Re:Home ownership is the West’s biggest economic-policy mistake
by daemin on Tuesday April 20, 2021 @10:45AM
(#26875378)
I'm an Aussie in Europe now as well. Back when I lived in Sydney the average price of a home near where I lived was about 1.3 million, now I checked the prices last week and the estimated price is 2 million.
Somehow there was only a small dip in prices during the pandemic and now the property market is back on the boil again.
I honestly don't think any family without high dual incomes can actually afford a home now close to the city. The only places that are close to affordable for middle income families are far away from the centre.
Re:Home ownership is the West’s biggest economic-policy mistake
by Copernicron on Tuesday April 20, 2021 @03:30PM
(#26880161)
It’s actually a lot worse than that. For properties over $1 million CAD, you are required to put down a 20% deposit. I came across an article not long ago that it would take the average household 30+ years to save the necessary down payment. I earn six figures and I’m single. I can’t afford to buy any time soon.
Goddamn those are some crazy numbers, how does anyone even begin to afford that? You'd be saving for 20 years just for a deposit....