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A surge in sales of homes purchased within the past two or three years has analysts and agents concerned the property market is rolling over as mortgage stress bites.
I honestly worry for my kids’ future, and whether they’ll ever be able to afford buying their own property. Hell, I’m not even sure they’ll be able to rent, the way things are going.
As someone who is financially “comfortable” right now, I worry about the next year. We just got our insurance quote (home and auto) and it went from 2200 a year to 3500 a year because “COVID” caps have been removed and now everyone is free to jack up rates again (or so our agent told us, we will be shopping around). Wife just hurt her knee bad and now the 20k we have set aside to remodel our kitchen could vanish inside 6 months because of the horrifically predatory health care hell we live in.
I can’t imagine what this would be like with no money set aside. I would be absolutely terrified. As it is now I’m just only slightly scared.
Yeah, same boat. Financially, we’re doing well. We’re lucky I work in a good, secure technology role, and I earn well in my particular market. One additional benefit I have is that I work for an org that pays for top shelf health cover as part of my package.
Our total insurance went up at renewal time (March) - house, two cars and a caravan, and they went up by around $1200 for the year. They (RACV) had increased the replacement value on my car, but there were no other major changes. I called them up and said that I’d have no choice but to look around the market - I can’t justify a $1400 increase when I haven’t made a single claim myself, and the cost of living itself was going up so much too.
They took me through a bit of a detailed questionnaire for the house and car policies and, with some tweaking on excesses for the cars, got the increases down to around $300 for the year across all four policies. Still a hit, but nowhere near as big a hit if I hadn’t made the call.
I’m expecting them to go up again next year - I think I’ll be looking for an insurance broker at that point.
I feel this. I’ve rented pretty much my whole life. My parents did buy a house when we used to live in Adelaide but they ended up selling when we moved to Brisbane. But other than that, renting is all I know. Whereas my partner has lived in the house their mum bought, and only recently rented back in like 2018 but had a pretty bad experience with that. So they’ve wanted to buy their home ever since.
But I worry that we probably won’t be able to afford our own home, even if we buy a plot of land. I’m so happy that I finally have a job so our dreams of living together are more attainable, but I don’t know if we’ll just have to rent to be able to live together or live with our parents for the rest of our lives…
Yeah, it does stink. I’ve told all our kids (oldest is in uni, nearly 20yo) they’re welcome to live with us as long as they need to, if it helps them save enough to eventually head out on their own.
But… they’re active kids, with active social lives. Who in their right mind would want to spend their best years living with their near-50yo parents?
It’s a shit sandwich alright, and none of our governments have done anywhere near enough to stop it. If anything, they keep making it worse.
I honestly worry for my kids’ future, and whether they’ll ever be able to afford buying their own property. Hell, I’m not even sure they’ll be able to rent, the way things are going.
As someone who is financially “comfortable” right now, I worry about the next year. We just got our insurance quote (home and auto) and it went from 2200 a year to 3500 a year because “COVID” caps have been removed and now everyone is free to jack up rates again (or so our agent told us, we will be shopping around). Wife just hurt her knee bad and now the 20k we have set aside to remodel our kitchen could vanish inside 6 months because of the horrifically predatory health care hell we live in.
I can’t imagine what this would be like with no money set aside. I would be absolutely terrified. As it is now I’m just only slightly scared.
Yeah, same boat. Financially, we’re doing well. We’re lucky I work in a good, secure technology role, and I earn well in my particular market. One additional benefit I have is that I work for an org that pays for top shelf health cover as part of my package.
Our total insurance went up at renewal time (March) - house, two cars and a caravan, and they went up by around $1200 for the year. They (RACV) had increased the replacement value on my car, but there were no other major changes. I called them up and said that I’d have no choice but to look around the market - I can’t justify a $1400 increase when I haven’t made a single claim myself, and the cost of living itself was going up so much too.
They took me through a bit of a detailed questionnaire for the house and car policies and, with some tweaking on excesses for the cars, got the increases down to around $300 for the year across all four policies. Still a hit, but nowhere near as big a hit if I hadn’t made the call.
I’m expecting them to go up again next year - I think I’ll be looking for an insurance broker at that point.
I feel this. I’ve rented pretty much my whole life. My parents did buy a house when we used to live in Adelaide but they ended up selling when we moved to Brisbane. But other than that, renting is all I know. Whereas my partner has lived in the house their mum bought, and only recently rented back in like 2018 but had a pretty bad experience with that. So they’ve wanted to buy their home ever since.
But I worry that we probably won’t be able to afford our own home, even if we buy a plot of land. I’m so happy that I finally have a job so our dreams of living together are more attainable, but I don’t know if we’ll just have to rent to be able to live together or live with our parents for the rest of our lives…
Shit stinks!
Yeah, it does stink. I’ve told all our kids (oldest is in uni, nearly 20yo) they’re welcome to live with us as long as they need to, if it helps them save enough to eventually head out on their own.
But… they’re active kids, with active social lives. Who in their right mind would want to spend their best years living with their near-50yo parents?
It’s a shit sandwich alright, and none of our governments have done anywhere near enough to stop it. If anything, they keep making it worse.