house involves "going without". to save a deposit. I had to have 25% for a deposit, these days it is what? 4%? I had to suffer the 16% INTEREST rates and I was on the verge of finding a room to rent and renting out my house so that I did NOT lose it. It was that close.

NOW, every kid reckons that they should "own their own home" and probably relying on Grandparents to finance it upon their demise.

Europeans do NOT own their own homes but they have long leases ... I think this is what will eventually happen in Sydney and Melbourne ....

[BigP]

So we were all brought up to think that when we "got married" we would be able to BUY A HOUSE.

What a DREAM that has turned out to be.

I bought MY house (as a sole Mortgagee) which I still currently live in. My daughter and her husband bought a house in 2012. Buying a house involves "going without". to save a deposit. I had to have 25% for a deposit, these days it is what? 4%? I had to suffer the 16% INTEREST rates and I was on the verge of finding a room to rent and renting out my house so that I did NOT lose it. It was that close.

NOW, every kid reckons that they should "own their own home" and probably relying on Grandparents to finance it upon their demise.

Europeans do NOT own their own homes but they have long leases ... I think this is what will eventually happen in Sydney and Melbourne ....

The key to owning your own home is to get a good education so that you are employable, Dont piss your parents off so that you can stay at home as long as poss and save money , My daughter is 20 and in the third year of an engineering degree at Auckland university. works part time and has saved 26k,,

[Black Orchid]

Deposits now are around 20% and you need at least that to even think about buying a house in Sydney. $1.5 million barely buys you an outhouse in any half decent suburb.

When we bought our first place we were paying 18.5% interest but it was really so much easier back then. Sure you had to go without but wages were more comparable with prices/mortgage payments.

A friend of mine bought a large apartment in Sydney in 2012 for $120,000. It is on the market now for $1.2 million and the Chinese are lining up at open house in droves.

[Black Orchid]

Was going to reply to something then "poof" lol

[BigP]

Was going to reply to something then "poof" lol

lol, thought it sounded a little self serving