dryrot Posted February 23, 2011 Share Posted February 23, 2011 Hi could only watch 10 mins. Sydney house prices at 10x earnings, friends joining togther to buy a sh!tty flat for £400k, "vibrant" communities. It had it all. I suppose they just re-used the UK script from a few years ago and enjoyed the Oz sunshine. It will all end in tears... Thanks, needed to share the feelings - better now Quote Link to comment Share on other sites More sharing options...
Timak Posted February 23, 2011 Share Posted February 23, 2011 Hi could only watch 10 mins. Sydney house prices at 10x earnings, friends joining togther to buy a sh!tty flat for £400k, "vibrant" communities. It had it all. I suppose they just re-used the UK script from a few years ago and enjoyed the Oz sunshine. It will all end in tears... Thanks, needed to share the feelings - better now 10 years Australia had it all. You could buy a really nice house for about 3.5x average earnings, good healthcare and education and low cost of living. Then they discovered they could buy and sell houses to each other and become "rich". So they now live in the same houses but they cost twice as much so they need to work longer hours and everything is more expensive as everyone else's costs have increased too. Insane when you break it down. Quote Link to comment Share on other sites More sharing options...
repetitive bleats Posted February 23, 2011 Share Posted February 23, 2011 10 years Australia had it all. You could buy a really nice house for about 3.5x average earnings, good healthcare and education and low cost of living. Then they discovered they could buy and sell houses to each other and become "rich". So they now live in the same houses but they cost twice as much so they need to work longer hours and everything is more expensive as everyone else's costs have increased too. Insane when you break it down. really succinctly put. A+ Quote Link to comment Share on other sites More sharing options...
Dorkins Posted February 23, 2011 Share Posted February 23, 2011 10 years Australia had it all. You could buy a really nice house for about 3.5x average earnings, good healthcare and education and low cost of living. Then they discovered they could buy and sell houses to each other and become "rich". So they now live in the same houses but they cost twice as much so they need to work longer hours and everything is more expensive as everyone else's costs have increased too. Insane when you break it down. Australia's wealthiest 0.1-1% are doing better though, that's the main thing. Quote Link to comment Share on other sites More sharing options...
Lander Posted February 23, 2011 Share Posted February 23, 2011 Hi could only watch 10 mins. Sydney house prices at 10x earnings, friends joining togther to buy a sh!tty flat for £400k, "vibrant" communities. It had it all. I suppose they just re-used the UK script from a few years ago and enjoyed the Oz sunshine. It will all end in tears... Thanks, needed to share the feelings - better now Aye, my sister bought a small house ( think its a 2 bed detached) in Bronte for around $1million about a year ago as a semi investment property which she is now living in/refurbishing. I tried to talk her out of it but being the arrogant so and so she is she was having non of it Quote Link to comment Share on other sites More sharing options...
Superted187 Posted February 23, 2011 Share Posted February 23, 2011 I watched this and thought pretty much the same thing "Up and coming" Redfern (a suburb of Sydney) - one of the areas where they looked at a place, is actually a dump. They had a load of race riots there.... in 2004! (linky) So its a bit like Phil Spencer describing Brixton as "Up and coming", and telling you its a good idea to spend £400k on a 2 bedroom flat down there. Quote Link to comment Share on other sites More sharing options...
dryrot Posted February 23, 2011 Author Share Posted February 23, 2011 Aye, my sister bought a small house ( think its a 2 bed detached) in Bronte for around $1million about a year ago as a semi investment property which she is now living in/refurbishing. I tried to talk her out of it but being the arrogant so and so she is she was having non of it Interesting that Phil wants to live in Oz, but has'nt bought there yet... He's no fool, of course, he's earning £££ for these pimp shows. BTW: love the avatar! New to me Quote Link to comment Share on other sites More sharing options...
MinceBalls Posted February 23, 2011 Share Posted February 23, 2011 Australia's wealthiest 0.1-1% are doing better though, that's the main thing. Good for the banks (lots of interest) = bad for people (longer working life, more hours, more debt, more stress) And to think people actually buy into HPI as a good thing. Quote Link to comment Share on other sites More sharing options...
Guest Posted February 23, 2011 Share Posted February 23, 2011 Hi could only watch 10 mins. Sydney house prices at 10x earnings, friends joining togther to buy a sh!tty flat for £400k, "vibrant" communities. It had it all. I suppose they just re-used the UK script from a few years ago and enjoyed the Oz sunshine. It will all end in tears... Thanks, needed to share the feelings - better now I was in Oz (first time ever) Sep-Nov last year..... was astounded by the prices of goods and services, the house prices, the greed, the commercialism. Made me feel sick. I spoke to ozzies about prices and houses and they looked at me like I was a bit special when I suggested high prices there were caused by wage inflation. Chatting to our friend over there about house prices/wages in the UK, he said "UK wages are too low".... um, no, house prices in UK are too high! Quote Link to comment Share on other sites More sharing options...
Timak Posted February 23, 2011 Share Posted February 23, 2011 I was in Oz (first time ever) Sep-Nov last year..... was astounded by the prices of goods and services, the house prices, the greed, the commercialism. Made me feel sick. I spoke to ozzies about prices and houses and they looked at me like I was a bit special when I suggested high prices there were caused by wage inflation. Chatting to our friend over there about house prices/wages in the UK, he said "UK wages are too low".... um, no, house prices in UK are too high! The exchange rate does need to be taken into account a bit though. For example 10 years back a post-doc scientist in Oz would have been on a lower wage than the UK (at £1=$2.50) However now wages have inflated in Australia and fallen in the UK and the exchange rate is now £1=$1.60 so that wages in Australia are now 1.5x higher. Having said that houses have inflated by even more. Quote Link to comment Share on other sites More sharing options...
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