A question about housing boom in AUSTRALIA?
In
last 10 years average price of a house in all the majore cities in
Australia has increased to 200%. Say for example a house which cost
$100,000 is now about $300,000. Further, rent also gone up. Seamingly,
there is no end to this trend.
While few makes money out of it, millions suffer to pay martgage. This
is not a good thing for the future generation.
Is there a way to stop this trend?
Other - Australia - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
It
isn't all areas that have gone up the same, but all we hear in the
Newspapers are the extremes.
An example is the Sydney western suburbs; in 1990 I bought a standard 3
bed house for $105,000 in a good area there. Today, a few very similar
ones are selling for about $330,000.
That works out at an average of only 6.95% per year over 18 years.
However, the "average" prices for the area have increased by a higher %
figure over that period, but mainly due to larger and more expensive
houses being wanted these days.
More recently, the overall Sydney market has only gone up 5% in the 12
months to March 2008, Perth by 1.5% and Hobart by 4.3%
Different areas rise at different times, and currently Brisbane,
Melbourne and Adelaide are playing catch up.
Part of the answer is to build smaller houses again, 3 beds, 1 bath,
single garage, no dishwasher, no media room, etc..
