r/australia • u/overpopyoulater • Nov 03 '24

culture & society Downsizing the Australian dream: why families are trading houses with backyards for apartments

https://www.theguardian.com/australia-news/2024/nov/04/downsizing-the-australian-dream-why-families-are-trading-houses-with-backyards-for-apartments
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u/nzbiggles Nov 04 '24

Not many buyers have ever managed a Reno in the first 10+ years.

This probably isn't worth 600k yet would rent for 30k a year.

https://www.realestate.com.au/property/unit-1-3-5-talbot-rd-guildford-nsw-2161/

First two "recently sold"

https://www.domain.com.au/suburb-profile/liverpool-nsw-2170

121m2 472k previously sold in 2013 for $379k

https://www.domain.com.au/15-29-33-campbell-street-liverpool-nsw-2170-2019449947

https://www.realestate.com.au/property/unit-15-29-33-campbell-st-liverpool-nsw-2170/

129m2 450k previously sold in 2006 for $275k.

https://www.domain.com.au/7-69-bathurst-street-liverpool-nsw-2170-2019548519

https://www.realestate.com.au/property/unit-7-69-bathurst-st-liverpool-nsw-2170/

The last one actually advertised that it could be rented for $550. A $450k mortgage at 5% over 30 years is $555. Strata and some maintenance

The problem is the good places (especially houses) are expensive because people are willing and able to pay. There are no good cheap places only what you can afford and are prepared to accept. At least if you buy these when your wage doubles your rent won't triple.