calliope

I have never owned my own house and I'm starting to question if I ever will. We are raised to believe it's the best thing, which it is if you can buy at sensible salary multiples, but it's the worst thing if you borrow too much, and that has been happening for many years, leading up to all these problems.

In Exile

when rent < mortgage, and you can invest the difference elsewhere then its not necessarily a bad thing.

we were going to rent somewhere else in Sydney recently.
Cost of renting a 2 bed house in Drummoyne/Five dock = 690-720 a week.
we compromised on house vs unit and bought a 3 bed flat in eastern suburbs. it was about the same monthly price. silly not to I think.

spartacus

See my comments above.

I would say that everything, excluding 'memory foam' matresses bizzarely enough, is more expensive in Aus.

Amazulu

But when you retire, do you want to be renting? If not, then you may as well buy a house when you are younger instead of buying when you retire.

I'm in my late '40s and I virtually own my home - and will do within 2 years.

In Exile

no, but there are other ways to make money too. you can then use that to buy property in retirement.

Also depends what areas you want to live when you are younger. you most than likely cant afford to buy in inner city locations, but can easily rent there (house share or whatnot).

its all about being smart with what is avaialable to you and just takes planning/discipline.

isgraham

I've already done that in my 30's so it's no big deal just buying before a boom hits will cover it for you or waiting until one collapses and house prices do seem to be drifting down in Australia these days.

Amazulu

There are many ways to do this, I prefer to own a home and have found it easy to afford.

Each to their own

paulry

It's a very Anglo Saxon (AKA Pommy) need to own their home

Beoz

I'm intrigued - Where does one get a 3 bed flat in Eastern Suburbs with a mortgage repayment of 690-720 per week?

Amazulu

It is, but Anglo-Saxon is so much more than Pommy.

Cheetah7

I know I owe ANZ a piss off huge amount for my mortgage, I know I will be paying it off for yonks.

But I also know that I dont get rent inspections, if I can afford it I can do renovations and put up pictures, drill holes in the wall.

I know the owner is not going to sell it and we have to move out, I know I can keep my dog and cat, I know that if I had the money we could get the survey strata title done with our neighbours - which we will in time, and we can subdivide.

And I know if I sell it, I get the profits, not the bank and at the end of the day, it is more my home than any rental will ever be.

To me that is important, I would rather pay the bank for something I can change/sell/live in than pay the mortgage for someone else to change/sell/live in.

Its my home.

chris955

Car insurance for some might be cheaper but not for us, especially when you take into account the CTP and rego so you are paying 2 lots of insurance.
Petrol definitely cheaper but not much else really.

chris955

The home ownership rate in Australia and the UK is practically identical.

chris955

Wouldn't be the first time and it wont be the last

Amazulu

I'm not trying to compete with you champ. I've owned houses outright before - no big deal.

House prices are what they are and I rarely get involved in their discussion.