Quote:
Originally Posted by xelasnave
I have been wondering why NG is in the news again.
Who has caused it to be news?
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What is getting up everyone's nose is the investors forcing intending resident buyers out of the market.
As said by various people, when we bought our first property (a unit) in 1976 it was $28K. We sold that for about twice as much in late 1979 to buy a house for about $70K. After some additions and 17.5% interest that went for around $230K in 1989 (and six months earlier it would have got $300K). Today that unit is worth about $700K and the house around $1.2M.
First home buyers around Sydney don't stand a chance if they want to live anywhere within cooee of work. The alternative is live on the outskirts and spend a couple of hours travel time each way to work.
Renting doesn't let them save much towards purchase since the rates are so high.