Quote:
Originally Posted by car10002
Also what has happened to the days that people were happy to save more for a deposit and wait longer and not only come up with minimum they’ll get away with and rush things so they can have it now because they couldn’t wait or go without.
People currently in their 70s & 80s In their day probably came up with atleast 20% for a deposit and were happy to wait longer and save for one thing at a time.
These days people who are in their 30s/40s/50s/early 60s Especially people in their 20s/30s won’t come up with more than they have to for a deposit so they can have it now and not wait like their grandparents did in their day.
Also people years ago just managed on one wage and didn’t mind going without but now it seems that this generation have to have 2 jobs or wages just to get more money to pay for everything and have been told by a person in their 80s that it’s because they want everything now and working out what to put it down to.
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What happened is house prices outgrew income.
I bought my first house in 2012. Sold in 2015 for $100,000 more than the purchase price with a couple thousand dollars of improvements.
That's an increase of $640 a week. Saving $640 a week for an average person is almost impossible.
Of course the improvements I did to my house would have increased the value, however I would be surprised if it increased it by $10,000
If I saved up for longer for a bigger deposit sure my interests charges would have been less, yet I'd rather have the house appreciating at about $600 a week (less improvements value)
