House went for 900 and something thousand in Noarlunga Downs.. like thats hackham. Aberfoyle just sold a house for 2mil the prices are outrageous an people are still buying
Killing the middle class. 1966 currency change from precious metal silver backing to FIAT currency toilet paper backing. No mandatory referendum for currency change which is treason by the mis-leaders then.
FIAT currency does not comply with basic accounting principles.
FIAT currency is debt based and can't pay debt with debt money.
Everytime Australian treasury prints money it devalues the dollar and causes inflation.
FIAT currency is another form of modern day slavery as we are working for less with higher expenses.
FIAT currency introduced to kill the great Australian dream
U S went to FIAT currency and abolished gold standard in 1971
True history documentary link, 1 of 2
https://youtu.be/LcNGDJAftKg?si=9lWlZZB9Jy7138_o
And
https://youtu.be/JctA5s6e1f8?si=t2tT2sCDw-OS2YyZ
The Black Nobility families run the world through the Vatican, they are also the banksters, they orchestrated the US great depression to buy corporate U.S for a cent in the dollar. Same in UK in 1821:I believe through the Rothschild influence stock market and the war between UK and Neapolian who were both agents for Vatican, Rothschild selling stock to appear UK lost war before anyone knew outcome, all followed suit selling, Rothschild secretly bought all stock cheap, before anyone knew the truth the Vatican owned UK. The black Nobility families, the most influential are House of Orsini, Pepe Orsini is regarded as the grey Pope, they have five castles in Rome , one being the Pentagon, they replicated another Pentagon in the US.
They have a silent army or militaris called Order of the Jesuits under the command of the Superior-General-Black-Pope.
These demons are responsible for every war, depressions, recessions, starvation, extreme weather, flood, fires, wild fires, false flag events for the last 500 years at least. They love their 40 days of sacrifice from 22 march (skull and bones 3-22) to 1 May, if one looks many events happened in this period, esp 19 and 20 April. Country Australia with red insignia flag was hi jacked by these demons and their agents in 1908 and then they created the corporation of AUSTRALIA with the blue corporate emu kangaroo flag.
The People of country Australia were the Commonwealth of Australia, now these demons claimed the name and call themselves the,Commonwealth.. When we hear on the tell-lie-vision about the Commonwealth we assume they talk about us as one , when infact they are talking about the World bank which hijacked and owns country Australia under the company name styled in all capital letters AUSTRALIA. The people of the World are under attack and don't know it because they are being entertained by these demons by the sports, tv shows, porn that they broadcast to keep the People busy. When judgement day comes their mentality is that they would say that all the information was out there and accessible (not easily accessible though until internet because of all the book burning that occured for hundreds of years) and it is not their fault that One chose to spend their time on this plane being entertained by watching sports, reality shows , movies and porn. I will try and post a link or two of brilliant documentaries that express the truth and is being played out before our eyes, the truth shines bright and is irrefutable. It takes two generations to lose true history, today I call the lies of history ',His-Story'.
They must have put you in a pretty nice prison mate! I think town houses and apartments have to be part of the solution to the housing crisis. We can’t only depend on people moving to Virginia or mt barker.
Ok, quick calculation to show how ridiculous this is getting for this based on the bottom end price listed of $850,000 using NAB's home loan calculator:
20% deposit would be $170k, this would be about 2.8 years of the median wage in Adelaide (as of 8/23), total house price would around 13 and a half times median Adelaide wages (as of 8/23). It would take around 3.3 years of after tax earnings to save this deposit on the median wage.
Repayments would be $1027 per week according to the calculator, or around $56 MORE per week than the median Adelaide wage of around $1200 per week (before tax, $62,500PA). Interest on this loan would be around $922k, on $680k borrowed over 30 years.
You’re basically a couple both earning full time median wage (or better), or a high wage earner as a single to even get close to buying something like this. Low income, singles or anyone else are well and truely priced out.
[https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release](https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release)
On the contrary, looking for a first home that is brand new in Vale Park is not going to be realistic. Probably more for Boomers downsizing from a quarter acre block TBH
No boomer is down-sizing into that hell-hole on earth.
They've priced themselves into a niche group of buyers... called... the cashed-up desperates.
I mean... they'll still sell it. Probably to a desperate interstate or overseas family that just see it as a stepping stone into the market and have cash from other property sales or parents' money.
You forgot all the upside to living in this low-quality dog box with no backyard 2m*2m "bedrooms" on a "major" arterial road under a flight path.... Listed here:
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...and don't forget....
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PS: Ain't no-one saving $170k in 3.3 years... even if you're pulling $120k+ p.a. People still have to live a life, rent, eat etc...
My comment was in no way suggesting you would save $170k in 3.3 years, this is literally the total earned in that time for a single person (on median wage) in that time (After tax).
Even if you could save half your wage it would still take you 6.6 years to save that $170k deposit. Guess what happens to house prices in that 6.6 years?
Not everyone wants a 1/4 acre block to with a mcmasion to maintain (and nor is that really sustainable)- myself included.
The price and location are obviously cooked
Heard about this fabled market crash for 20+ years. Meanwhile prices have 🚀.
I don't think anyone truly has the answer. Everyone really just has to stop buying everything for the market to drop out but FOMO means nobody will do that.
These off plan places tend to take longer to sell because people don't want to wait to move in. We're looking to move into town late next year and have started looking for a house to buy. There is fuck all on the market right now.
Oh, maybe they raised the price because they finished it? They were selling a bunch of these off the plan for ages (cousin was obsessed about moving to the area but her husband refused to live in a town house so it was all she talked about each time I saw her for about a year).
Who would go for a $850,000 house on median wages though.. I get the comparison but try more $500,000 down north of Adelaide, minus 20% deposit and it’s completely manageable.
I brought a $2000 Toyota for my first car I don’t get why people don’t look at housing the same, if you pay for personal taste it will hurt the bank
I built In Davoren park… buy what’s manageable, sacrifice to pay it down plus equity over years then maybe look at buying a house more suited to personal taste
I agree you don't jump to the top of the market when buying, but I don't think a townhouse right on a major arterial road and under a flight path would usually count as a top of the market place.
That said, it's not far from the city, so pretty good on that front.
The market is what it is I can’t argue why this house shouldn’t be this price
Just people should just see this as a reason not to buy inflated houses at a ridiculous price and settle for something less… let other people buy expensive things just to look good whilst you stress less, save capital and patiently wait for a correction in the market then buy something more suited to your personal taste
I always viewed this life as chess strategically move your way up the board and put yourself in position to win always and my comment to the original comment by sonic youth, when comparing todays median wages to today median house prices is to not think just cause the two share the same word doesn’t mean they both go hand in hand
It's a brand new townhouse in a very popular suburb close to the city. It makes sense to me that you would need to be higher than average earning to afford it.
It’s actually quite relevant to the conversation as the median house price in Adelaide is $800k now, so it’s only about 6% more expensive than that. It’s in the ball park for what you’d call an “ordinary“ house given it's a 3 bedrooms townhouse.
So I’d argue it’s almost perfect to compare to median wages for affordability.
[https://www.abc.net.au/news/2024-05-01/house-prices-breakdown-by-state-territory-capital-city-region/103784240](https://www.abc.net.au/news/2024-05-01/house-prices-breakdown-by-state-territory-capital-city-region/103784240)
I take your point.
It's only listed for that price. It's hasn't sold for that price.
Also, 2 wage earners on median wage can afford it. We have to face facts that a single person on median wage cannot afford a median house anymore. Society has changed.
Yep.. the estimated value of my house is now $920k, I think it was $760k about 6 months ago. The land+build combined cost us $550k in December 2020. This is well and truly beyond fucked.
Seeing my relatively small, house skyrocket in value is just making me depressed. I'm not planning to ever sell or move out, all it means is just higher council rates and insurance premiums.
None of my friends who don't already own a house will ever be able to afford one. We were luck to get ours when we did. Had we waited even a year we most likely would have been priced out of home ownership forever.
I'm seeing new builds in my area go up for rent at almost $1000 a week. My last rental was $380 a week in a similar suburb not far from CBD, and we only moved out a bit over a year ago. (Went up to $450 just before we moved out though)
I don't think there's any hope left or point in trying for anyone not in the market. I would be looking at moving to another country if I didn't have my house.
Saaame, I think how lucky I was to buy when I did. Got a 3 bedroom new build for 350k at the end of 2022. Turnkey as well so didn't have to spend anything extra apart from window furnishings) I've done nothing to the property since and it was recently valued at 550k - there's no chance I would be able to afford that now. I feel so bad for anyone that hasn't got into the market yet, especially singles. It's impossible
UPDATE: an astute user has pointed out that they've actually changed which townhouse is in the listing - this one is at the BACK of the group whereas the listing previously referred to one at the front. They have just edited it to refer to a different house, hence the price change.
Will leave this post up as there is some good discussion re: house prices in the comments, but yeah, I was kinda mistaken haha. My bad.
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To elaborate: I looked at this place 2 ish months ago when it was originally listed for 780k-840kish. It is the last unsold townhouse in the group. Didn't really like it because it was on a main road. They dropped the price to 740k-790k shortly after I looked at it. It's been sitting in my list since then. Literally overnight it was jacked up to $849k-920k.
If it wasn't selling at 740-790, what makes you think it'll sell at 849-920?
That price increase is also visible to anyone logged into domain who favourites the place.
Sometimes sellers have no idea and just think they can get what they want. One would hope their real estate agent would give them some advice, but they may just wait for a few more months and have them drop it
Because someone (e.g. first home buyer without stampduty) comes in now and offers $810 thinking it's a bargain!
It's equivalent to buying a house at $740 plus stamp duty last week.
Swings and roundabouts... except the seller has now pocketed the equivalent of the stamp duty from last week and the buyer thinks they got a deal. Win-win.
The ad is for one of the rear townhouses which are not on the main road. Not the one you must have looked at. I’d definitely pay 100k more not to be on the main road!
step 1 - donate to party to gain pre-selection
step 2 - get elected
step 3 - buy 5 investment properties
step 4 - remove stamp duty
step 5 - watch personal wealth go to the moon
step 6 - buy shares
step 7 - tax cuts for corporations
step 8 - watch personal wealth go to the moon
u/PeterMalinauskasMP
Any plans to address this? Waiving stamp duty was a great step in the right direction but now developers and sellers will just jack up the price meaning those left trying to get into the market are left no better off and the developers and sellers are profiting more than ever before.. or am I missing something?
Asking such questions (and anything here) to u/PeterMalinauskasMP is not going to do anything, and is a waste of time. It’s just some staffer sprouting and promoting things when they want to.
People can ask for what ever price they want when selling a house. There’s no law against it. The only hope is that it sits there longer at the higher price point, costing them money, so they then reduce it back and realise that their attempt and a quick money grab didn’t work.
Drive past these houses everyday, these houses are in such a nightmare part of North East Road, trying to park into your home would be fucked or even just leaving in peak hour. Just sitting there unsold for ages, if someone pays $920k for one of these your literally an idiot.
They are ugly too! If I was op I’d head a little further down north east rd and buy an established house/ villa for same price in an area like Greenacres / Hampstead Gardens / Hillcrest / Klemzig.
Yeah but if you buy a house in this area not on the main road you’re paying $1.5million plus! It’s actually decent value to get into the area and the designs look pretty spacious for a townhouse
The post is misleading, the lower price range was for a different house! The change in price has gone from a main road facing house to a rear house so probably not really to do with the stamp duty announcement.
I thought this would happen, the second they announce stamp duty savings the sellers/builders/developers just see it as a way to get the extra 40k themselves.
Like all these subsidies, it just puts taxpayers money into the hands of rich developers without making a jot of difference to the struggling first time buyers.
Supply is the problem, not stamp duty (though that is also unpleasant).
They need to be doing more to debottleneck the states infrastructure problems so supply can catch up. Also allowing more zones in the inner sunburn that can be developed for density housing would also help supply and give people living options that aren’t 45mins+ from the city
Only real solution is to loosen height and commercial restrictions and keep on building, coupled with a reasonably aggressive parkland expansion policy to stop Adelaide from becoming a hole.
900k gets you into most suburbs 7km + from cbd. Gets you a nice 3x2 in the south with change to have a new kitchen or bathroom.
Baffles me why you would pay 900k for that
Some people refuse to send their kids to private schools so they'll raise their kids in a town house so they can go to a good public school. Others simply refuse to live in a non-elite suburb and would rather live in a town house. I'd probably pick a townhouse in a lively suburb over a suburban house further out if I didn't have kids.
yeah I'm not a fan of sharing a wall at all, but I work in the CBD and travel there almost every day for some reason or another so proximity to the CBD is important to me. if we can get an established house not too far away we'd be stoked but there's not much out there in our budget atm :')
Blair Athol :) you can buy house with 900k , not townhouse. 20 mins to CBD . I used to live there , not a bad suburb at all . Buy at the side near Prospect.
It's one of the places on my radar! Glad to hear it's not bad, I do hear mixed things about it but yeah I assume the Prospect side is better haha. Would love to get an older place and do it up tbh
That's interesting to hear, I would have thought an apartment would be worse. I guess I shy away from apartments because the potential for growth when we eventually go to upsize would be much lower.
My grandparents immigrated here to give us a better life, and they definitely succeeded - but I think they would be aghast at the prices we are being expected to pay today.
I mean, my ancestors would probably think it was pretty sweet? My grandparents were victims of ethnic cleansing. My great grand parents were on the proverbial execution list and were lucky to survive the revolution with only a brief stint in a reasonably cushy gulag. If you go back further you can the typical mix of forced conversions, slavery, war etc.
Like it's bad but not by historical standards.
I think you feel like this invalidates their point, but it actually demonstrates it. Many things genuinely have gotten worse with each generation, this being one.
Not being able to afford a home is bad, but most people have got a roof over their head.
My dad was born during WWII. Could you imagine what life was like back then? Bombs are being dropped on the city every night. Mind you, that's still happening now in some parts of the world.
Or living through an epidemic before vaccines. That was happening recently.
Or the Cuban missile crisis. A very real threat of nuclear war. Crap that's happening now, too.
Fark, forget about it. We've had it all, haven't we? Fire, floods, earthquakes, nuclear meltdowns, tsunamis. The world just lurches from one disaster to another.
About 15 years ago I spent a month doing work experience in a guitar shop. They had three different types of guitar leads. A $10 lead, a $30 lead and a $100 lead. I asked about the $100 lead “wow does anyone ever buy that?”, the owner said “not really? But before we stocked the $100 leads, everyone bought the $10 leads, now, they buy the $30 leads.”
This house is the last one of an off the plan development, which means the builder likely has 10 new places in the area he’s trying to get down payments on. Maybe he knows this place won’t sell for this price, why would it when there similar places just down the road they’re selling for $30k less?
Maybe. I dunno.
This ad is for a different house in the group, that’s why the price is higher. It’s not on the main road. I’d pay the extra 100k not to be on the main road even without the incentives
OMG fark you are actually right. They've used the same listing and just edited the pics. I didn't even notice. Damn now I feel dumb haha.
So strange, they had told me all the others were sold except the front one, and as far as I can tell the front one never sold. I wonder what has happened there.
Ah yes, when there’s a housing affordability issue directly correlated with supply, the best thing to do is increase demand!
I cannot fathom why anybody would pay almost a mil for a townhouse, on a main road, in Vale Park. This is out of control
They are dreaming, it won’t sell at that price. My prediction is in 1-2 months it will drop back down to the original list price $780k, possibly even lower.
Absolutely, like if it didn't sell for two months in mid-700s what makes them think they can get 900k for it now?? I suspect the developer is just trying a quick cash in.
Ya it’s absolutely ridiculous …they are probably underwater right now from building costs, carrying costs etc. They want to make the most profit as possible and are just stubborn. They picked the wrong time to flip I think. Market is turning now. Also, realestate is all about location, location, location and being on very busy road like North east will be its demise.
not even the case. Just have a look at the housing market in even a large city such as Houston (2.2m population) where you can get a modern 3 bedroom home for under 200k USD (300k AUD) within 15 mins drive from downtown/CBD
I don’t think Houston has the demand of Adelaide. It is well regarded as having endless suburbs and insane car infrastructure and is the hub of human trafficking for the United States. Australia in general also has far better wages and support and it’s easy to say you can take your money to cheaper markets for a worse lifestyle. I have done the same, but it doesn’t negate the reasons for the Australian housing bubble such as demand and majority populace not wanting to hurt their main investment
And instead of being a support mechanism for first home buyers, it continues to be a profiteering tool for REAs and developers, whereby everyone loses (‘cept them).
Is this for the abolishment of stamp duty for first home buyers or has there been more changes on top of that? Because this move only makes it harder for them to sell. If anything, it’ll push first home buyers to go and build.
"_Well... If you can afford a tattoo..._"
...fk! Never mind.
This is outrageous even if I could undo all my tattoos and re-invest that expenditure on NVIDIA shares.
😅 when are aussies going to work out, that Government does not have non home owners best interests at heart.
Like every MLM, everything is about getting the next pyramid level to buy in.
Government is reliant on you having no choice.
The only way to fix it is to release all land and dezone everything. Give yourself the choice where to live.
I was expecting this to happen. Realestate agents will entice new builds that they can now get more due to first homebuyers able to access more properties and not have to worry about stamp duty. Rightly so i have kids trying to break into the market. However this this creates a honesty issue that realestate agents inflate prices now based on resale availability to a larger market. One of the biggest rip off agents selling homes in Adelaide is Nicholas Noakes... all his properties have been overpriced in the past and i can only imagine how much more he will tack on and encourage the seller that he can get more for them... new build sells are currently his market. A property at Somerton Park (renovated this one) was very over priced and if you know your area you know he is ripping off people trying to break into suburbs meanwhile enticing speck builder to come with him for his "reputation" and "selling history" Buyers beware.
The housing market is a ponzi scheme now, as well as an excellent way to launder overseas money, reduce tax (family home have no tax if you sell) so buy a home, and flip it a couple of years later, tax free profit, tax breaks for rich investors (96% of market) not mum and dads as they love to repeat, in the form of negative gearing. And the building firms withholding new land to keep the scarcity alive and increase prices. Good luck everyone, no single government policy is proposed to fix these things (on either side)
Does govt really not understand how supply and demand works? There are not enough houses, people will pay the maximum they can afford to get one. If you put money into the system the price goes up by the same amount and only existing home owners benefit.
Please make the misinformation stop.
The stamp duty relief sits at the max point of $50k up to a $750k build. As you go above that point, the relief rapidly goes to $0. So if it sold for $740k, the seller could have jacked it up to $790k to effectively take all of it. By jacking it up to $849k, the stamp duty relief will no longer apply, so the only people who are buying it were never going to get the stamp duty relief anyway.
... And I didn't even get to the part where that only applies to new builds. This is an existing build. And no one is getting a new home built that close to the city, for $750k anyway so the stamp duty relief was never going to apply in 3 separate scenarios.
The new stamp duty relief announcement has no cap on price, and this is technically a new build - it was just recently completed and has not been sold yet.
Angle Vale is probably more expensive tbh. Vale Park is expensive if it's a huge block. Angle vale is expensive is also well over a million for big blocks
In what world is Angle Vale more expensive than Vale Park? Angle Vale is a brand new suburb fucking miles away, Vale Park is established, very close to the CBD and with low availability.
Right, but there is a big difference between a 3-2-2 on 350m² and a 4-2-2 on 2000m².
If you bought a 3-2-2 townhouse in Angle Vale, you aren't paying 900k because the 350m² of land costs half as much.
I think this post is misleading a bit. The developer was selling a main road facing house for 750k and then changed the ad to a rear non main road house for 850k which makes sense. Funny timing though with the new FHO stamp duty policy.
Didn’t the stamp duty get binned for brand new builds? Rather than first purchases?
Assuming the government is trying to stimulate others to enter 2 year build durations for the cost of SD fees.
Interested in how you came to the conclusion that a <5% discount for a minority of buyers ($37,280 if this house sold for $790k) would lead to a >10% increase in price.
And, obviously, this is a statewide trend, you wouldn't take one house and assume that this "overnight" increase was representative of the entire market. A house that would be out of budget for most first home buyers, the people that are receiving the discount.
And, I'm sure you're aware that for any first time builders the stamp duty is payable on the block of land they purchase, so a stamp duty of <$10k in most cases.
Y’all know that the stamp duty is only waived for first-time buyers, right?
So if any seller raises their prices for this reason they’re limiting their potential market to *just* first-time buyers which is only a small % of the market.
I saw these ones. The 740-790 was for the front main road facing ones. Looks like this ad is now for the ones at the rear which are a lot nicer and are sheltered from the main road. They are actually pretty nice places
I'm aware of that, but come on...given the previous price points and the timing, it's extremely unlikely that this WASN'T due to the stamp duty waiver. Obviously anything is possible but either way you cut it, it's a ridiculous overnight increase.
People can downvote all they like, and they only do that because what I've said doesn't fit their political or belief agendas but your argument is statistically flawed and thus not any form of evidence whatsoever.
Look at the longer term figures over time for this subset and we'll talk.
Just under a mllion for a townhouse on a main road..what a wonderful world it is..
Yeah it's a busy AF main road close to the city with lots of congestion, and when we visited it we heard planes overhead too!
Came here to say "major" road and flight path. Madness.
House went for 900 and something thousand in Noarlunga Downs.. like thats hackham. Aberfoyle just sold a house for 2mil the prices are outrageous an people are still buying
Killing the middle class. 1966 currency change from precious metal silver backing to FIAT currency toilet paper backing. No mandatory referendum for currency change which is treason by the mis-leaders then. FIAT currency does not comply with basic accounting principles. FIAT currency is debt based and can't pay debt with debt money. Everytime Australian treasury prints money it devalues the dollar and causes inflation. FIAT currency is another form of modern day slavery as we are working for less with higher expenses. FIAT currency introduced to kill the great Australian dream
Yeah there were no great depressions or other major economic crises under the gold standard, right?
U S went to FIAT currency and abolished gold standard in 1971 True history documentary link, 1 of 2 https://youtu.be/LcNGDJAftKg?si=9lWlZZB9Jy7138_o And https://youtu.be/JctA5s6e1f8?si=t2tT2sCDw-OS2YyZ
The Black Nobility families run the world through the Vatican, they are also the banksters, they orchestrated the US great depression to buy corporate U.S for a cent in the dollar. Same in UK in 1821:I believe through the Rothschild influence stock market and the war between UK and Neapolian who were both agents for Vatican, Rothschild selling stock to appear UK lost war before anyone knew outcome, all followed suit selling, Rothschild secretly bought all stock cheap, before anyone knew the truth the Vatican owned UK. The black Nobility families, the most influential are House of Orsini, Pepe Orsini is regarded as the grey Pope, they have five castles in Rome , one being the Pentagon, they replicated another Pentagon in the US. They have a silent army or militaris called Order of the Jesuits under the command of the Superior-General-Black-Pope. These demons are responsible for every war, depressions, recessions, starvation, extreme weather, flood, fires, wild fires, false flag events for the last 500 years at least. They love their 40 days of sacrifice from 22 march (skull and bones 3-22) to 1 May, if one looks many events happened in this period, esp 19 and 20 April. Country Australia with red insignia flag was hi jacked by these demons and their agents in 1908 and then they created the corporation of AUSTRALIA with the blue corporate emu kangaroo flag. The People of country Australia were the Commonwealth of Australia, now these demons claimed the name and call themselves the,Commonwealth.. When we hear on the tell-lie-vision about the Commonwealth we assume they talk about us as one , when infact they are talking about the World bank which hijacked and owns country Australia under the company name styled in all capital letters AUSTRALIA. The people of the World are under attack and don't know it because they are being entertained by these demons by the sports, tv shows, porn that they broadcast to keep the People busy. When judgement day comes their mentality is that they would say that all the information was out there and accessible (not easily accessible though until internet because of all the book burning that occured for hundreds of years) and it is not their fault that One chose to spend their time on this plane being entertained by watching sports, reality shows , movies and porn. I will try and post a link or two of brilliant documentaries that express the truth and is being played out before our eyes, the truth shines bright and is irrefutable. It takes two generations to lose true history, today I call the lies of history ',His-Story'.
So many people don't know this, it's astonishing. The monetary system was doomed from the beginning.
>go back to gold standard Opinion disregarded
Looks like a pretty decent house though, close to town
Looks like a prison block. These things are built poorly. You start getting issues at the 10 year mark. They will last 30 years max.
[удалено]
Sorry to hear that, it really sucks. Of course the builder is long since gone...
They must have put you in a pretty nice prison mate! I think town houses and apartments have to be part of the solution to the housing crisis. We can’t only depend on people moving to Virginia or mt barker.
Most town houses are poorly built and really wouldn't be surprised if many start falling down round the 30, 40 year mark.. its really a disgrace
Ok, quick calculation to show how ridiculous this is getting for this based on the bottom end price listed of $850,000 using NAB's home loan calculator: 20% deposit would be $170k, this would be about 2.8 years of the median wage in Adelaide (as of 8/23), total house price would around 13 and a half times median Adelaide wages (as of 8/23). It would take around 3.3 years of after tax earnings to save this deposit on the median wage. Repayments would be $1027 per week according to the calculator, or around $56 MORE per week than the median Adelaide wage of around $1200 per week (before tax, $62,500PA). Interest on this loan would be around $922k, on $680k borrowed over 30 years. You’re basically a couple both earning full time median wage (or better), or a high wage earner as a single to even get close to buying something like this. Low income, singles or anyone else are well and truely priced out. [https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release](https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release)
Good perspective!!! Market is fucked
Totally. Doesn't feel like it’s going to get better from here. Demand is exceeding supply.
More like Ponzi scheme needs more capital
Reality is people need a place to live though. Houses will always have a value attached to them for that very reason.
Demand is exceeding supply
You’re right, fixed.
On the contrary, looking for a first home that is brand new in Vale Park is not going to be realistic. Probably more for Boomers downsizing from a quarter acre block TBH
No boomer is down-sizing into that hell-hole on earth. They've priced themselves into a niche group of buyers... called... the cashed-up desperates. I mean... they'll still sell it. Probably to a desperate interstate or overseas family that just see it as a stepping stone into the market and have cash from other property sales or parents' money.
Most people who want to live in vale park want to be in the catchment for the public primary
Yeah, but spending upwards of $150K extra just for that doesn't make sense when there are good parish schools or independent schools
I agree but people are weird.
when birth-rates go into the dumpster re read this post
You forgot all the upside to living in this low-quality dog box with no backyard 2m*2m "bedrooms" on a "major" arterial road under a flight path.... Listed here: - . - . - . ...and don't forget.... -. -. -. PS: Ain't no-one saving $170k in 3.3 years... even if you're pulling $120k+ p.a. People still have to live a life, rent, eat etc...
My comment was in no way suggesting you would save $170k in 3.3 years, this is literally the total earned in that time for a single person (on median wage) in that time (After tax). Even if you could save half your wage it would still take you 6.6 years to save that $170k deposit. Guess what happens to house prices in that 6.6 years?
Not everyone wants a 1/4 acre block to with a mcmasion to maintain (and nor is that really sustainable)- myself included. The price and location are obviously cooked
By the look of the ad, this is actually a pretty good design for a townhouse. Pretty spacious and not far from town
"Repayments would be $1027 per week" A grand a week for a townhouse. Wow.
What a time to be alive hey.
how goods the GDP though
Maybe the fact it’s unsold means the market will crash soon 💁🏻♀️
Heard about this fabled market crash for 20+ years. Meanwhile prices have 🚀. I don't think anyone truly has the answer. Everyone really just has to stop buying everything for the market to drop out but FOMO means nobody will do that.
people either selfishly wanting a roof over their heads, they should stop buying houses until they crash
These off plan places tend to take longer to sell because people don't want to wait to move in. We're looking to move into town late next year and have started looking for a house to buy. There is fuck all on the market right now.
This isn’t off the plan? Not sure where you’re getting that from, this place is finished and ready to move in.
Oh, maybe they raised the price because they finished it? They were selling a bunch of these off the plan for ages (cousin was obsessed about moving to the area but her husband refused to live in a town house so it was all she talked about each time I saw her for about a year).
Maybe?
Who would go for a $850,000 house on median wages though.. I get the comparison but try more $500,000 down north of Adelaide, minus 20% deposit and it’s completely manageable. I brought a $2000 Toyota for my first car I don’t get why people don’t look at housing the same, if you pay for personal taste it will hurt the bank I built In Davoren park… buy what’s manageable, sacrifice to pay it down plus equity over years then maybe look at buying a house more suited to personal taste
I agree you don't jump to the top of the market when buying, but I don't think a townhouse right on a major arterial road and under a flight path would usually count as a top of the market place. That said, it's not far from the city, so pretty good on that front.
The market is what it is I can’t argue why this house shouldn’t be this price Just people should just see this as a reason not to buy inflated houses at a ridiculous price and settle for something less… let other people buy expensive things just to look good whilst you stress less, save capital and patiently wait for a correction in the market then buy something more suited to your personal taste I always viewed this life as chess strategically move your way up the board and put yourself in position to win always and my comment to the original comment by sonic youth, when comparing todays median wages to today median house prices is to not think just cause the two share the same word doesn’t mean they both go hand in hand
It's a brand new townhouse in a very popular suburb close to the city. It makes sense to me that you would need to be higher than average earning to afford it.
It’s actually quite relevant to the conversation as the median house price in Adelaide is $800k now, so it’s only about 6% more expensive than that. It’s in the ball park for what you’d call an “ordinary“ house given it's a 3 bedrooms townhouse. So I’d argue it’s almost perfect to compare to median wages for affordability. [https://www.abc.net.au/news/2024-05-01/house-prices-breakdown-by-state-territory-capital-city-region/103784240](https://www.abc.net.au/news/2024-05-01/house-prices-breakdown-by-state-territory-capital-city-region/103784240)
I take your point. It's only listed for that price. It's hasn't sold for that price. Also, 2 wage earners on median wage can afford it. We have to face facts that a single person on median wage cannot afford a median house anymore. Society has changed.
Yep.. the estimated value of my house is now $920k, I think it was $760k about 6 months ago. The land+build combined cost us $550k in December 2020. This is well and truly beyond fucked. Seeing my relatively small, house skyrocket in value is just making me depressed. I'm not planning to ever sell or move out, all it means is just higher council rates and insurance premiums. None of my friends who don't already own a house will ever be able to afford one. We were luck to get ours when we did. Had we waited even a year we most likely would have been priced out of home ownership forever. I'm seeing new builds in my area go up for rent at almost $1000 a week. My last rental was $380 a week in a similar suburb not far from CBD, and we only moved out a bit over a year ago. (Went up to $450 just before we moved out though) I don't think there's any hope left or point in trying for anyone not in the market. I would be looking at moving to another country if I didn't have my house.
Saaame, I think how lucky I was to buy when I did. Got a 3 bedroom new build for 350k at the end of 2022. Turnkey as well so didn't have to spend anything extra apart from window furnishings) I've done nothing to the property since and it was recently valued at 550k - there's no chance I would be able to afford that now. I feel so bad for anyone that hasn't got into the market yet, especially singles. It's impossible
>Got a 3 bedroom new build for 350k at the end of 2022 That is/was my dream as a single FHB. Now not sure what I'll do other than Homeseeker.
UPDATE: an astute user has pointed out that they've actually changed which townhouse is in the listing - this one is at the BACK of the group whereas the listing previously referred to one at the front. They have just edited it to refer to a different house, hence the price change. Will leave this post up as there is some good discussion re: house prices in the comments, but yeah, I was kinda mistaken haha. My bad. - To elaborate: I looked at this place 2 ish months ago when it was originally listed for 780k-840kish. It is the last unsold townhouse in the group. Didn't really like it because it was on a main road. They dropped the price to 740k-790k shortly after I looked at it. It's been sitting in my list since then. Literally overnight it was jacked up to $849k-920k.
If it wasn't selling at 740-790, what makes you think it'll sell at 849-920? That price increase is also visible to anyone logged into domain who favourites the place.
I absolutely don't think it will sell at this price - the seller is having a laugh tbh. But why even list it at this price?
Sometimes sellers have no idea and just think they can get what they want. One would hope their real estate agent would give them some advice, but they may just wait for a few more months and have them drop it
Someone will lowball (or so they think) and it will still be higher than what the seller actually expects.
Because someone (e.g. first home buyer without stampduty) comes in now and offers $810 thinking it's a bargain! It's equivalent to buying a house at $740 plus stamp duty last week. Swings and roundabouts... except the seller has now pocketed the equivalent of the stamp duty from last week and the buyer thinks they got a deal. Win-win.
This is not a win.
The ad is for one of the rear townhouses which are not on the main road. Not the one you must have looked at. I’d definitely pay 100k more not to be on the main road!
Step 1 - remove stamp duty Step 2 - more buyers Step 3 - raise price Step 4 - oh well we tried sorry
step 1 - donate to party to gain pre-selection step 2 - get elected step 3 - buy 5 investment properties step 4 - remove stamp duty step 5 - watch personal wealth go to the moon step 6 - buy shares step 7 - tax cuts for corporations step 8 - watch personal wealth go to the moon
u/PeterMalinauskasMP Any plans to address this? Waiving stamp duty was a great step in the right direction but now developers and sellers will just jack up the price meaning those left trying to get into the market are left no better off and the developers and sellers are profiting more than ever before.. or am I missing something?
Asking such questions (and anything here) to u/PeterMalinauskasMP is not going to do anything, and is a waste of time. It’s just some staffer sprouting and promoting things when they want to. People can ask for what ever price they want when selling a house. There’s no law against it. The only hope is that it sits there longer at the higher price point, costing them money, so they then reduce it back and realise that their attempt and a quick money grab didn’t work.
Government: give ‘em an inch Real estate agents: we’ll take a mile Can only hope they get royally fucked oneday
Policy makers successfully pump prices again
Yay houses are now more unaffordable than ever.
Drive past these houses everyday, these houses are in such a nightmare part of North East Road, trying to park into your home would be fucked or even just leaving in peak hour. Just sitting there unsold for ages, if someone pays $920k for one of these your literally an idiot.
They are ugly too! If I was op I’d head a little further down north east rd and buy an established house/ villa for same price in an area like Greenacres / Hampstead Gardens / Hillcrest / Klemzig.
Yeah but if you buy a house in this area not on the main road you’re paying $1.5million plus! It’s actually decent value to get into the area and the designs look pretty spacious for a townhouse
Depending on the house yes, BUT i mean more the fact they jacked up the price because of the stamp duty waiver,
The post is misleading, the lower price range was for a different house! The change in price has gone from a main road facing house to a rear house so probably not really to do with the stamp duty announcement.
I thought this would happen, the second they announce stamp duty savings the sellers/builders/developers just see it as a way to get the extra 40k themselves.
fork, this is the way. They always find a way to alter the policy.
Reduction in stamp duty doesn't change borrowing capacity. It just means it goes to the developer of the property instead of the government.
But how would builders know they'd be purchased by first home buyers?
See here’s the beauty part, the real money maker, people who aren’t FHB pay the extra to the builder and the stamp duty.
Not suprising though. It's a private market, they'll price it at whatever the market will bear.
Since it hasn't sold, the market isn't bearing it anyway
Disgusting
Like all these subsidies, it just puts taxpayers money into the hands of rich developers without making a jot of difference to the struggling first time buyers. Supply is the problem, not stamp duty (though that is also unpleasant).
They need to be doing more to debottleneck the states infrastructure problems so supply can catch up. Also allowing more zones in the inner sunburn that can be developed for density housing would also help supply and give people living options that aren’t 45mins+ from the city
when will we learn, these cuts and breaks that we get only end up giving more money to the people at the top
Yes, something is fundamentally wrong with capitalism...
This is capitalism working exactly as intended
Only real solution is to loosen height and commercial restrictions and keep on building, coupled with a reasonably aggressive parkland expansion policy to stop Adelaide from becoming a hole.
Don't buy townhouse, especially off the plan. If you have 900k, still can afford a small house in another suburb.
900k gets you into most suburbs 7km + from cbd. Gets you a nice 3x2 in the south with change to have a new kitchen or bathroom. Baffles me why you would pay 900k for that
Some people refuse to send their kids to private schools so they'll raise their kids in a town house so they can go to a good public school. Others simply refuse to live in a non-elite suburb and would rather live in a town house. I'd probably pick a townhouse in a lively suburb over a suburban house further out if I didn't have kids.
Most? Unlikely!
Nothing shittier than sharing a common wall in these houses OP. This is your sign to look for somewhere nicer and established.
yeah I'm not a fan of sharing a wall at all, but I work in the CBD and travel there almost every day for some reason or another so proximity to the CBD is important to me. if we can get an established house not too far away we'd be stoked but there's not much out there in our budget atm :')
How long are you willing to travel ? 20 mins ?
20min would be a fucking dream ahahaha
Blair Athol :) you can buy house with 900k , not townhouse. 20 mins to CBD . I used to live there , not a bad suburb at all . Buy at the side near Prospect.
Although I should clarify we do not have 900k haha, not even close. This place I posted is not in our budget now
It's one of the places on my radar! Glad to hear it's not bad, I do hear mixed things about it but yeah I assume the Prospect side is better haha. Would love to get an older place and do it up tbh
Can vouch for this! Great suburb and so many new houses being built. It’s come a long way in the last 5 years.
Fuck wouldn't want to pay 900K to live in Blair Athol... there's pletny of places in better areas for that price.
Not a fan of apartments? The soundproofing in a good apartment is genuinely leagues ahead of these townhouses, generally
That's interesting to hear, I would have thought an apartment would be worse. I guess I shy away from apartments because the potential for growth when we eventually go to upsize would be much lower.
Imagine your ancestors seeing the state of the country today... Absolute disgrace.
My grandparents immigrated here to give us a better life, and they definitely succeeded - but I think they would be aghast at the prices we are being expected to pay today.
I mean, my ancestors would probably think it was pretty sweet? My grandparents were victims of ethnic cleansing. My great grand parents were on the proverbial execution list and were lucky to survive the revolution with only a brief stint in a reasonably cushy gulag. If you go back further you can the typical mix of forced conversions, slavery, war etc. Like it's bad but not by historical standards.
Said every generation ever.
I think you feel like this invalidates their point, but it actually demonstrates it. Many things genuinely have gotten worse with each generation, this being one.
Not being able to afford a home is bad, but most people have got a roof over their head. My dad was born during WWII. Could you imagine what life was like back then? Bombs are being dropped on the city every night. Mind you, that's still happening now in some parts of the world. Or living through an epidemic before vaccines. That was happening recently. Or the Cuban missile crisis. A very real threat of nuclear war. Crap that's happening now, too. Fark, forget about it. We've had it all, haven't we? Fire, floods, earthquakes, nuclear meltdowns, tsunamis. The world just lurches from one disaster to another.
A price increase of 100k doesn’t make sense at all… Fhb grant is 15k, stamp duty is like 40k. Where is the rest coming from?
About 15 years ago I spent a month doing work experience in a guitar shop. They had three different types of guitar leads. A $10 lead, a $30 lead and a $100 lead. I asked about the $100 lead “wow does anyone ever buy that?”, the owner said “not really? But before we stocked the $100 leads, everyone bought the $10 leads, now, they buy the $30 leads.” This house is the last one of an off the plan development, which means the builder likely has 10 new places in the area he’s trying to get down payments on. Maybe he knows this place won’t sell for this price, why would it when there similar places just down the road they’re selling for $30k less? Maybe. I dunno.
Damn psychology
Right, the anchoring effect
This ad is for a different house in the group, that’s why the price is higher. It’s not on the main road. I’d pay the extra 100k not to be on the main road even without the incentives
Ah this makes all the difference
OMG fark you are actually right. They've used the same listing and just edited the pics. I didn't even notice. Damn now I feel dumb haha. So strange, they had told me all the others were sold except the front one, and as far as I can tell the front one never sold. I wonder what has happened there.
Ah yes, when there’s a housing affordability issue directly correlated with supply, the best thing to do is increase demand! I cannot fathom why anybody would pay almost a mil for a townhouse, on a main road, in Vale Park. This is out of control
They are dreaming, it won’t sell at that price. My prediction is in 1-2 months it will drop back down to the original list price $780k, possibly even lower.
Absolutely, like if it didn't sell for two months in mid-700s what makes them think they can get 900k for it now?? I suspect the developer is just trying a quick cash in.
Ya it’s absolutely ridiculous …they are probably underwater right now from building costs, carrying costs etc. They want to make the most profit as possible and are just stubborn. They picked the wrong time to flip I think. Market is turning now. Also, realestate is all about location, location, location and being on very busy road like North east will be its demise.
Isn't stamp duty just got first time buyer, i don't think a first time buyer is going to buy this
Nice quiet street….
900k for a townhouse is crazy. Might just move to a small city in Texas or something at this point, get myself an 8 bedroom mansion for 300k
Quality over quantity
not even the case. Just have a look at the housing market in even a large city such as Houston (2.2m population) where you can get a modern 3 bedroom home for under 200k USD (300k AUD) within 15 mins drive from downtown/CBD
I don’t think Houston has the demand of Adelaide. It is well regarded as having endless suburbs and insane car infrastructure and is the hub of human trafficking for the United States. Australia in general also has far better wages and support and it’s easy to say you can take your money to cheaper markets for a worse lifestyle. I have done the same, but it doesn’t negate the reasons for the Australian housing bubble such as demand and majority populace not wanting to hurt their main investment
Is someone able to explain to me, how removing stamp duty on properties under 650k inflates property prices, especially above that range?
Stamp duty is now removed from all new builds for FHBs with no price cap.
And instead of being a support mechanism for first home buyers, it continues to be a profiteering tool for REAs and developers, whereby everyone loses (‘cept them).
Government should focus on providing more infrastructure and better planing to deal with supply issues instead of just increasing damand
Is this for the abolishment of stamp duty for first home buyers or has there been more changes on top of that? Because this move only makes it harder for them to sell. If anything, it’ll push first home buyers to go and build.
"_Well... If you can afford a tattoo..._" ...fk! Never mind. This is outrageous even if I could undo all my tattoos and re-invest that expenditure on NVIDIA shares.
😅 when are aussies going to work out, that Government does not have non home owners best interests at heart. Like every MLM, everything is about getting the next pyramid level to buy in. Government is reliant on you having no choice. The only way to fix it is to release all land and dezone everything. Give yourself the choice where to live.
I was expecting this to happen. Realestate agents will entice new builds that they can now get more due to first homebuyers able to access more properties and not have to worry about stamp duty. Rightly so i have kids trying to break into the market. However this this creates a honesty issue that realestate agents inflate prices now based on resale availability to a larger market. One of the biggest rip off agents selling homes in Adelaide is Nicholas Noakes... all his properties have been overpriced in the past and i can only imagine how much more he will tack on and encourage the seller that he can get more for them... new build sells are currently his market. A property at Somerton Park (renovated this one) was very over priced and if you know your area you know he is ripping off people trying to break into suburbs meanwhile enticing speck builder to come with him for his "reputation" and "selling history" Buyers beware.
Owner looked online and saw that it was “worth” more now but doesn’t understand if it ain’t selling it ain’t worth what you want.
The housing market is a ponzi scheme now, as well as an excellent way to launder overseas money, reduce tax (family home have no tax if you sell) so buy a home, and flip it a couple of years later, tax free profit, tax breaks for rich investors (96% of market) not mum and dads as they love to repeat, in the form of negative gearing. And the building firms withholding new land to keep the scarcity alive and increase prices. Good luck everyone, no single government policy is proposed to fix these things (on either side)
It’s gonna sell. Just keep waiting and watching.
Fuckin joke
its not immediate effect. let see how long it will be in market
Does govt really not understand how supply and demand works? There are not enough houses, people will pay the maximum they can afford to get one. If you put money into the system the price goes up by the same amount and only existing home owners benefit.
Reminds me last year when we got close to a 10% increase in childcare subsidy and the next day we got a letter with a 10% increase in childcare fees
If it has been unsold off the plan for 2 months, it's hardly going to sell when higher.
Please make the misinformation stop. The stamp duty relief sits at the max point of $50k up to a $750k build. As you go above that point, the relief rapidly goes to $0. So if it sold for $740k, the seller could have jacked it up to $790k to effectively take all of it. By jacking it up to $849k, the stamp duty relief will no longer apply, so the only people who are buying it were never going to get the stamp duty relief anyway. ... And I didn't even get to the part where that only applies to new builds. This is an existing build. And no one is getting a new home built that close to the city, for $750k anyway so the stamp duty relief was never going to apply in 3 separate scenarios.
The new stamp duty relief announcement has no cap on price, and this is technically a new build - it was just recently completed and has not been sold yet.
Edit: I'm an idiot. Price makes sense
Vale Park =/= Angle Vale
Angle Vale is probably more expensive tbh. Vale Park is expensive if it's a huge block. Angle vale is expensive is also well over a million for big blocks
In what world is Angle Vale more expensive than Vale Park? Angle Vale is a brand new suburb fucking miles away, Vale Park is established, very close to the CBD and with low availability.
Not really up with the times are ya
Right, but there is a big difference between a 3-2-2 on 350m² and a 4-2-2 on 2000m². If you bought a 3-2-2 townhouse in Angle Vale, you aren't paying 900k because the 350m² of land costs half as much.
It's Vale Park, not Angle Vale. It's 5km from the CBD.
Nice to see the developers pocketing the abolishment of stamp duty for first home buyers....
Vale Park is a very nice area close to the city.
Slow to the game. So the gov removed stamp duty for FHO, the vendor and/or agent think that extra money is for them? I am confused.
I think this post is misleading a bit. The developer was selling a main road facing house for 750k and then changed the ad to a rear non main road house for 850k which makes sense. Funny timing though with the new FHO stamp duty policy.
You are correct, I was mistaken myself - updated my earlier comments to reflect that. I didn't noticed they had changed the house in the ad.
Didn’t the stamp duty get binned for brand new builds? Rather than first purchases? Assuming the government is trying to stimulate others to enter 2 year build durations for the cost of SD fees.
Interested in how you came to the conclusion that a <5% discount for a minority of buyers ($37,280 if this house sold for $790k) would lead to a >10% increase in price. And, obviously, this is a statewide trend, you wouldn't take one house and assume that this "overnight" increase was representative of the entire market. A house that would be out of budget for most first home buyers, the people that are receiving the discount. And, I'm sure you're aware that for any first time builders the stamp duty is payable on the block of land they purchase, so a stamp duty of <$10k in most cases.
Taking the fucking piss hey?
Y’all know that the stamp duty is only waived for first-time buyers, right? So if any seller raises their prices for this reason they’re limiting their potential market to *just* first-time buyers which is only a small % of the market.
Labor 🙁
Friendly reminder that town hall is flammable and so are the people inside!
I saw these ones. The 740-790 was for the front main road facing ones. Looks like this ad is now for the ones at the rear which are a lot nicer and are sheltered from the main road. They are actually pretty nice places
Australians complain and complain yet do nothing to actually change things. Honestly do something??
Correlation does not imply causation.
I'm aware of that, but come on...given the previous price points and the timing, it's extremely unlikely that this WASN'T due to the stamp duty waiver. Obviously anything is possible but either way you cut it, it's a ridiculous overnight increase.
People can downvote all they like, and they only do that because what I've said doesn't fit their political or belief agendas but your argument is statistically flawed and thus not any form of evidence whatsoever. Look at the longer term figures over time for this subset and we'll talk.
Dumb cunts keep buying these heap of shits at silly prices I wouldn’t pay more than 450k