Why more of us may be renting for life | 7.30
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- čas přidán 10. 02. 2020
- Renting in Australia has traditionally been a stepping stone to buying a place of your own. But the former chairman of the Productivity Commission says it's no longer the case.
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I feel for the S. Sudanese refugee. That guy has almost certainly seen some shit in his life (possibly even genocide) and still continues to move forward and take care of his kids
better than living in a straw hut , he is doing just fine . public housing , he is one of the lucky ones .
baits I don’t want to live in a world where “doing better than South Sudan” is the bar for “doing just fine”
@@henrybrousseau5214 unfortunately if you read my other comments that i have just posted . the whole nation is screwed . the liberal party created this problem . i have three children with no idea how they will afford to buy a home at the rate house prices are increasing .if your in your 40s and haven't got a good deposit forget it . renter for life.they don't factor housing as part of inflation for some strange reason . I was born in a one bedroom house , that's all my family knew and were happy . at least it was theirs and not paying rent . migration boom with not much planning . government taxes on stamp duty and council rates go through the roof . it's all planed , keeps people working harder . no time for protest . fluoride in our water keeps us calm and under control . rent assistance will also drain the nation . such a huge country yet no new cities around the coast line lucky country no more .
Let’s all be thankful we live in sydney if you do , so many people would kill to live here. Remember this is nothing compared to Hong Kong , Singapore, London , New York etc. This is how advanced economies work
@@baits9301 Nothing wrong with living in a rondavel. And that house they went through isnt public housing.What is wrong with you ? Have you met your own standard of living and have forced it on others by chance.
Hoping life changes better for Mr. Akou. He is a grateful man and single parent raising his children on his own. Wishing him all the best.
The waiting list for public housing is over 40.000. This government has to do something, and fast. I work as a volunteer for ER (emergency relief) and i know how tough it is for so many families whose rent, takes up, over 50 percent of their benefits. No one on a benefit can afford over $400 per week for rent and there are some really nice people who have injured themselves at work, endured domestic violence, have large families, are sick, are old are unemployed and who desperately need help. Unfortunately today. I believe. it is all about making money and families, singles, or the elderly do not get a fair deal. Daily I see evidence of greed in the housing market.
I know someone that was in jail....got out is housed with a relo and within a year got a housing commission house freshly painted and renovated.......so that's the answer....go to jail where you'll be looked after at her majesty's pleasure and you'll fast track into housing😂😂😂😂😂😂
Only "40.000". So only 40 people, not 40,000?
man that sudanese gentleman actually made me cry with his last comment. holy crap
This is so unfair. So many people will never own their own slice of paradise that they deserve. I am so lucky. I inherited a crappy old house. I know I can live here the rest of my life. No landlord will ever kick me out. I just could not face the world if I had to imagine renting for my whole life.
I was homeless it isn't fun the funny part was a lot of homeless used to sleep right outside the NSW Parlament house but politicians instead fixing the problem they had the homeless moved on I suppose if you don't see it, it isn't happening. I don't understand how can this be happening in Australia 24 million people to a massive continent? It has to be by design by the banks who are profiting enormously.
The raise in house prices was due to John Howard halving the capital gains tax, and other loopholes such as negative gearing, something the labor government wanted to close in the last election.
Some people don’t want to live in a house.
Kids are not a retirement plan. There’s plenty of kids who have sold the family house and dumped their parents in a nursing home
And there are plenty more kids who grew up financially successful and provided better quality of life for their parents during their retirement.
Mega Selfie you obviously haven't worked in a retirement village or nursing home. Have you got sources to back that up?
@@unknownuser6809 I can use the example of my own family. My dad and Grand Dad were refugees.
yeah you are talking about western kids. This family comes from a different background, where family is important and parents are respected. Kids are not a retirement plan, but this man described his dreaming of buying a home as something they would do as a family.
That's your culture. Not everyone lives like you.
Foreign ownership of homes must stop, we simply cannot compete with the thousands of millionaires from abroad purchasing our houses.
You do realise most investors are mums and dads who work as policeman, nurses and teachers? They are the highest percentage of all investors in the whole country. Foreign investment is small in comparison. We should tell mum and dad investors to all sell, because we would then have lower house prices and enough stock
Anyone can buy a home in Australia. How hard is it to save a 50K deposit? Save $500 a week for 2 years and stop whining on CZcams.
@@markiiee90 Spot on. Lots of people want freebies because thy are Australia-born and have lived in this country since birth. They still don't understand that there is no privilege in being a "native".
First step would be to do a thorough Nationwide real estate report.
1. What percentage of homes are family homes vs investment homes.
2. Percentage of home ownership Australian vs Foreign owned.
Other Countries that have done this have them followed up by changing relative legislation e.g
- Closing relative tax loop holes,
- Increasing stamp duty tax free period to 10years not 5years due to extensive house flipping.
- Limit on foreign buyers who reside overseas buying investment homes etc.
- Annual incentive for Landlords who rent properties outside of their family.
Who decided it was responsible reporting to interview mum about financial stress and survival in front of four young children who clearly understand the implications?
Yes, deferentially yellow press. However, experiencing limited resources when you are young is not necessarily bad. It can make you appreciate little things more and makes you more aware of opportunities. Guidance and avoid resentment is key.
Might teach the little uns something
'responsible reporting' get real
who decided that children should be shielded from real life problems?
What's wrong with kids knowing how difficult their parents are struggling in life?
I feel so grateful to be in the position of mortgage free in eleven months from now, at age 39. It's tough out there as a churner!
Hard work and sacrifice pays off huh... who would u thought. Good on ya mate.
I'll be mortgage free in 8 months and I'm 37.
In Italy renters have much greater security of tenure by law and this is why very few owners rent out their extra unit. They prefer it remain empty - just an investment as it is difficult to ask tenants to leave.
Correct.
The same in portugal
Many countries in Europe Have very long term tenants.. In France Tenants must pay for premises insurance..or you will never get rental.. And No stove provided in deal... Must buy own...
You are right and inverters will sell up if dictated to by governments. What are single mothers doing with 4,5,@6 kids too. In Germany the government pay for the first 2 kids. The rest is their responsibility. Good idea.
Price is decided by demand and supply. If you want things affordable, just increase the supply if you can not control the demand. As properties consist of land and buildings, so it is logical first to increase land supply. Just rezone more land at outer suburbs for housing development and make subdivision at middle and inner suburbs easier, faster with less red tape.
Then come to buiding. Many people in building industry get more than 100k per year easily. Electricians, plumbers, etc all make 100 dollars per hour while normal people just make 20-35 dollars per hour. So the government shall make licensing easier for electricians and plumbers. Also get construction labor from cheap countries such as Bangladesh, Burma just as Singapore and Malaysia.
These two pieces barely touched on why house prices are rising so quickly and the bad policy that must be remedied to combat the affordability issues, especially clearing out labyrinthine zoning and development and beauracracy and wholesale tax reform (abolish stamp duty)
It's all part of the plan.. None of this is a coincidence!!
Job losses left, right and centre with a recession on the way. Highest household debt to income ratio in the world, 2nd lowest wage growth in the OECD. Borrowers buying at the peak will end up with negative equity and mortgage prisoners for life. Interest only borrowers are completely stuffed and will end up renting for life in debt. Winter is coming.
An unfortunate truth well put.
Where do u get this information?
What an optimistic upbeat comment lol
@@MrWillmay Your out of touch and you don't care .
@Jp111 Not as long as we can get foreign wealth to prop up the housing Ponzi scheme , that's wealth not created in this country .
Please don't forget that Australia and "the Australian Property Market" are not just Sydney and Melbourne... There are many regional cities with affordable house prices and employment opportunities. On top of that, you get a better quality of life in many cases too.
I was thinking the same thing.I'm lucky enough to own a property in Sydney, but if i was in my early twenties again, i would gain employment and move regional to where a property was more affordable.
Unfortunately many of them don't have enough water, most of the time.
Nice shalemess plug for your own swindle.
The amount of land within a reasonable commute from employment, around our CBDs, is fixed. So any increase in population pushes up the value and price of every square metre of that land. The owners of urban land make a huge capital gain when they sell, but the younger and poorer members of our community must pay more and more for less and less living space.
Most population increase is immigration. We need to get immigration back to the level it was during Gough Whitlam's government: 50,000 per year. And then allow our population to shrink. The rental situation can be corrected with the stroke of a pen.
STOP NEGATIVE GEARING..or allow only 2x properties per person for negative gearing
Stop the population ponzi and watch what happens to house and rent prices....
Also the interest only loan ponz, first home owner ponzi. Now moved on to the first home owner Lending Mortgage Insurance ponzi. Governments don't know of anything except continuing to blow the property bubble to ever larger proportions. 12 units went on the market near Bondi Junction offered as one lot. Described as "yield hungry" investors will be snapping them up. Gross yield 3% lol that's before council rates, water rates, insurance, agent's fees, strata fees. You would be luck to get half a percent rerun before tax. Property has gone emotional I suspect it has to correct by 50% either crash or income rise by same amount and property prices stay the same.
The pension system isnt designed work with such a huge number of renting pensioners. The system has broken. Its already happened. Fight it if you like but its already broken, we're just waiting for this reality to dawn on everyone.
let it collapse, its not sustainable.
@@turbinegraphics16 It will end up looking like so many (coastal) cities in the U.S.A. Homeless EVERYWHERE... tents, rubbish and the smell of human urine & excrement heavy in the air. I'd rather we found ways to stave that off. It may on the other hand be inevitable due to the Global world financial machine coupled with (corporate) tax evasion and related crimes.
Rents in Australia seem much cheaper than rents in the South of England.
However given that life can have its pitfalls we lost our house after I had a catastrophic accident and we fell into arrears.
Although we had been buying since we were 18 we can see ourselves now being stuck in the rented sector for the rest of our lives, leaving me with a feeling of an insecure and uncertain future.
Hey ABC NEWS - why do you allow comments on some videos and turn them off for others???
Because they don't want to read the truth in the comment section.
Just like foxnews they know how many vile trolls live under their vids.
Apparently die to moderation
Because they can.
Somehow the idea that having four kids or seven kids when you are not extremely wealthy needs to be driven home. It is a bad, bad plan or lack of planning. Aside from that rental increases and the cost of buying have been an out of control problem all over the world.
sure that's true - but sometimes life happens - and EVERYONE should have a right to and access to affordable housing. Regardless of your situation. It's a basic human right.
@@brontec9769 Well, life happens once or twice but, four or seven, eight times? I think that can be prevented.
Four bedroom homes in country towns, in 2020, can be bought for 250k. Why would you stay in the cities?
Jobs, people have to live in the cities for work. Unless you already have 250k saved plus money to retire with of course.
Water?
EVEN WORSE, THE AGENTS WILL COME INTO YOUR HOME WHETHER YOU ARE HOME OR NOT EVERY 3 MONTHS TAkING PHOTOS OF EVERYTHING, AND YOU DARE NOT COMPLAIN IN FEAR OF EVICTION. And tery might decide to evict you so that they can put up the rent.,and if the place is in need of repairs, its easier to throw you out ///NO Kid wants to live with their aging parents for ever....but that is how it is.
I had it too, and lost it, and will be renting most likely for the rest of my life, I'm 54
What was this girl thinking ok I'm getting a puppy who cares about the landlord's approval. Lesson learned. Move to the country to grow your own food and collect your own eggs
Considering the recent bushfire massacre, I doubt alot of city residents would ever consider moving to rural areas. Also the internet is a absolute garbage.
@Anon yMous I can understand how you would think more people from overseas equals a higher price on houses. (Demand and supply increases the prices of homes). However it's due to the capital gains tax that was cut in half for the rich and negative gearing. Both were put in place by the liberals. The labor government were going to fix this, as proposed in the last election.
@Anon yMous hahah fair
Interesting that the law is now in favour of tenants and pets.
some people are just stupid
I count my lucky stars I live with my 3 kiddos in a Housing commission house. I know for a fact I’ll be renting for life. I couldn’t afford today’s full rent. I wouldn’t even have enough to cover 1 weeks worth today.
I live in a private rental and pay $400 a week
You are blessed indeed
How do you get into that?
How come you had children if you can't afford a place of your own?
@@MarkMark-ji6ts Is that the rule?
Don't do what we are literally put here on earth to do. Even though western society has been the contributing failure and has made it impossible to break out of.
@@mr12aT there is no rule my good friend just choices. But spare me the whining if you have a tribe of children and minimum wage job, what did you think was going to happen? The house fairy will gift you a home?
Well if you move to Sydney of course you're not going to be able to afford anything funny she went from Darwin to Sydney for whatever reason plenty of cheap homes 40 ks outside of Brisbane.. 260k 3 bedroom.. just depends if you want to make the move or not everything is a trade-off
Is this a part series? Or part of a story report? I've seen these people speaking about a similar story uploaded recently.
Where can I find the full length story?
Hi N .A, thanks for your question. This is part of a series. You can find Part 1 here: czcams.com/video/JhsHTyA4Y1c/video.html
Or you can click on the playlist at the end of the videos for more of 7.30's stories. The other parts will be published over the course of this week, and we'll be combining them all in a full-length video on CZcams toward the weekend.
I notice that no one mentioned return on investment equity for the owner vis a vis rentals.
You can't have four kids and live a comfortable life. Property today as an investor is a bad deal unless you think it will keep doubling and doubling forever into the future. House prices in Sydney are giving gross yields of 4%-5% after expenses it's less than bank deposits. There are better investment vehicles out there.
Wow seven children. Good luck with that you could earn 250K and it would be tough going.
Buy your home even if you have to rent rooms out.. just pay interest equivalent of rental but don't have to move pack search truck bond expenses stress...
I've been renting all my life and am now disabled. Thank god I inherited a small amount of money and bought at a good time.
Room in a share house is $200 a week in melbs + 30 in bills max.
This is the future of majority. Work till death. No retirement. No owning house. No owning car. Not much savings since negative interest rates coming soon. Everything is way over priced. Most will be in permanent debt.
this pretty true around the world
Melbourne and Brisbane are actually very cheap compared to Sydney. Sydney is on a whole new level, where even old 2 bedroom units in the suburbs can be close to a million dollars.
Hurray for socialism lol
SweetLeaf517 your sad ass wishing you were Australian 😂😂😂😂😂
Most Aussies are millionaires that can afford million dollar homes. What is the problem here?
Rights of tenants in Australia need to be equal to that in Europe. This needs to be enforced as a priority.
Like what type of rights?
@@mr12aT The full suite - look it up.
@@mr12aT Google "rental contracts and housing rights in Germany" This article outlines rights of tenants and landlords.
Australia is not Europe. Europe is a continent made up of much more advanced economies than Australia. We're effectively still a colony.
@@wiser3754 This is correct and that doesn't mean that we shouldn't have equal tenant rights. All it takes is change in policy.
$490 per week in rent? no wonder so many people are moving out of Melbourne. You could buy a good 4 bedroom house 1 hour away for less then that rent...
Craig Firman people can’t just move hours away from the city though, it’s where their jobs are....
@@mariamm7695 I know some people that do the commute, It is hard and involves spending 2-3 hours a day on public transport. With a better public transport system people can spread out more. The journey isn't for everyone but those that can afford the time or can use the time effectively can afford to buy out of the city.
In saying that I've seen a fast increase in rental prices where I live and several people being forced into share accommodation because the prices are rising so fast.
Plus you have 30 years to find a job closer to home..
Meanwhile im buying 2 - 4 properties per year here in America in a non-socialist state. I'm spending between 35,000 - $45,000 for 3 bedroom 2 bathroom homes. I rent them out between $700 - $1000 per month. Oppression is only rampant in socialistic countries. Australia is a prime example.
@@b.puff25 Have you noticed your comment doesn't even deserve a reply!
overseas students can afford to pay for rent in upmarket locations
1.15 surely australia has a regulation against that water trip hazard zen thing
The fact of the matter is people are getting a lot smarter now. Renting is often cheaper than owning and you have more flexibility.
Not over the long term it isn't. Know how much I pay per week on my mortgage after nearly 10 years of overpaying it? 45 dollars a week including principle.
I'd much rather own a home then rent when I take the 14 years that it cost me to pay off my mortgage Plus Insurance real estate taxes and maintenance it's still cheaper than what I would have had to pay rent
The sudanese man has the right attitude, plus he knows having lots of children is not only a burden but can be an asset as well. Notice how when he talks about the family home it would be a multi generational home for all of them. That right here is the reason why you cannot afford housing, because it used to be normal to live in a multi generational home. But for some reason it has become socially unacceptable to do so.
Technically, everyone is renting. You don't own anything, even your body. So, don't take anything for granted, b/c someday, you will return whatever you rent back to the owner.
Na here in America I own 3 rental properties paid for in cash with hard work and skill. I have no bank note or mortgage. Capitalism is king and allows for unlimited potential.
SweetLeaf517 😂😂😂😂😂😂😂😂😂
@@b.puff25 what about the school and property tax you have to pay, year on year?
Only just talking to someone who lives on the outskirts of NY,
They told me that they pay a tax for the local schools even though they don't have kids as well as property tax.
11:35 👏🏻👏🏻
Unaffordable rental market
Lexus Fan It’s not only Australia facing this issue, it all over the western world, houses prices are through the roof and locking young people out of the housing market and it getting worse each day
@@feisaldianga511 Western civilisation said they are the pinnacle of life and everything involved with it and told everyone that we must work hard to meet their example. It's turning out these white people are so wrong that we're all dying a slow death from it in every way.
@@mr12aT What on earth are you talking about? 😂
i grew up in north queensland, lived in townsville for uni. yeah you have no rights as a renter. live in cologne germany now and 78% of the population here are renters, mostly apartments. Around 85% of the apartments are owned by 3 companies, not companies in the traditional sense that are geared for profit maximisation, these are more like trusts or something that own the apartments. I live in one and its pretty much your own apartment in what you can do it, paint walls, new tiles, what you want, the only stipulation is that when you leave you leave it in or near the condition in that it was given to you. pets are no problems also.
Is there a reason that rents are listed as weekly? Do people in Australia literally pay every week versus sending a monthly rent payment?
Yes, depending on Landlords. All my landlords have preferred weekly or fortnightly.
Here where I live my house cost same as 6 year of rent (payed off).Now I buy more houses and tenants pay them off. No housing stress. Welcome from Åland/Finland!!!
Enjoy your eternal winter!
it was the same in Australia until about 1987-90s and then it started on the way up and UP.
How's your 5G network? We've got Erikkson doing ours
What is the classification of a "low income earner" is it under a certain amount ?
David Seo
Generally based on tax return income - if they receive an offset for low income (phases out between 37,000 and 48,000). In 2019-20 the Gov wants to extend Low Income Tax Offset to Middle Income Earners too, so right up through to 126,000 they’ll likely get something rebated.
Overseas trips, $4.00 coffes designer clothing, tattoos new cars the young want it all. No wonder why they can't afford a house. It's easer to save than to spend, but you have to start young otherwise you miss the boat.
The government could build enough homes to sell and truly end the rental crisis but that would drive down the value of all homes and no government will do that
The question is: why isn't anything being done about this? If all the experts know about the problem. Simply put - the political will is not there. At least not in the larger parties. So if you want change, you need to vote for independents and smaller parties like the Greens who are pushing for changes to rental and property laws.
LNP wanted private market to profit from it, I mean “fix it”.
Governments on both sides neglected building affordable housing. They relied on private investment. They are not in a position to cap or control rents as these private investors will kick there ideas to the curb and sell their investment properties. What are these single mum's doing with 4@5 kids. Poor kids I say. In Germany they only pay singles for 2 kids only. The rest is up to the parent. Great idea.
If she didn't break her lease conditions she wouldn't have been kicked out... that's her fault. There are people out there who would be good tenants, but just can't find a property. If someone put that on their rental application, breaking lease conditions, I'd never lease to them, what else are they gonna do outside of the lease?
Agree with Sudan father, have a humble life with basic needs. That's it.
If someone wants to be a professional landlord then buy a whole block of units and manage it as a business. Don't buy ten of them all over the place and get other people to look after the building, manage unruly tenants and take your orders and complaints. Provide a proper rental service instead of using debt and inflation to steal the money with residential property as a financial vehicle.
Living a champaign lifestyle on a beer budget. Doesn't work.
Between me and my wife we will retire about 1 millions in super but we don’t own a house we rent nice apartment in the city. Should we buy?
With that generous amount of super I would not buy. I'd rent. Assuming your super can get you 0.055% thats $55,000 per year to live on. But really it's not much more than a pension I think you would get about 40K on a combined pension. So might be worth considering blowing through the cash, gifting some money to the kids if you have any and then grab the freebies.
$1 million will not be enough in 10-20 years. It will be the new $100k due to inflation.
I'd build. Word of caution, seek a very reputable builder.
@@MarkMark-ji6ts 5.5%*
Renting for life?! So bloody what... The mythical Aussie dream is so passé. Today it's a dream for the so-called Chinese and Indian Australians. Long live freedom, More traveling, less stress and better quality of life !!!
ARE YOU KIDDING?
Agreed! Anyone who has traveled extensively and/or lived in another country understands that there are endless ways of living life, not just one. The Australian mentality is incredibly insular and primitive and prizes all people signing to the same tune. I wish more people would think for themselves rather than play the only game that the average person knows how to play... "follow the leader".
So true Adam. Social conformity? Stupidity? What a massive ball and chain for life just to live in what will probably be a shithole.
But is it true for the cases in the video where they interviewed people with kids, who's rent is so high they're in housing stress and don't have a large enough emergency fund to pay for a moving van each year?
There is such a thing like/as getting old, "traveler"
Australia is still affordable, you just have to move out of the cities and into rural areas. Not many people are willing to take on the challenge.
There’re not even talking about those who survive on unemployment which is below the low income workers what about us?
You can't get some form of work?
you dont rent anything else, so why should you rent a home?........ which is the biggest necessity in life? Thank God i own my own home outright. Fully paid off. The rental trap sounds like a hellish nightmare. .
I just can't understand ANYONE having more than 2 children in today's world. It seems incredibly selfish to me considering the strain on the planet. I'm a renter and I agree, it's tough out here. I've never really had any issues finding a place with a pet because I'm always honest and provide a pet profile with applications. I feel bad for everyone who is struggling. It's awful.
Though I agree that we don't want population expanding more then is already determined, families need on average more then 2 children to keep the population stable.
Not everyone has kids.
If population declines too quickly the whole society will collapse.
I will never have kids but people who do and raise their children well should be encouraged.
I agree. The days of needing big families if to have sons and daughters help with crops on the land are well and truly over. Corporate farming and huge/specialised farming machinery etc has taken care of that. No-one needs to have more than 3 children in this day and age.
This also accounts for (some would say sadly) the need to bring in more immigrants. Sorry, but neither are needed anymore and continuing to do so only *exponentially* creates more problems. Every chance an immigrant such as this man was given preference to enter Australia because he has so many kids. This only serves to send the signal to others who wish to come here to simply breed like rabbits to gain favour and preference. It would send a better message to allow only those in who have say 2 or less children.
Yawwwnnn.. I have 4 kids and plan to have more. I live a comfortable life w/ no regrets. So called "unselfish" people like yourself should remain childless so your line of DNA will eventually die out...lol
@@sbostic08 Why do you want so many kids when the future of the planet is so uncertain? I'm honestly just curious. There's no need to insult me but go ahead if that makes you feel better.
yer prices have gone up while the aud is down -$1usd turns into $1.50,owners think there making money,long term disaster and theres land tax ,do the maths
Housing should not be an investment.
Send that Sudanese and his brood back if father not happy in Australia. However, this gentleman is very grateful where he was, and by the smile on his face with his new residence will be outshone by those of his children.
your puppy is important, keep going, you will find a place to you and this little darling!
Ban foreign ownership like NZ and parts of Canada have done!
Rampant capitalism does not care about people’s wellbeing. Where do people think this will lead if we allow profit to always be the bottom line?
Since we began to be invaded by millionaires after 9/11 I have felt Tasmanians would become a servant class, but many are undereducated & too demoralised so they will no doubt import all the ‘help’ they need. No one wants to talk about foreign ownership and an empty house tax was recently dismissed.
Shifting tenancy laws will not help anyone on fixed incomes, the demand is too great…We live in interesting times.
Ok so why have 7 kids and live like that??????
Its simple renting is better than a mortgage that will make your life hard.
I have to blame our politicians , I m an Asian who came here 26 years ago. I thought this country was beautiful in all. But not now after my marriage broke up twice. I almost cry when I listened to all of these stories. My heart falls for all of them. The number of migrants have been too high ( nearly 200,000 ) for many years. This is not benefit anyone.
Now watching again n again closely as our economy is going in recession. It will hurt us ALL.
"The Lucky Country"? (only for a fortunate few)
owning a home is not easy because of the long term commitment to pay off the mortgage (force you to sacrifice to save), not owning a home live more freely but you don’t have equity at old age (a disaster)
Imagine the increase in over crowding since 2016 with the increase in foreign and fund ownership of domestic properties, many lay empty as they too happy enough with the rise in value to bother with pesky tenants. Are we going to accept the spread of ghettos in Australia? Or what?
The Politicians in Power all own Real Estate and want to it continue to rise. That is why they keep coming up with new policies that make the houses go up in value.
Simply not sustainable and will come crashing down. Low income and rising cost of living is a time bomb. Society will eventually collapse. This year or the next.
Renting is freedom
Keep telling yourself that. ;)
ppl wonder why i rent, because of rent control and crasy price inflation, my rent is 60% of the market rate... and prob 40% of the cost of ownership in my neighbourhood... the delta increases each yr
Right? No good reason to sink your whole life into a mortgage at this point- It's going down hard at some point and there'll be savings to be had.
@@FlaxeMusic They're been saying that for the last 20+ years. I don't think it'll go down by much when it does eventually go down.
@@sharnistevens1428 Because it should have gone down naturally 20 years ago, same time our wages should have kept on their average rate of increase, it's been propped artificially through various political and financial means but that can't stem the flow forever. When it does go down, I'm quite sure it's going to plummet, like US housing crisis level plummet.
@@FlaxeMusic While I hope you're correct, I just can't see how that will happen when the government keeps importing so many migrants into Sydney and Melbourne. Perth's housing market collapsed because so much of the WA economy was linked to mining. I believe education is Melbourne's biggest export - I don't see that industry collapsing any time soon.
Work hard make sacrifices and make smart decisions and you won’t be in this situation. Refugees doesn’t mean a free ride you need to make your own dreams come true. If the shoes was on the other foot and these people were landlords they would also be asking market rental price for their property so let’s stop this leftist bias reporting.
Those of you who are blaming Boomers for the property market... that's just a throw-away line you got from someone else and a cop-out.
If you bothered to do your homework, you would know that despite property prices being higher now, I would prefer that to interest rates that went from 6% to 21% within a year without notice.
For the uneducated and mathematically challenged, my first mortgage payment increased from $110 per week (when my wages were $187 pw), and then the second month rates increased to 12%, and 13% the following month, and in 6 months was 18%, amounting to $165 per week. That left me just enough for my train weekly ticket and the rest, ~$17 for food and electricity each week. I had no phone, no car, no TV, no Netflix, I never ate out ever, never took a holiday until I was in my early 30's, and we didn't buy any new clothes or shoes until the mortgage was totally paid off. Eventually, several years later, the interest rates did go back down to around 12% and stayed at that level until I fully paid off my home. During which time, I worked three jobs. *THIS WAS NORMAL. WE ALL DID THIS IF WE WANTED TO GET AHEAD.*
People these days love to point the finger at the generation above them, for whatever reason. However BOOMERS had it even harder than I did, and I take my hat off to them for all the sacrifices they made (at least I had a fridge, washing machine, microwave, electric lawn mower and vacuum cleaner!).
It's so easy for people to feel sorry for themselves these days, yet they are unable or rather, unwilling to make any necessary sacrifices that is required to buy their own home. They want everything on a silver platter. It never was. Even with house prices the way they are now, I still paid more interest in one year back then on my measly wage, than my children do these days. Yet my house is worth about 1/4 of what theirs is worth.
However, I do though feel sorry for those on a fixed income in this rental market, but to those of you who are fortunate to be able to purchase a home, however expensive, don't tell me how hard you have it until you can prove to me you have sacrificed just as much as your parents or grandparents did.
donttalkcrap go away you don’t have a point. People are only angry at boomers for their complete arrogance and ignorance. Stop telling young people they are lazy for no reason and maybe you’ll get some respect
The "boomers" didn't do anything wrong.....the government is to blame for the illusion that housing is affordable then lending to those that can't afford it and raising rents so they can afford it......
@@mariamm7695 my dear this is the government diversionary tactic....how did the boomers make the markets rise.....trust me they don't want to move....but if young ppl in the 90's and noughties r willing to pay the sum a real Estate says the house is valued at would you knock it back....if you are 64 and retiring next year and your house is valued at 1 million dollars you can retire.....Remember when the "boomers" bought their houses the mortgages were for 10years.....you can scrimp and save for 10 years if you can pay off your house in that time. .today your mortgage is 30, 35 years....NOBODY wants to live in poverty for that long and you can see it as well.....Remember that the government has all the control....even "deregulation" is a form of control because they can then not be held accountable for the "deregulated" industry.....if they take back control and fix it then they r heroes......this is what they call CAPITALISM.....
Rhonda Whyte I know I know, the government is a joke trust me I know:)
@@mariamm7695 I wasn't trying to patronize you....just wanted to explain it from a different point of view.....I now rent because if you are over 45 you cannot borrow.... and yes I've heard the urban myth of "my uncle who's 75 and in a nursing home with dementia got a 35 year loan last week......my husband earns $150k and we cannot borrow because there is a chance we'll pay it off quickly.....banks don't want to to pay off debt....why do you think the sub prime in America imploded so quickly.....those home owners knew what the deal was and just went bankrupt....it would take the banks up to 3 years to repossess these houses because they thought the owners would start paying the mortgage but they didn't......people power😆😆😆😆😆😆
Love renting downsizing and owning nothing. Practice minimalism. Rent lifestyle apartment next to beach and have lifestyle and cash flow. Now travel world. Aim to rent a room in retirement and keep on travelling and having cash flow. No debt or credit and emergency fund. Save far more for lifestyle now. Won't own ever again. Money is experience and memories only and need cash flow to have a life
Great in theory however your always have to rely on keeping a job so imagine when you get old but not old enough to retire, yet you have to pay higher rent in the future what then?
@@time2kickarse motor home and travel
@@time2kickarse and have pension fund
@@karenbolton9526 They want to take the pension fund away though.
Im trading everything I have for gold, passing it on tax free then il sort myself out.
Get some Bitcoin while you're there.
My Uncle has never paid a days rent in his life and has spent hundreds of thousands of dollars gambling
Does he still live with mum and dad???
Rhonda White yes. He pretends to be her carer to continue his lifestyle.
It's disgraceful.
I'll just buy another house and rent the current one out if I have to move.
Kellyville lady, I grew up with two siblings in a 2 bedroom unit for a very long time.
06:51. There's always a reason for getting kicked out, mate.
You are right. I kicked out my absolutely fantastic and loyal tenants of 10 years so I could do a full reno and raise the rent.
Landlords provide the government’s role of social housing, at the relatively low cost of negative gearing. The whole narrative of negative gearing making landlords rich is BS. Covid has shown that governments don’t want to provide social housing but are more than happy to dictate terms to the detriment of landlords. Poor investment decision when the decision making is out of your hands.
How you freakin' people haven't seen this comin' ..
people have been talking about it for literally decades, however those people get called racist, homophobes, basket of degenerates, inbred, etc by the arrogant snots that vote this garbage into existence. this is how government works: it doesn't.
Welcome to 'civilised' life and while your busy believing that politicians and big business have been helping themselves to everything the average person needs to have a basic comfortable life! Only greed stands in the way of every person on earth having the basics of life so that a very VERY few can have more money than they can ever spend sensibly....
Isn’t that illegal to get evicted for owning a pet?
You have your rights and so does the landlord. If you promised your landlord that you didn't have a pet and you signed on the dotted line outlining you didn't although you have a pet, piss off.
There are new laws in Vic that come into affect July 2020 that say a landlord cannot refuse you a pet unless they have a valid reason such as you want a Doberman in a studio apartment. If they refuse you unreasonably you can argue your point.
$650 a week if my family had that we would be living good try $800/week in MT
You got it wrong people are finding other alternatives and will not be part of this game.if you don't no what the alternatives are enjoy the matrix.
Please enlighten us
Hehe this fails to recognise the benefits, people who make a good wage and invest their capital in index funds and the stock market often end up better off. Going all in on a mortgage ties up a lot of capital and can be an opportunity cost.
Yes especially today. You can also diversify into property and infrastructure funds.
I live next to renters & they're absolute trash. They don't care & make noise day & night.
Give it another 100 years we will all be renting
people who have children, they never are not racional, just emotional, it´s not my problem, selfish people
So many people say it is hard to afford to rent but, refuse to accept a long commute, wear the latest fashion clothes, have the latest IPhone & Ipad, big screen TV, expensive computers, high phone & internet plans, cars on finance, so many things that they don't actually "need". Then turn around and say Landlords charge to much, I see daily the cost of renting out property because we have to clean and repair properties after they have been completely ruined because they are not able to evict bad tenants.There are arguments on both sides, unfortunately people want more than they really require (on both sides), if you want to rent or buy you have to sacrifice, you are not entitled to everything you have to choose what you actually require and sacrifice the things you need/want if can not afford both. (p.s. if you cant afford it and do not actually require it don't use credit to get it)
I will be hard to take the tears of "home owners" as they become the renters and i buy their houses.
'When it's low give it a go. When it's high don't buy'. Best advice I ever got.
Good luck
These immigrants have no idea what they are in for when they finally get to Australia. They will be swamped with mass debt and live a life of working only to pay debt. I recently spoke to a Sri Lankan uber driver who told me he could have lived a better life back home as he wouldn't be burdened with debt and could choose whether he worked or not.