House prices

Just over $12000.00 a month. Some people must have a lot of coin. Imagine a lifestyle... is the opening sales pitch.

A new large vacant block in thick bushland in my area came on the market yesterday. Couldn't find a price but the sign was describing my road as a 'dress circle street' .FFS .But sadly that's pretty accurate these days. That's because all the fibro or weatherboard shacks have been replaced with mcmansions and the character of this place has done a complete 180 in a very short space of time..
The local D.A applications here show that most of the estimated build costs (not inc land) are from $800K to $1.5M.

Whats a dress circle street?

Robwilliams wrote:

Whats a dress circle street?

Washington Square, at the time Henry James wrote Washington Square.

I had to look it up after reading the sign.
Apparently dress circle is a reference to the first level of seats above the ground floor in a theatre ,, so called because it is a circular row of seats at an entertainment , the spectators of which are expected to be in dress clothes.

I'm the last unkempt ,raggedy clothed , old 4wd driving ,smelly fisherman/surfer on this street . And they can all get fucked .

Dress circle street, is the best street in an area, the one with the best houses and place everyone wants to be.

Its like the best seats in he house.

For instance on the Surfers, Broadbeach, Mermaid beach strip Hedges ave is the Dress Circle Street.

Cheers indo for the heads up chook and tube shooter too

tubeshooter wrote:

I had to look it up after reading the sign.
Apparently dress circle is a reference to the first level of seats above the ground floor in a theatre ,, so called because it is a circular row of seats at an entertainment , the spectators of which are expected to be in dress clothes.

I'm the last unkempt ,raggedy clothed , old 4wd driving ,smelly fisherman/surfer on this street . And they can all get fucked .

Good on you, keep on keeping them honest.
And when you pull up next to their Range Rover driving your 30 year old four-wheel-drive with fish oil and sump oil leaking out of every panel, look them in the eye and give them a smile like a split watermelon.

I'm the last unkempt ,raggedy clothed , old 4wd driving ,smelly fisherman/surfer on this street . And they can all get fucked .

Power to ya mate. Fuck the influx

AndyM wrote:

Good on you, keep on keeping them honest.
And when you pull up next to their Range Rover driving your 30 year old four-wheel-drive with fish oil and sump oil leaking out of every panel, look them in the eye and give them a smile like a split watermelon.

What if your 30 year old four-wheel-drive with fish oil and sump oil leaking out of every panel is also a Range Rover? Philosophically speaking, of course.

My car drops that much sand in the driveway the odd leak or three goes largely unnoticed . It is running a bit rich at the moment so I wouldn't stand behind it on start up.

Yeah we've been inundated with new Rangies, Mercs, BMW SUVs here too - the only hope now is a massive crash and for the repo man to take them all away and restore the natural balance back to rusting surf bomb wagons in the carparks.

velocityjohnno wrote:

AndyM wrote:

Good on you, keep on keeping them honest.
And when you pull up next to their Range Rover driving your 30 year old four-wheel-drive with fish oil and sump oil leaking out of every panel, look them in the eye and give them a smile like a split watermelon.

What if your 30 year old four-wheel-drive with fish oil and sump oil leaking out of every panel is also a Range Rover? Philosophically speaking, of course.

I'd be totes ok with it VJ, unless of course it was some retro, downmarket trend that had popped up amongst the well-to-do :)

I'd love a 30 year old Rangie. Carwow did a piece on a company that does a complete resto. of them. Not much change from $200k.

Blowin wrote:

Nothing that an extra million immigrants every couple of years can’t fix!

If it’s a choice between Australians having access to housing and businesses having to pay award wages VS Australians living in vans and business getting a free pour of coolie labour….guess which Scummo and Albo are going to go for?

today abc news
regarding cheap overseas labour

https://www.abc.net.au/news/2022-02-01/pacific-worker-slaves-bundaberg/1... via abc news

possible alternatives for some also from todays news via abc

https://www.abc.net.au/news/2022-02-01/relocatable-homes-business-boomin...

https://thenewdaily.com.au/finance/property/2022/02/03/rba-house-prices/

He’s right. Government has a huge part to play in housing prices. And yet no one will vote in a government who is proposing to change the tax incentives on investment properties.

So nothing will change. Other than a catastrophic world economy crash. Which is coming.

zenagain wrote:

I'd love a 30 year old Rangie. Carwow did a piece on a company that does a complete resto. of them. Not much change from $200k.

https://youtu.be/PO1zE8mXr-Q

A S1 Disco might be a cheaper alternative - they are the same engine/chassis setup but a lot cheaper! Very fun and cleverly designed interior too.

For the Rangey - here Hubnut takes a 1990 Vogue up a mountain in NZ. Listen to that beautiful little Rover V8 go:

He begins driving up the mountain at 13:00 "Love the way the car rocks. The suspension is so soft that the whole car rocks [when he revs it at idle]" Tried to convince the Ms a 1994 RR Classic would be an upgrade for us...

Is it the 3.5 Rover V8 VJ?

I heard somewhere that if It's not leaking oil all over the place get it checked as there's something wrong with it.

My bro had a S2 Defender petrol. Nothing but trouble and he was happy to see the back of it. The new ones are way cool now I reckon.

Hi Zen, I edited that post a bit for anonymity, but it's the 3.9 - great motor. Some leaks, but this one was really well looked after and now all's tightened and no leaks. Sound is fabulous! The one you really have to worry about with this motor is behind the cylinder sleeves - as the 3.5 tooling got bored to 3.9 and the tooling got really old, on some late units (esp after 2000 in D2 and P38) the alloy cylinder wall goes. Early 90's units pretty solid. It's been said you are buying the care the owner before you took with it, when you buy a LR.

Have'nt watched the Vids but those SU Carbs on 3.5 Early Rangies are garbage..toss em
They machine the inlet manifold and bolt a 350 Holley on - all problems solved and much better performance.

These are fuel injected udo. Harrys garage did a good comparo of the early, 70's carbied one vs a 1994 injected and refined one:

Anyway this is the housing thread. Back on topic: what would you rather live in? A 1995 HiAce or a 1990 Range Rover?

Live in?

'95 HiAce.

the other side of house prices in the usa

Oakland looking a bit like all the beach carparks around here this summer, they call themselves backpackers or vanlyfers though.

Looks very similar to the Hoovervilles of the 1930's US Depression, much more renewable wood used in the construction:

https://rarehistoricalphotos.com/hoovervilles-great-depression/

Already happening around here.

https://www.theguardian.com/australia-news/2022/feb/06/in-northern-nsw-h...

Absolutely brilliantly written.

https://thenewdaily.com.au/finance/finance-news/2022/02/07/real-estate-b...

Always enjoy his reviews. We as a nation are throwing the weak to wolves by choosing to ignore some of the points he high lights. But hey' anything for a buck right. And gluttony for all.

The reason why I like what he writes is he's been around the finance traps for quite a long time and hence he's seen both the ups and the downs of Australia's/World economy. So he kinds knows what's coming, particularly given from where we've started (ie historical lows....meaning it can ONLY go one direction from here).

indeed, and he sometimes has a sense of humour.

indeed, and he sometimes has a sense of humour.

indeed, and he sometimes has a sense of humour.

indeed, and he sometimes has a sense of humour about it all.

That was well written Don.

"So the unemployment rate is at the NAIRU and will soon be below it, but not only is there no sign of a rate hike, the Governor said something quite extraordinary on Wednesday: “We can test how far we can get unemployment down without having inflation. We should take advantage of this opportunity.” "

Hands up anyone who is not seeing inflation? We can see it here in food, fuel, rates, bills, house prices (obviously), car prices, freight prices... About the only thing not going up in price is FB shares (har har)

.

I do like alan kohler, even if he does talk in riddles, he gives up more than his cagey self serving bretheran

what I want to know is, how has all this been allowed to happen?

"...Debt to income triples

In December 1989, when the overnight cash rate hit 18 per cent, loans and advances totalled $151.4 billion, or about 50 per cent of GDP.

Now loans and advances total $2966.1 billion, or 150 per cent of GDP.

That represents compound annual growth of 9.74 per cent.

Over the same period, the national median house price grew at a compound annual growth rate of 6.4 per cent a year.

In other words, debt has grown far more than required to keep pace with house prices.

And it’s grown much faster than incomes as well..."

people have been warning about australia's alarming personal debt for ages, now it is seemingly well out of control...

who encourages all this uptake of debt?

the banks and politicians?

is it desired? ... or, just the result of ignoring it, in the desperate never ending quest for economic growth?

do they encourage it? ...or, is it just the 'natural' 'developments' of financial deregulation?

it just seems crazy the trajectory we are currently on... especially with the new development of things like afterpay and various tech. 'solutions' and apps...

the whole shebang just seems terribly reckless to me, and it all points one way, forever growing in momentum...

are there certain people / interests who desire these outcomes? ...who see no harm at all in where we are heading?

or is it just hands off, and 'don't be negative' thinking fuelling it?

...whilst it all ticks along significant event free...

for now

Consumer society requires access to cheap credit Syp.

Fintech obliges.

Thought for the day Sypkan:

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

-Ludwig Von Mises

were we not a 'consumer society' in 70s 80s and even 90s?

I know things were different, but if this is actually a considered trajectory... we are on the road to all kinds of dumb...

(and certain leaders deserve a bullet)

velocityjohnno wrote:

Thought for the day Sypkan:

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

-Ludwig Von Mises

so we are going for full blown catastrophe then?

because our leaders are too bought / invested / complicit / chicken to do anything...

I hate to say it, but the MMT'ers just seem to have given this madness more legs...

I know that's not technically what we are doing, but all that MMT advocacy, just seems to have legitimised the madness and malevolance from the real 'big end of town'... somewhat ironically...

juat a kicking that can (of dynamite) for a few more years

Blowin wrote:

Uncontrollably rampant fintech are the exponentially breeding rats released by the Pied Piper of the global banking industry cabal. Allowing the fintech to ravage the World’s economy will create quite the convent opportunity for the new paradigm to be introduced under the guise of solving a problem created by our global “ saviours “.

Chaotic fintech didn’t spring form barren Earth. The conditions were made conducive for the economic weeds to take over the garden.

Run national fiat currencies into the ground and then introduce a digital global currency as the solution to the world’s woes.
It’s coming.

Ooooooooooooooooooooooooooo Kay
does this mean you're raiding the bunker in Tel Aviv where all the planning for this global banking takeover is happening?

The key outake from the Kohler article is this "Now loans and advances total $2966.1 billion, or 150 per cent of GDP." We have more debt locked up in loans than 1.5 times our GDP!!! Just stop and ask yourself what would happen if that debt couldn't be repaid. Who is going to suffer if this is the case. It HAS to be the banks. And if the banks collapse we all know what that means don't we!!! It's a scary thought that Australians believe real estate is safe haven. Something that you can never lose on. Or worst still, something that doesn't really affect our economy. Well at 150% of GDP, when the arse end falls out of the housing market......Australian's are gonna be left wondering what the fck just happened.

You still calling that crash this year Don?

Yes sir.

sypkan wrote:

people have been warning about australia's alarming personal debt for ages, now it is seemingly well out of control...

who encourages all this uptake of debt?

the banks and politicians?

is it desired? ... or, just the result of ignoring it, in the desperate never ending quest for economic growth?

do they encourage it? ...or, is it just the 'natural' 'developments' of financial deregulation?

it just seems crazy the trajectory we are currently on... especially with the new development of things like afterpay and various tech. 'solutions' and apps...

the whole shebang just seems terribly reckless to me, and it all points one way, forever growing in momentum...

are there certain people / interests who desire these outcomes? ...who see no harm at all in where we are heading?

or is it just hands off, and 'don't be negative' thinking fuelling it?

...whilst it all ticks along significant event free...

for now

Heres some thought's.

As long as you are in debt you have to keep working and paying taxes which is good for the government in that way.

The average Australian life expectancy in Australia has gone from just over 70 years old in 1970 to almost 85 years old in 2021, meaning people are also working longer so can afford take on more debt over a longer period.

And off course the government is raising the aged pension as people live and work longer, because they want you to give them money in tax, not pay you money in an old aged pension for too long.

donweather wrote:

Yes sir.

"From May 2022 to May 2023, Morgan Stanley economists expect G4 central bank balance sheets to shrink by US$2 trillion, four times the largest 12-month decline ever, from 2018-19."

that's from a ZH wrapup piece I'm browsing over by Chief Cross-Asset Strategist for Morgan Stanley

Now they could be talking their book, but yeah, you never can have enough popcorn on hand in the pantry...

(Sypkan - if rather than destroy the lot, you just interrupt the credit expansion, you can hose weak hands out and the system/game continues on as it has done. If you blow credit expansion to the moon ("Minsky Melt Up"; hyperinflation) then you don't get to play this game again for a while. Which is nicer?)