When’s it gonna crash? Lol it just keeps skyrocketing

I feel sorry for all those people that went guarantor for people now. If the kids lose the house so do the parents. It's going to get messy out there.

Wow imagine being this excited about your friends and family losing mountains of hard earned money on their homes just because you could never be financially responsible enough to buy your own. 😬

Imagine imaging an imaginary scenario where they think they know the person who commented & the financial history of not only them but everyone their close to...awkward.

Imagine being so greedy that you need multiple houses.
Can you live in 3 houses at once?
Greed and stupidity

Rentals are needed and they have to be owned by someone. Not everyone wants to buy. Students and people who move a lot for work don't want to be buying a house every time they move. It's not all evil doom and gloom.

I cant wait!

Rentals aren’t really needed to anywhere near the degree they are available. If they weren’t everywhere then housing affordability would easier for everyone. I get where you are coming from but it’s not really true to apply. Investment property purchasing has really skewed society. Why would someone work hard when their ‘friend’ who lucked out, or had a leg up or just went nuts buying property, made 100k in a year doing nothing? It is actually explored in great detail how this really depresses people and discourages people from working hard. I would also like to see carnage in the housing market.. because it’s in need of a reset. People shouldn’t be buying the biggest place they can afford..they should be buying what they can afford, deposits should be much higher also. I feel sorry for the OP

I like you

So many people with such little understanding of economics 🤦🏼‍♀️

Also almost every 18-25 year old could save enough of a deposit for an apartment.
Barring and disability or debilitating issue.
But how many 18 year olds do you see saving deposits?
Then they turn into 34 year olds with 3 kids who blame the housing market for their life choices.

I also like you

REVOLUTION!!!

Then thats their loss. You should have sold it. Would you keep shares that were losing you money? Just because the government gives you money to keep doing it does make it right what happens when the gravy train ends?! This. Don't try & pretend you were doing some kind of social service you were trying to "get ahead" of your neighbours, coworkers, friends, family, children & grandchildren. Pushing everyone out of the market that didn't jump in at the correct time. It was greed pure & simple. If you gamble you don't always win.

I just read an article stating 58% of rental properties in Australia are negatively geared!
Makes me angry really. Society is fucked

Yes 👏 yes it is. It's been screwing up the system for too long.

Wtf..i dont have a rental property i was just answering ops question truthfully

If your investment isn't making you money and needs to be negatively geared it's either a bad investment or you're just doing a dodgy on your tax

Exactly

The sad thing is I hear home owners all the time excited about negative gearing. Unfortunately I feel like our generation is the one that will screw the next one over when it crashes because of this quick mentality.

😆

Some people aren't responsible enough to borrow a LOT of money to.

Agree. Some people get approved to borrow a huge chunk of money, borrow the maximum they can and then realise it is not realistic paying back $650 a week, especially when their relationship breaks down and find they cannot remortgage to have the loan in their name only and have to sell, and come out with $50,000 debt with nothing to show for it, because they couldn't get whey they needed to cover the loan amount, and they cannot pay $650 a week by themselves.
Seems to happen a little too often 😔

True but we will see. I've been watching very very closely. It was coming before the virus but its on fast forward now. There's alot of whispers & signs. The whole industry is working really hard to hide it because once it's out everyone will panic sell. Not reporting non sales so it won't make the clarence rate go down. Alot of houses for sale now don't have advertise pricing. There will br a reckoning.

I live in a nice street in an older suburb in a smaller city.
My street alone at one point about two years ago, had 11 houses for lease. 4 ended up being rented, 6 of these are still empty and are now for sale (listed between 12-18 months ago), with no tenants. And there are still about 4 other houses up for lease.
This was before corona too!
I'm guessing being an investor isn't all its cracked up to be when you can't find anyone to fill your home.

To the banks I mean. Obviously to you it is deeply personal and important. Didn’t mean that to sound mean sorry

I wonder what happens on the other side of this. If it all goes to hell & there's houses being taken by the banks all over the place when it's all done, they'll have to relax the credit restrictions a little bit surely?

Seriously, why the ‘duh’....?

So why then should someone earning 60k be financially responsible paying off YOUR mortgage?

Capitalism!! Everyone thinks it's brilliant... But the rich get richer, the poor get poorer.
I guess everyone loves sucking the d**k of the fat cats though because they keep voting for this shot 😡

Agreed 👍

Read above and you’ll find out exactly why.

I didn’t write the comment, but the “duh” is there because it should be easy to understand why. I’m not going to explain it but a few others in this thread have explained it well.

Because they aren't financially responsible for the landlords mortgage. It's not their name on the mortgage. The bank isn't going to come after the tenant if the landlord doesn't pay their mortgage. The only person financially responsible for the landlords mortgage is the landlord.

Very good explanation