Jordies is making a bit of a joke here but it's kind of hard to overstate how fucked we are. I can't afford to move out and rent, let alone buy a fucking house for a very long time, and i make a decent amount of cash at my job. There's either going to be a massive fucking housing crash that will absolutely fuck our economy and destroy the financial prospects of a generation, or maybe if we vote in labor next time around the landing will be a lot softer.
is this a trend in all developed countries?
is there any country left in the west where you can afford to buy a house or land without having to drown yourself with double mortgages or crushing debt that you then have to spend an actual lifetime to pay back?
it's like if you're shit outta luck and weren't born into a rich family or at least a well-connected one you're quite literally never going to be able to afford to buy a place to live in.
[QUOTE=Melnek;52413491]is this a trend in all developed countries?
is there any country left in the west where you can afford to buy a house or land without having to drown yourself with double mortgages or crushing debt that you then have to spend an actual lifetime to pay back?
it's like if you're shit outta luck and weren't born into a rich family or at least a well-connected one you're quite literally never going to be able to afford to buy a place to live in.[/QUOTE]
Same here, for sure.
Economy is fucked as a result of rampant wealth inequality and stagnating wages. What will be done?
[QUOTE=Melnek;52413491]is this a trend in all developed countries?
is there any country left in the west where you can afford to buy a house or land without having to drown yourself with double mortgages or crushing debt that you then have to spend an actual lifetime to pay back?
it's like if you're shit outta luck and weren't born into a rich family or at least a well-connected one you're quite literally never going to be able to afford to buy a place to live in.[/QUOTE]
The housing market in here is actually dirt cheap by the standards of most Western Europeans and Americans. Ever since 2008 the cost of property in the country has been dropping, making real estate relatively cheap.
This however brings a two-fold problem.
The first problem is that, if you spent a large investment to legally build or acquire a legal home in legal ways using legal resources, that used to cost an arm and a leg. In a time where mortgages were relatively massive and nobody accounted for there to be a huge risk with people dodging their payments this was fine. But after the financial crisis ruined housing market prices, you are in a position where you are selling property for less than it's actual worth.
This is not such a big problem for renting in larger cities and tourist cities. They have a market that can pay the odd 150-350 euro rent per month(or more if you're a foreigner on vacation), and internal migrations warrant some security with property re-selling.
But, adding to that, it is not uncommon for real estate to get dragged down by some amazingly scummy bullshit, as should be expected from being plagued by transition governments.
A good example of this would be obligating more or less the entire country to re-buy their houses or risk eviction in the 1990s, the abuse of legalization laws to funnel money out of people circa 2011, the Swiss Frank crisis almost doubling people's mortgages overnight in 2015 due to an arbitrary banking clause. The list goes on.
So, in essence, yes, the prices are down. And they're down by a considerable lot. And there's no housing moguls exploiting the situation to rake in billions in profit from bad property taxation. But most new housing projects are built to accommodate workers, students, and tourists, and due to how saturated, crippled, and low demand the housing market everyone is either bogged down paying off their huge pre-2008 mortgages, or they can't make a profit out of selling real estate.
Here's a SUPER PRO STRAT though if you're looking to buy. Go work overseas, make several times as much cash as you need and/or save it up, then come back and don't worry about mortgage. The government may try to push a real estate tax to ream you further, though, so always expect a curveball your way.
I do IT/admin at a real estate company. I just sit here and watch the prices slowly trickle up...
It's great fun when out of everybody I knew in highschool, only a a dozen or so have been able to move out so far and even they're struggling super hard while living with multiple people in a small apartment
Thank fuck my parents don't have a problem with me staying with them longer, I feel sorry for anyone whose parents are trying to force them out.
[QUOTE=Araknid;52414230]Thank fuck my parents don't have a problem with me staying with them longer, I feel sorry for anyone whose parents are trying to force them out.[/QUOTE]
I feel sorry for my mom, I'm 21, my brother is 19 and we're both living in her flat. My older brother moved when he was like 18 so we have that to live up to but in the current situation neither of us are able to move out. I've make about 10000 kronor a month, and a flat somewhere would be about 4k-6k a month, then food for 1-2k, so that'd leave me with about 1-2k left and that's not including internet, phone or any other additional charges a month. I'm not even payed that poorly for the job I've got (waiter/cleaner etc at a restaurant) but it's a fucking exhausting job and the hours I put in are already too much for my mental health and stress levels.
[QUOTE=Melnek;52413491]is this a trend in all developed countries?
is there any country left in the west where you can afford to buy a house or land without having to drown yourself with double mortgages or crushing debt that you then have to spend an actual lifetime to pay back?
it's like if you're shit outta luck and weren't born into a rich family or at least a well-connected one you're quite literally never going to be able to afford to buy a place to live in.[/QUOTE]
Same in the UK. A few people I know my age (20-25) have mortgages now and they aren't necessarily from rich backgrounds, but the main thing between them is that they were all couples had the benefit of being able to work a decent paying job while living at home so they were able to save most of their paycheck rather than 75% of it going on rent, bills etc, and I think their parents might have sent them at least a little bit of money to go towards a house deposit.
Those that leave home earlier are screwed unless you get a lucky cheap rent with a good job or also have a couple with above average paying jobs who can pool their money and save.
I own a home solely because my dad died and my mother and I had to sell that house I grew up in. She wanted to help me so she let me use those funds to buy a small place. That small place got bought by a development company wanting to tear the building down. Because of that I own a home. Without that? Never would even making a good wage.
I'm not in Australia or anything but of course the market is still fucked in the U.S.
My fiance and I literally make more money than her parents (and almost as much as my parents make) but they bought their small 1100sq foot house 30 years ago and just paid off the mortgage - whose cost was half of our apartment's rent per month.
We make more money than actual homeowners and still can't afford a home. That is fucked up.
[QUOTE=The Aussie;52413409]Jordies is making a bit of a joke here but it's kind of hard to overstate how fucked we are. I can't afford to move out and rent, let alone buy a fucking house for a very long time, and i make a decent amount of cash at my job. There's either going to be a massive fucking housing crash that will absolutely fuck our economy and destroy the financial prospects of a generation, [B]or maybe if we vote in labor next time[/B] around the landing will be a lot softer.[/QUOTE]
why would voting in a party for higher taxes make housing prices lower?
[QUOTE=Kentz;52418077]why would voting in a party for higher taxes make housing prices lower?[/QUOTE]
They'll put in rent control!*
*if you already have a home, rent control is great! If not, haha sorry.
[QUOTE=Kentz;52418077]why would voting in a party for higher taxes make housing prices lower?[/QUOTE]
Because the other choice is the Liberal Party who want to keep inflating that housing bubble as much as they can while denying its existence.
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