Correction: Cheapest one that was livable at least
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Just about to depart Sydney. My son lives in a large penthouse with large balcony and wonderful views. He now has 2 young boys so wants to buy a house. Most houses in Sydney sell for land value. Prices are at A$3.5 million to 5 million. If he had a 1 million loan he would pay A$1310 a week or A$68120 a year. My lad told me today he spends A$5k a month on living costs⌠2k for childcare alone.
He makes a good living for a top tier law firm. But wife on parental leave but only 18 weeks income from centerlink at minimum amount.
There is simply no way young people can save and pay a mortgage and medium prices even for a small 2 bedroom apartment start at A$1.5 million.
So $60 a year living expenses and a 1 Million mortgage at another $68k a year⌠means you need a net A$130k a year and thatâs with no car loan. For most young people this is just unreachable.
A lot of people bought homes with mortgages on low interest rates but they are not fixed low for the whole loan. He said from this year a lot of people wont be able to afford their mortgages. In the news one couple moved back to one of the parents homes and rented our their own place so they can use rent to pay the mortgage. So their may be some fire sales coming along soon.
Average price where my son lives A$3.85 millionâŚ
https://www.realestate.com.au/nsw/lindfield-2070/
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Yes and one you own. That is the most important thing and itâs a great feeling when you buy your first home.
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The problem is, at least in Canada and I suspect Australia as well, are foreigners are welcomed in at very high rates and these are foreigners with tons of money, not refugees. In addition you have the dirty money being funneled in unabated, as well as speculators with low interest loans.
In the end the average Joe that works a regular job is screwed but the market keeps going up. The government doesnât care that the average Joe canât buy a home as long as someone can and keeps the Ponzi scheme going.
Taiwanâs Ponzi scheme is based on people believing they must own a home to be considered successful and not a failure.
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Taiwanâs ponzi scheme is that rent money is tax free income for the landlords.
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It doesnât help that the tax office gives it a blind eye
They go even less than 3 mil. I just like the 3 mil range.
If you click for more details it shows the down payment + monthly payments and amount of time example:
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I think there must be a lot of inside trading in Taiwan. You buy for 10 mio, you friend buys back from you for 16 mio, your brother buys back for 25 mio for you.You get 15 mio out of equity on something you put a down payment originally just 2 mio twd.
Yes you have higher monthly payment, but you donât care, cause you invested 10 mio in stocks, and down payment for another apartment.
There are no foreigners buying in Taiwan. Only buyers are Taiwanese selling each other and pumpin up ponzi scheme.
Either you get a deal like OP where mortgage payment is close to your rent without putting a huge down payment or you get in with idea to play ponzi scheme.
Market is rigged, but this doesnât mean buyers are stupid.
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One of those places is 4.3 pings. Thatâs smaller than a room barely two cubicle size.
It is the kind of thing parents here buy so they can claim residence in a famous school coveted area. Now thatâs a cheating scheme. Push going to a certain school to get to Taida (NTU) to get a government job iron bowl and buy 3 houses which rent income can supply what the pension canât. Either that or send the kid to US.
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Well, they are stupid, but if youâre talking about a place to live in a place where the alternative is probably a slumlordâŚ
People need housing. Any other pump and dump scheme (beyond the current chicken eggs gameâŚ) is something that only affects people stupid enough to join the game. But housing? Itâs shocking how long the government has allowed this to go on. Buying a house in Taiwan is a dangerous âinvestmentâ, but people still need a place to live. You can rent from a slumlord that doesnât pay taxes or you can buy from a builder that is charging 5x more than they should. Either way, you donât win.
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you are right, its my misunderstanding. im looking for a 3BR place and it skews my search criteria.
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Australia takes in a lot of refugees. Also under new laws in Australia accountants realtors lawyers must now confirm that funds being used are shown to have been earned funds. So turning up with a $5 million transfer has to be shown where legal income it comes from. A casino banned a player who had 6 million in cash when he could not show how he earned the funds.
What lol Where did you come up with this gem?
Yeah its worked out for those who bought in a decade ago and now have massive capital gains. Too many crazy rich people in Taiwan I guess.
though its a mass generalization, it is not far from true. compare how many Taiwanese bought properties in Canada to how many Canadians bought properties hereâŚ
the % of foreigners buying property here is too low to make an impact on real estate prices.
Nice 1 Fuzzy
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Higher standards than me 
Well I donât count Canadians, Americans with Taiwanese origin as foreigners. But yea they move market too. Like water international capital finds its way into local market.
Rich people playing same game all around world, creating slum comapnies, push real estate market ups.
No one really protects average Joe. But it is what it is.
One of the things people miss is that airbnb has been a large contributor to soaring rents in many countries.
A lot of them will get free houses or stay with family.
It all depends who you are.
The population pyramid is already reversing so it depends how well the older population is financed and also how expensive healthcare will get.
Currently they get a fairly cheap deal with the imported caregivers and jianbao.
But when you have four elderly for one couple and grandchild starts to get a bit hard to rely on younger gen for sure. The laobao pension hasnât been doing great anyway when I check it.
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