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The Cost of New Houses
We are currently hearing a lot about the cost of buying a new house in the Albury area. Our daughter and her husband are trying to save the deposit for a house but maintain it is out of reach.
I looked into the whole thing and after a discussion with a real estate office in Albury it appears it is not the cost of housing that poses the greatest wall to a young couple making the big purchase but more the size and extras they feel they have to have.
When I purchased my first house it was a small 12 squares 3 bedroom house with one toilet and shower. It seems today the average house built in this area is about 21 squares and comes complete with Home theatre room, 2 or more toilets, family room, children's retreat, living room and formal dining room. Some have rooms I have never heard of. They also have to come with outdoor living areas, double garages, landscaping and paving. When I looked at the price they weren't that expensive compared to what we started with.
How can a young couple with a couple of kids expect to purchase such a mansion with only one person working. When we bought our first house we effectively paid more for less but we did it on one salary (usually)but had no furniture and a garden of just grass for a few years.
Our first house cost $40K in Craigieburn )Melbourne) My salary was about $80 a week take home. In those days I was a tradesman going to uni part time and still managed all my bills and expenses.
The houses we looked at in Albury were around the $330k with a tradesman on around $800 a week at a minimum.
Seems to be just a scaling factor until you add in all the new furniture. home theatre suite's and pools they must also have.
Your thoughts.
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