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Greetings!!!
You need a more compelling argument than “I don’t want to answer to bosses anymore” otherwise you will remain a wage slave. You will need to earn some sort of income (if you flick the govt job) so that is what should drive your property strategy. “Buy and hold” tends to be capital gains related so what else does that leave you?Greetings!!
The great Australian Dream of owning your own house will never be dead. It will not be easy to get into the housing market and it never was (not even for the boomers of which you seem to have some sort of issue with).
You may have read a report that shows the median house price in Perth at $490K some 12 times your earnings. I have found a house in Brunswick (near Burekup) that is up to 7 times you gross income (using your “boomer” data) ie $280K which says (using your logic) that there is housing in your own city that is similarly attainable to those of your parents/uncles/aunties day.
“How are we ever meant to afford THAT!!!!!!” The same way as everyone else does/did. Develop a strategy and exploit all the options that you have available to you that were not even available in the 90’s (lo doc loans, 106% finance packages, First Home Buyers Grant, syndicates with your mates, etc). Leave you parents money out of it unless you can work out a deal as part of your options. I would guess that like most “boomers” they had no assistance from their families either (dead or alive).
Perhaps you should consider another job to help create your deposit? That’s what I did. In fact, I had three jobs at one point because inflation was rampant in 1976 onwards to “the recession we had to have”. There was no way I could save up for a deposit without doing the extra hours/jobs.
The average wage in this country is closer to $65K and a typical factory worker in a medium sized business earns about $40K without overtime. Given that the average wage is somewhat higher than your earnings doesn’t that give you hope that there is bigger bucks out there? Go after it but it will mean trading more of your time. You may be better off getting creative with property isn’t that why you have gotten involved with PropertyInvesting?
Most kids of today “just don’t care” for the same reason as most kids didn’t care back in the day either. Your research clearly hasn’t pulled out th old adage of the “boomers” “tune in drop out” or words to that effect. They were the views of losers as “drugs” are the views of losers today. But don’t worry when the majority og boomers were tuning in and dropping out and smoking dope others were flat out developing their future. Guess what, they live very well in their own house and either have a business and/or a professional rewarding career and/or investments (properties/shares) or all of the above.
If you truly believe that “the dream” has been taken away from you then I challenge your belief mechanisms. I personally can’t believe that you have gone into debt in order to study for a qualification without a vision for what that qualification would mean for you in the future. You had a vision, right?
You’re staying at home longer because you have got it made there.
Thank your parents for letting you stay with them and offer to pay board as well (at least to 80% of the market rate) rather than “bagging” them out. My daughter and fiance have just bought themselves their first house in a Sydney suburb. They have taken out a mortgage of close to $400K to do it. He is a factory worker, she is a student pilot and works as a receptionist. He cleared a sizeable car debt first then saved and worked his ass off to do it. He is 24 she is 21. The difference between you and them can be summed up this way: you look at real estate and say “I can’t afford it” they look at the same thing and say “How can we afford it”?
“Houses are appreciating at a faster rate than peoples ability to save the deposit required”. This is no different to 1976 and it will be the same for your kids as well. Best you get into the water as quickly as you can lest you sink before you even start.
WHATS THE POINT!!!!!!!!!!!!!!!!!!!! Rising to the challenge just like you did to get your degree. It wasn’t given to you because someone thought you should have it and nor will anything else be given to you for that matter.
Happy future building.
