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i really love the area that i’ve lived in my entire life (and so does my partner) - we live in australia, in a beachside suburb, well away from the city, the right amount of quiet, etc. - i’d also love to start a family some time soon too (in a house that’s my own preferably)

but, land here is $300k-$400k, and building would be minimum $400k as well; and then a 50+ year old home (3x2 or 4x2) would be like $600k-$1M+ depending on the location / specifics

you can’t find an established house that’s less than $350k, and everything <$500k is probably shit location or needs a bulldoze (and should just be considered land value really)

what do i do?

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Discussion

yort 2y ago

i’m 25, and the friends that were able have taken out a line of credit in the past couple years and used it to buy a house

you can’t lock in interest rates here for longer than 3-years really, and fixing rates also comes with some fine print too

a lot of them are now starting to feel the pinch of high interest rates, and large repayments

but, there’s no good option -

you could sell at a profit, but you would then still have to buy something in this higher market (and cop “stamp duty”, i.e. a hefty home sales tax)

or, you could sell at a profit and try to rent, but there’s no rental supply, vacancy is like 1% or something across the entire state (and i’ve heard stories of property managers getting offered cash in hand bribes just to make sure the property goes their way)

the rental i was in with my partner was sold on us, and we’ve essentially been forced to move in with parents

yort 2y ago

will there be a good entry into the housing market soon?

or, when it goes brrrr will house prices just moon, and i’ll be in an even worse position?

bitcoinjiujitsu 2y ago

Brutal times. Stay solvent stack sats. ⚡️