tytower
Well-known member
I was just sitting here wondering what to do next.
I started buying my first home back in my twenties and my wage was $200 pw and my house cost $30,000 . Each 10 years the house price seemed to double but my wages just didn't keep up.
So in
1974 house =$30,000 wages= $200 = 150 times weekly wage
1979 house =$80,000 wages= $350
1989 house =$160,000 wages= $600
1999 house =$400,000 wages= $850
2007 house =$800,000 wages= $1000 =800 times weekly wage
now if this keeps up in 2017 the house will be worth 1.6M and my wages (If Iwas still working would be about $1300 .
What I'm getting at is you can only repay so much from an average wage and property here is now well past that affordable sum . We must run out of room to pay for our homes so this has to pull back the price of homes.
This is in Australia where house prices have been Booming and look like continuing. This is different to the sub-prime market thing . $1 AUD =80cents USD
I see property prices peaking out after 50 years at around the levels now. Anybody got any thoughts they would share with me on this ?
I'm wondering whether to cash up now and stick it on the short term money market for the next 20 years or keep it in property. Sure as Flies on sh I wont be able to borrow any more money at my age and the repayments would be impossibly high if I could.
I started buying my first home back in my twenties and my wage was $200 pw and my house cost $30,000 . Each 10 years the house price seemed to double but my wages just didn't keep up.
So in
1974 house =$30,000 wages= $200 = 150 times weekly wage
1979 house =$80,000 wages= $350
1989 house =$160,000 wages= $600
1999 house =$400,000 wages= $850
2007 house =$800,000 wages= $1000 =800 times weekly wage
now if this keeps up in 2017 the house will be worth 1.6M and my wages (If Iwas still working would be about $1300 .
What I'm getting at is you can only repay so much from an average wage and property here is now well past that affordable sum . We must run out of room to pay for our homes so this has to pull back the price of homes.
This is in Australia where house prices have been Booming and look like continuing. This is different to the sub-prime market thing . $1 AUD =80cents USD
I see property prices peaking out after 50 years at around the levels now. Anybody got any thoughts they would share with me on this ?
I'm wondering whether to cash up now and stick it on the short term money market for the next 20 years or keep it in property. Sure as Flies on sh I wont be able to borrow any more money at my age and the repayments would be impossibly high if I could.