Over a third of Australian homes now are topping the $1 million dollars (wow) this price range used to be luxury homes (nope now from $2,500,000 upwards).
If you are in that million-dollar range, you are still going to be in the townhouse/villa range as the houses in the Western Suburbs have gone way past that.
With homes going up over that 67% mark across the board young people either have to get their parents to help them or just move further out to be able to get that Australian dream "the home".
I read a book a few years back (sorry cannot remember the author) but they said instead of trying to buy where you want to live buy investments and just rent where you want to live. Now that might have been good advice some years ago however the rents have risen quite dramatically now as well.
Property has taken 10 years to rise to the level where it is now although Sydney, I have always felt is very expensive. Sydney does hold the title of being the most expensive market recording 65% of all the dwellings over that million-dollar mark. I wouldn't want to live in Sydney too busy, to expansive and the traffic - no way.
Here in Perth, we are just starting to see the buildup of traffic in the mornings, but as I have harped on for years and years that all schools should be picking up the school kids at an allotted time and location so that it free's up our highways. This is proven time and time again by school holidays and the highways flow freely.
First home buyers have to rent for longer to get their deposits up so they can try and obtain a loan - my fear is that they will over commit themselves and give themselves a life of stress.
With the values still expecting to continue to rise on the back of the rate falls in 2025, the wealth divide between homeowners and non-homeowners is also likely to expand.
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK AND THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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