American reacts to house prices in Australia
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- Опубліковано 29 січ 2024
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It’s sad because the young generations have been priced out of home ownership and now cannot afford to rent properties. Mostly caused by property speculation from overseas investors offering way above value and the government sat on their hands letting it happen.
depends... its become about inheritance for the younger generations in a lot of ways. Howard created a lot of this decades ago.
@@tlihdsnm26947which is messed up though, market is ruined so bad you basically need your parents to die for gen y/z to own a house
If it’s about inheritance, then the boomers shouldn’t be surprised when their kids don’t do anything to support their health as they age.
I am not younger (over 50) and getting divorced. Our shared property has increased by around $450,000 over 15 years. Split in two it means that, however, neither of us will be able to afford anything more than a one or two bedroom apartment once we sell without taking out new mortgages at a time when our retirement is in sight. We live and work in a city and the only way we could avoid going into debt again is to move away from our work and where our kids are still at school. It’s miserable really.
It's a myth that house price is caused by oversear investors. The real reason house price skyrocket is because everyone fighting for the well established area. If you willing to live just a bit further out of those area the house price would reduce by 50%
You can buy a house one week and within a another week you've made $20,000.00. The lunacy is incredible.
A house was fully renovated around the corner from us, to a very high standard (I must say) in a very average street, it sold for $1.75mil. No view, have to drive to the beach, the shopping centre and only a primary school that is walking distance close. It has been immediately put on the rental market. They would have to be asking $1750.00/week. That's $90,000+/annum in after Tax money. Who can afford that. Most of the money will go back to the bank in interest, it wont flow into the economy, and the tenants wont have any money left to spend at businesses.
There's too many competing forces. Governments raking in Taxes and Stamp Duties, Investors making a bucket load and have a vested interest in keeping prices high, and the motherlode of Immigrants pouring into the country at record levels. There is no relief in sight
It's tough out there with home and car prices soaring, especially for single folks or those with just one income. Even dual-income families are feeling the pinch.
Thanks for shedding light on the real estate crunch. It's high time prices matched family budgets, even if it means a market correction. Diversifying income outside of government support sounds like a smart move.
I get your point about investing, but where do you even start if you're not familiar with any?
@@GreggVElrod You're spot on. Knowing where to invest can be daunting, especially if you're new to the game.
Having a knowledgeable investment coach guiding your decisions sounds like a game-changer. Using one for over two years now and it's paid off big time. it's near impossible to not out-perform, been using a invt-coach for over 2years+ and I've netted over 1.5million
Ryan, you should do this as a live stream so we can guide you on some locatipns to look at!
At the very least look in each capital
Illawarra South Coast in NSW
@@leosheppard8517isn’t the wollongong region becoming like sydney now ?
Yes! Or at least look at suburbs within 45km from the CBD in each major city 😅
Oh let's not forget flood and fire zones which now is across most states
The square meterage is the LAND size… not the house size. We usually talk about how many bedrooms & bathrooms to indicate the size.
Not necessarily. My house is 125 square metres in size and that is on the plan. My land area is 454 square metres.
Square metres is used for both the house and then again for the land.
Sydney is the most expensive city in the Country to buy property in. If it's a dumpy old house, then a developer will knock it down and build townhouses or units in it ( planning permitted).
Houses are based on land size because the value is in the land. Then it is advertised as number of beds and bathrooms.
Guides are there because the house is being auctioned so they haven’t disclosed what the vendor is prepared to take - generally above that range though.
Real estate agent always mix up the land size and house size on real estate website. Do not trust the number on the realestate website
Ten years ago we sold our outer Sydney suburban house for $480k. It is now valued at $1m. We bought our current home on 2.6 acres for $870k & it is now valued at $2.6m. Prices have sky-rocketed in the last 5 years. There are many wealthy overseas investors that have purchased properties & are just leaving them vacant while they watch the value increase. Councils have started putting rates up subtantially on unoccupied properties in an effort to ease the housing market for younger Australians trying to purchase a property.
its just one of many variables. Negative gearing being one of the others.
Putting up land rates on vacant properties will absolutely nit work. Test foreign investors dot care about that. This is their way of taking over more land to eventually take over her. You may not agree but some of a certain that nation don’t like it and speak out . The way to stop it is to actually stop foreign investment in our land.
@@user-vb8dn1oy7p it's not American firms generally. Think closer to home for us. Hint: Asia
Young Australians are f***ked to the core , nothing can save them ...the greed of the old have destroyed the young , nothing new
You think the rates will stop millionaire investors?
the house at 6:10 is displayed with the block size first because most people would probably be interested in knocking the house down and either building a bigger one or putting units onto it
units more likely.
They will also sometimes get approval from the consul with the amount of units/duplex/townhouses that can potentially be built there and mention it in the description
@@KawaMalawa1 yes and they STCA which means subject to council approval and these days it should say subject to VCAT approval.
haha not in clyde circuit thats where all the eshays live
Longreach is a long way from anywhere. 7 hour drive to a major town and a population of about 3000 people. Maybe keep looking 😂😂
Yes, Townsville is still very cheap and right on the coast.
I think you're confused. You have to go to a long way from nowhere and then turn right and go another 200km. down the road to get to Longreach. My Brother in Law lives there.
I went to Longreach on a school trip to Ayers Rock. That is the first and last time I will ever go there, it's in the middle of NOWHERE.
@@Abe-rz1nmUluru*
Mate refresh your browser a few times ...it would go above a million dollars
The roof in the stilt house is not unusual here. Corrugated iron or Colorbond roofs are fairly common. You will not find too many shingled roofs in Australia. The ones you were commenting on are concrete tiles. They are the most common roofing material here.
Depends where perhaps. The tiles I see most common in Victoria are ceramic or terracotta as they are less porous, making them more resistant to staining, and they keep their colour better.
Oh Ryan, Why'd you start with Sydney? The most expensive state in the world 😂
Sydney isn't a state
Sydney isn't a state
Sydney isn't a state
@@slug.racing at the rate of urban sprawl Sydney will probably take up the entirety of NSW soon enough
2nd most expensive city in the world after Hong Kong I believe
We don’t give the house size just the land size. Houses are sized by number of bedrooms. Gloucester is pronounced like Gloster. You forget that we don’t have as much liveable land here because so much of our country is desert, well over 60%. Also, are wages being much higher means we can afford more but it comes down to supply and demand. At the moment there is a huge shortage of housing which has pushed prices up by almost double in the last three years. 4 years ago I sold my house in my town for $415,000 and today the same house will sell for $740,000 .
Yes but it's silly as bedroom sizes vary enormously.
Yeah he has a good point. They should show the total house area. Also, one of the issues in Aus with housing is that we only have 5 actual cities that have proper professional job opportunities where you can get the wages to afford the prices now. And that's genrlerous on Adelaide.
for professional jobs i.e. Banking, Insurance, Engineering IT. you get paid way better in the US than Australia and get taxed way less than we do.
@@Sev.a Totally agree from experience.
Our land is liveable. We just have very little infrastructure, like trains for areas to be populated nor the work out there to support the areas.
the land is the value, the houses arent so much which is why emphasis is on the land size. we gauge size by bedroom and bathroom count
yes I have seen some beautifully recently renovated houses knocked over soon after the sale and replaced with units and concrete!
@@ianmontgomery7534 happened to our family home - albeit it was an older home but still livable. Land was rezoned high density living, we paid $350k sold for $1.65m then bought another house for $1m knicked that down and built a new house for under what we’d sold the old house for.
Terracotta roof tiles are very common in Australia, followed closely by colourbond steel roofing. We dont have shingles etc our roof lasts basically forever unless a gum tree falls on it.
Most people can't afford to build with terracotta roof tiles hence the cement tiles and colourbond, more houses built in the 30's and 40's have terracotta rood tiles.
Or fist sized hail punches holes in it (for the colorbond) 👍
You can google the address to find out what the sales history of the property is
Whilst rural, scone is near the hunter valley wine region and Cooma is within reach of the snow. Both popular places to stay on holiday.
Scone is a good choice
Also, Scone and Gloucester are driving distance to coal mines- coal miner money drives up the property prices due to the high wages paid in that industry.
Isn't Forster a holiday destination too?
Out of all of them I’d take the house in Forster…stunning beaches and lake.
Ryan, the average price for a home across the entire country just ticked over the $1M dollar mark - about $660K USD. Sydney average is $1.4M
Affordability means you’re probably headed to centres other than Sydney … though that’s a relative term :)
In real estate the correct term is median not average as averages can be influenced by outliers (very high or low prices) or distributions with long tails and therefore may not be a reliable indicator.
The roof's can be flat because, no snow , these are built for our climate, have a look at Queensland's, bluey lives in one
Didn't expect Ryan to have a culture shock from looking at a house
Property prices have been increasing by ever greater percentages in almost all popular areas, not only in Australia, but from Vancouver to Vienna. My daughter, her husband and six boys bought a 4-bedroom property in the hill country of the Sunshine Coast in 2015. It then cost $A 460,000. The next-door, similar property sold last month for $A 1,800,000. Crazy money.
In early 1970's you could buy a house for $20,000. Then they jumped $100,000 in a couple of years and kept going. 20 years ago houses were half what they are know. A new Housing Estate opened up in a little town 2 hrs from Melbourne. The local real estate was very excited because Melbourne people were interested meaning he could put the price up. Houses jumped from $150,000 to $300,000 overnight and climbing, immediately pricing the locals out of the housing market. Thanks to people with lots of cash to invest, everyday Aussies can't afford to outbid them, causing the housing crisis we have today.
I am from Sunshine Coast and so many locals are now being priced out of their own town.
Our family property in the Cooloola Hinterland was valued at 480k in 2019, 2021 it was valued at 1.6 million. Interstate migration was the initial insane driver, a LOT of people from Sydney have moved to the Sunshine Coast and Fraser Coast (accounting for ~ 65% of new residents) and its completely fucked over people like me who are from the literal settling bloodlines and are extremely long term locals.
Then they wonder why locals bitch about "Southerners" or have their cars keyed etc. Queenslanders are pissed. I moved to Sydney because it was easier to find somewhere to live and CHEAPER THAN FKN GYMPIE
The latest wave is English and Irish who have driven those prices even higher. It's a disaster. I was in Brisbane yesterday and the CBD has gone to shit, I've never seen so many homeless people in Brisbane before and I spent 28 years of my life in SEQ... it's insane.
The outside “patio” is called a veranda & it helps with the heat because you get a breeze. I used to sleep on my nan’s veranda with my sisters & cousins every Christmas. Every time I smell a mozzy coil I go back those summers. I like looking at houses for fun 🤷🏻♀️
Longreach is a pretty little town, but it's a LOOONG way from the coast and major amenities like large hospitals, universities etc. A lot of parents who live that far away from coastal capital cities send their kids to boarding school because local education options aren't always great.
Omg I need to keep hearing you try to pronounce Gloucester 😂😂.
LOL yes, but I nearly fell off my chair when he pronounced "Scone" correctly!
Same....and we live near Gloucester...never heard it pronounced like that but I vote we keep it. Good going Ryan, one of your funnier vids..x
RIGHT?
@@Woodex80085 yeah
Is it like "Glosta"?
You are searching Sydney which is the CBD. You need to search the suburbs. Try Chatswood, Hornsby, Waitara, Mosman, Manly, Roseville
Yeah hes stil not finding anything at his current price range 😂
This, I was going to say the exact same thing, he's not finding anything in Sydney because he's searching the CBD which doesn't have a lot of residential and is mostly commercial with some residential buildings but you won't find any houses in the CBD.
True but your not finding a house less then 500K in those suburbs, only hope is the western suburbs.
Manly has a median house price over $4m. Mosman’s is over $6m. But they’re both harbourside, with Manly also having surf beaches. Chatswood is a transport interchange, with many heritage Federation homes. Roseville is also on the train line, and is noted for unusually large plot sizes. No bargains there. Waitara and Hornsby are also on the North Shore line and not precisely cheap either. Maybe Tregear? Blackett? Shalvey?
Let’s face it, with a median house price around AU$1.6m, the greater metropolitan area of Sydney is no place to find cheap real estate. The land itself is in great demand and highly valued.
Possible in mt druitt
I love the way you mispronounce almost everything. You are quite the character and you have a wonderful sense of humour and a beautiful family. Cheers from the Gold Coast
I've heard Americans mispronounce English place names before, and Gloucester is a common one, Gloucestershire even worse. But glaw casser? Good grief 😂😂
houses on stilits are what we call queenslanders it allows airflow through the entire house even through the floor because its so hot in qld. also a really great flood prevetion for loosing everything you own. but the floods recently have been reaching the hight of these homes
Not all houses on stilts are Qlders. Qlders are older, heritage homes. Houses on stilts built in eg 60's and 70's aren't Qlders.
I live in Queensland and a lot of houses are highset so that they get any breeze that is around. If you go to Gladstone Qld, you will find a very presentable property for around au$400,000. You can purchase a 2 bedroom Unit in a modern complex for au$280,000.
Also to help reduce flood impact.
Gladstone ??
Just don't eat the fish out of the harbour.
And die from the poison exerted from all the coal and concrete processing. No thanks.
We need to be realistic about jobs and liveability. I'm a proud Queenslander but Bundy to Townsville is far from a pleasant stretch to live in minus a couple of spots here and there. Crap Countryside, crap people, crap environment, crap weather, crap amenities, crap infrastructure.... come on.
@@sundance9042 literally 😂😂 that place may as well be called industrial cancer town. If the melanoma doesn't get you, the polluted produce will. There's a reason it's cheaper there.
Issue is you increase the liveability and suddenly you get Fraser Coast pricing of millions which is whats happened since covid.
The issue is fkn immigration because our birth rate is flat....
G’day Ryan. A few things to consider. The average full time salary in Aust is $74,300pa (before tax). The house prices (like other Aussie products your review) are also in AUD. We don’t earn USD and then buy in AUD. The median house price in greater Sydney is ~ $1.4 million, while in Melbourne this is $933k. (3 bedroom with 1 or 2 bathrooms). Traditionally the average suburban house was around 175~195 sq meters on a quarter acre lot. But as time has passed the houses have got bigger and the lot sizes smaller.
The majority of homes in Sydney & Melbourne are generally sold by auction, while the rest of Australia sells via private treaty (contract).some of the home styles you’ll see here (materials) include: Brick & tile (brick outside walls, plasterboard walls inside & a tiled roof), weatherboard homes are similar to your “cladding” homes - but this is made of timber planks on the outside and the roof was corrugated iron sheet (now made by Colorbond sheets) and then we have a double brick home (both inside and outside walls are brick).
Many traditional homes in Queensland (north east coast) are built on stilts to allow for cool air to come in under the house and help control the temperature, this is another reason why many homes in Australia have verandas (porch) wrapping around the home.
Travelling from Sydney to some of the towns you clicked on would be like travelling from Columbia Sth Carolina to Richmond Virginia.
Darwin has a lot of houses on stilts and also brick and tile homes too,
Very good info for Ryan👍 I’m in WA and my 3 storey house is made of cement tilt panels. Looks normal from the outside but once you’re in the roof cavity you can see how it was constructed. It’s rare but solid as. Just makes renovating a nightmare and even hanging a picture is hard!
You should definitely go to Australia for a holiday and if you do you should make videos everyday
Australian houses have either Terracotta tiles or Tin. Not shingles.
Or cement tiles.
Depends on the age of the occupant
I have no idea what shingles are I thought it was desise.
😂😂😂@@Albanach-je1nk
There are a few shingle houses in Sydney. Mostly in older suburbs. Some are slate shingles.
Rockingham in Western Australia for the win!
3x2 multi storey with double garage, ac in every bedroom and living area, 300 metres from the beach, can see a little ocean and garden Island from my balcony, and damn near the best weather in the country...
Everything I need near by and 40 mins from the city..
$550k 2 years ago 😎👌🏼
I’m in Townsville and I bought my house a year ago for 300k. 4 bedroom 1 bathroom, newly renovated on a 1000m2. The beach is a 15 minute drive and the temperature never goes below 20°. Literal paradise
Block size is probably the popular way to describe real estate in Australia for a couple of reasons. Historically the Aussie dream was a quarter acre block - yeah, acre, so definitely historical - and you'd be thinking of how big a house you could build on it or, if there was already one there, how big a yard you'd have for the family and possibly to extend the house onto. That's still true of course, but these days there's a second kind of property buyer though, the investor landlord buyer who'll be interested in the block size because it'll influence their decisions about whether to rent the property out as a house and yard or to demolish the existing house and cram as many units or townhouses on the block as physically and legally possible to maximise rental income.
After the block size the next thing most people will probably be interested in is the number and size of the rooms. The house size isn't that informative really. On its own knowing a house is, say, 150 square metres doesn't tell you if you've got a home office or enough bedrooms for the kids or a decent size living room or the dream foodie's kitchen or whatever else may be on your list of must-haves. So it's block size first, and then anyone wanting to live in the house will probably look at the layout and photos to see if they like the rooms.
Flat roofs are fairly common in Australia. We don't need to worry about the weight of the snow on the roof causing problems. You were struggling to find cheap houses but you set a minimum in your search.
On Domain there is an option to put in a specific address & it will show you the current estimated value (low, medium and high), as well as the history if there is information available. Just create an account (email address) & log in, then under you account there is the ‘home price guide’ option.
Yep. Look for property data in the description.
@@tropicsalt. The sale history isn’t usually found where the property is listed. But if you look at the property value estimate, you can scroll down and if the information isn’t too long ago… it will show the sale and rental history. When I sold my house in Sydney, there was no sale history because my father bought the land in 1956 and the information wasn’t available. But if you look at that address now… you can see the price I sold it for in 2019.
@aussieragdoll4840 Yes. What I meant was to search for the property on Google. The description in one of the results will mention property data. These will have history's, the ones on the listing site doesn't. I should have elaborated more.
My state is pretty cheap in comparison and a lovely place to live. Adelaide, South Australia. Also Tasmania is beautiful and that is relatively cheap too. I think Western Australia (Perth) is pretty expensive these days as a lot of millionaires moved there as it is close to a lot of the big mining areas.
Prices in Tassie have virtually doubled in the last few years. It's no longer cheap, not by a long shot.
Neither is Adelaide
@@thedownunderverse Depends where you look. My house was $248k in 2009 and probably is just around the $300k mark now, but totally affordable if you come from Sydney and want a decent 3 bedroom home with two living areas. My house is 125 sqm and land is 454 sqm, so not bad for that price. IF however you try and buy near beach suburbs, that is when you pay top dollar. I am on the outskirts of Adelaide heading towards the Barossa Valley.
Adelaide was ranked the 14th most unaffordable housing in the world equal with London. Only Sydney and Melbourne were above it. Most houses have gone up 400k since Covid.
@@thekingspin9846 Well I don't know who did that particular pole, but that is rubbish. My house is a good quality brick home built in 2003 and it is not worth more than $300k. I suppose if you mean the posher neighbourhoods, yes. My old home was sold for $500k and that was in a eastern suburb. dad built it in 1958 and it was double brick. Knocked down a few years later and a new home put on it, but the buyer at the auction paid $500k. Still, my house is only 36kms from CBD and only worth about $300k.
I think on that site, the monthly amount is the repayment on the loan, not the rental yield.
Yes, it was almost impossible for me to read what he was reading due to low quality video, but yes that would be almost certainly the case.
It’s the estimated repayment on a loan value calculated somewhat arbitrarily based on what the agent put in the back end to try and get people to view the listing. Could be way more or a little less, and is also based on having a deposit.
Raymond Terrace is nota place you’d want to live
I thought the same thing. Haha
Thanks for posting this video. You're right, it's bonkers down under! Aussie here living in Sydney.
Two things you missed:
1) "Guide price": In Australia property prices are rarely fixed - they're all auctions - hence the term "Guide price". which is deliberately set lower than the projected sales price by dodgy real estate agents to lure in more bidders, who mistakenly think they have a chance to compete, when in fact they are already out priced. Real estate agents do this for two reasons:
- Create a false sense of high demand to drive up the sales price on auction day (sales agent typically makes 2-3% in commission + advertising costs)
- To negotiate a pre-auction sale and play the bidders up against each other, making up non-existing offers from another party to create FOMO which makes people lose their heads and overpay
2) Monthly estimated repayment: You cannot use that to derive the sales price of a property and how much you would potentially pay per month. The numbers are unrealistically low and "examples only". The only way to figure out what a property is worth, is to look up how much it sold for last time it was traded and estimate the price in today's market. Some sales prices are publicly listed, but many are not (some buyers and sellers withhold the price from the public because they don't want their friends, co-workers or neighbours to make speculations about their net worth or debt).
It’s funny you chose Longreach. That’s where our national airline, Qantas, was started.
Ryan you can forget about Sydney and most other major cities. Try a regional city like Bathurst, Bendigo, Ballarat, etc where people are more friendly and family life is better.
Healthcare, public transport, crime and drug rates (way higher than Melbourne)and job markets suck though. I'm in between Bendigo and Shepparton, absolutely getting dangerous here but can't move because I finally have stable (ish) housing. If moving to regional Victoria, aim for North West around Ballarat way. Stay out of North, North Eastern regional Victoria. Most of the people are decent but its very bad.
My experience of Sydney properties is that they are usually geared towards - "Do they have water views?" How far away is the water? (be that a river or the sea) ... Next is, How close to the centre of the city is it? and What is the access to public transport? Financing in Australia is probably different to the USA too. Home purchases are paid in after tax dollars (i.e.no tax deduction on the interest of the mortgage) BUT the capital gain of the family home over time is TAX FREE. The process is often: 1) start as a single or married couple in something modest, 2) achieve equity in the property and 3) leverage up to a bigger/better property before children come along....
We paid $850k for a 3 bed, 1.5 bath, single lock up garage villa unit (block of 3 bungalows) 1.5 hrs by train north of Sydney, one block from the ocean. We were thrilled to get anything under 1 million . The previous owners bought the unit (unrenovated) in 2019 for $375k. So in 3 yrs, it went up $475k, so more than doubling in price
It's insane aye. I bought my Housing Commission house in Guildford 10yrs ago. We had to pay full market price, no discount. We bought it for 324, 000. Sold it 5 yrs later for $700,000 cash without a realestate, used solicitor. Bought my 3 king-size bedrooms, 2 bathrooms, 850sqft double brick, newly renovated house, 1 minutes from Tuncurry One Mile Beach for $550,000. Mortgage free, now, so happy l was poor and had houso. It's now worth $900,000. BUT IM STAYING WITH MY DOLPHINS 🐬 ❤
Ryan, I am in the Outer suburbs of South Western Sydney and I own and live in a 3 bed single level Duplex, 3 bedrooms WC and separate bathroom and Single garage,Fully airconditioned , recently renewed kitchen and bathroom. Beautifully landscaped and very good condition for a home built over 30 years ago. It is also Brick veneer with concrete tile roof. This means, timber frame,concrete slab ,Clay brick external walls with Gyprock interior walls.I am about 70 kilometres from the CBD.No, I am NOT Selling but had a recent appraisal for Insurance reasons. Local Agents Told me $900,000 to maybe $1 Million. this should give you a clear picture that. Australia is not a cheap country to live in.However I love my home and have no intention of selling and upgrading to a bigger home.
You mean upgrading and forking out $900 k on top of what you've already got. Mate, my wife and I live in a small cottage in Central Victoria that we purchased 25 years ago for $75 k.
Yes, we've thrown a good amount of cash at it in that time, probably close to $75k if I'm honest with myself, and that doesn't include my time, but if we sold tomorrow, we'd be looking at the best part of $1m. The problem is, we'd then have to find hundreds of thousands of dollars more to really "upgrade" from where we are now. Bugger that. I'm too old.
@@davidbrayshaw3529 Yes, the situation is the worst I have seen in the last 30 years. I have family at the moment looking to sell their current home in Sydney as it’s not possible to keep it any longer ( expensive repairs required), and the only way to buy again is to move well out of the Sydney area.
@@johnlaine2654 It is really not good. Our economy has been so badly mismanaged it seems beyond repair.
@@davidbrayshaw3529 Blame Albo and Labor… they have done Nothing for over a year since being elected. 13 Interest rate rises haven’t helped. Unions haven’t helped with never ending pay demands and a lack of trades and materials.Lack of trades and apprentices means the existing trades can demand more to go to jobs.It’s happening in the US as well. The Democrats under Biden are the equivalent of our Labor government. Difference is he IS ASLEEP AT THE Wheel. It’s going to be a long haul to get out of this mess, sadly.
Dont forget Ryan you may earn more as a family here, hence seemingly higher prices. It takes time to set searches in the areas you like for something to pop up. I tried a search houses up to 400 000 anywhere, then checked their locations as I scrolled thru. I found a few coastal ones which surprised me.
I’m always blown away when I see how cheap your homes are and noticed how each room is painted/decorated a different colour (at least the ones I looked at). We are primarily all neutral one colour. I used to paint my rooms different colours 30 years ago 😂
Part of the reason the land area often is mentioned is that in many places the actual house is a fraction only of the whole property value. Many city locations the houses being put on the market are snapped up at even beyond 1 million, only to demolish the existing house and build a modern two story "Mac Mansion" Simply the original buying price may have a house valued for 200,000 the whole property is at say 1 million, so now you demolish the old, build a new bigger modern one, say 300,000 and now have a property exceeding 1.5 million to 2 million.
In my own case official value for council annual rates has a house at 133,000 but overall value to assess annual rates is 880,000, and the area is generally selling in the 800,000 to 1.1 million range. About 1/3rd of properties being bought are being rebuilt as large two story homes. This area was originally developed as new housing in 1960, then Land plus house around £11,000 (say $22,000 ) and on a 25 yr year loan typically, gross annual income of typical blue collar worker around £1000 (say $2000) for those buying in this area. House blocks between 800 and 1000 sq m. House empty, few appliances, stive, hot water, bathtub, sink not much else, no garden landscaping no car garage all finishing was extra work/costs.
Now those houses are pushing 60 yrs age, the original families have grown up, the elderly are passing on or going to aged care. Families are selling up. The redeveloped houses have prices from 1.5 million to 2.2 million
Sydney city has very very few (if any except heritage things) stand alone houses. At the time housing was built they were terrace houses....attached side to side. That's the closest to a house that remains...everything else is apartments and massive towers. Surburban Sydney is where most of us live if we want houses, or more reasonable prices
I live in Melbourne in my mother in laws house. It was not an area i would ever have considered living in and i love it. It's a big house on a decent block with everything we need close by. The best part is it is an older house (so has the bones) but has been renovated and updated. 10-15 years ago if you asked me if i would live in the suburb I live in, I would have said no. But now I love it and don't ever want to move again.
Where do you live?
@@davidbrayshaw3529 Ferntree Gully
Fern tree gully would be beautiful .. so many trees close to everything you need
@@thirstymercfanits a hole
The pictures are an art form - the spaces are far more smaller, than what they look. Also very much the same look in new houses, as they are an existing design within a building companies : home styles to choose from. New estates are much more denser than before. Houses much closer together - gutters almost touching. Smaller overall. Have much smaller backyards. More features. More energy efficient. Probaby less value for money. Often no footpaths, or only on one side of the street. Narrow streets, frontage closer to the road. Smart meters - banned in the UK due to health effects.
I live just 1 1/2 north of Raymond Terrace.... Newcastle is a nice city
And I'm 20 minutes from Forster....it's a very big holiday area with great lakes and beaches.
The costs on the 'preview' / loan calculator is completely arbitrary, it's just the website making stuff up to sell loans. Even when they actually have an advertised price it's fuzzy (eg a guide) until it's sold, for real prices you need to look at 'sold' instead of 'for sale'. It could go for much more, or they could be advertising it a little high. The size of the house will be shown on the floorplan image. Land here is a bigger dictator of value than the house size, because land is just worth so much, until recently the actual building cost wasn't much comparatively so it didn't make sense to list sqm of a house as a primary search criteria, people more looked at the number of bedrooms and land size / location first, and only then are interested in a particular house.
A really bad layout can mean a huge house is all used on hallways etc, while a well laid out small one could be almost all bedrooms/bathrooms etc.
I don't think it's arbitrary- but is based on a median property.
The house on stilts is for cooling - common in Darwin, or was. Often the style of holiday houses back then. Actually quite strong - you can see the beams and poles and ties, as well as the central stairwell.
Similar looking to a group of holiday homes in Old Adaminiby, on the foreshore of Lake Eucambene, in the Snowies. Cars and boats live underneath. Works.
More to account for torrential rain and flooding. Cooling is a bonus.
it will be 100.4 degrees F in Longreach tomorrow.
If you look at the plan (not always given) it should show the area of the house in m2. multiply x 10.76 for sq feet - so a 180 m2 house would be just under 2000 sq ft
Ozzie houses normally have no basement or attic.
The trac homes in new subdivisions are generally built in 12-16 weeks (without covid delays or shortages)
Ryan that house in Cooma is rural over 4 hour drive from Sydney CBD. Forester over 3 and a half hours from CBD.
Longreach that's outback bud, 12 and half hours out of Brisbane CBD.
Years ago, rural areas were pretty cheap but thats finished a long time. There's no difference between city
Lower house prices can be found in SA, particularly 100km or more from the Adelaide CBD.
Even less, try 35km from the CBD. but tell everyone.
Yeah thanks for spreading the word, Adelaide already has the 14th most unaffordable housing in the world equal with London. Guess it will reach further out now.
Northern suburbs like Nuriootpa and Gawler...Two Wells..Angle Vale are winners..
Down south Christie's is good value...but moving out of scum will take time..
Try looking at other States like South Australia or Western Australia.
Had a laugh at the Raymond Terrace house, that's where I went to high school, it's a town more than 2 hours drive from Sydney, and trust me, no one wants to live there, it's a crap hole. By the look of that house, for under $500k, you would need to put another 100k at least into renovations to comfortably live in it
Australian houses are on stumps (stilts) for several reasons, the first is airflow - trying to get a 'cool' breeze, also to keep the worst of the wildlife out, and then, it provides a shaded area to relax outdoors. In Queensland they are often called 'Queenslanders' and come with verandahs that wrap around one or all of the building AND yes occasionally it stops your floors getting wet in a flood.
You looking in city centre
Suburbs is what you need to look at
Alot of Aussie's preferred to live on the outer skirts of city
Cheaper and easy to communte
Cooma is near the Snowy Mountains in NSW!!
I was born in Cooma! Now live in Queensland
Listings do show price history but those in Gloucester (gloster!) look brand new. Listings also show average in the nearby area for the same number of bedrooms. The only time we look at building size is apartments. Otherwise we compare land plus bedrooms+bathrooms.
The reason the land size is promoted not the house size is the land size normally determines the value more than the house itself. Also when you go rural in Australia if you end up in a mining town sometimes the houses can be more expensive than the cities because there's a shortage of houses in the town due to the mine. Towns with cheap houses are usually cheap for a reason, there's no jobs in the town.
Interesting Ryan, that you say the size of the house and how much you pay per square foot is the main consideration when buying a house in the US. In my opinion (and those people I know) the first consideration here in Australia (if you are an everyday person) it is how well the house fits your family’s lifestyle. For example: if you have three kids then you need 4 bedrooms and 2 bathrooms plus a study, a lounge room, a family room, a dining room and a big backyard. It needs to be close to a school, park or sporting field and within driving distance to a shopping centre. It does not matter how much it costs if all those things are not present. Once you decide on a house or two then affordability is the deciding factor, not how much value is in a square foot….
It depends where you live Ryan...Where I am in the inner west its a mix of Old Colonial Georgian, Victorian Georgian and Regency etc. built around the 1700 1800 period...The median house price for a house here is about 200,000 shie of 3 mil, for a house if you could get, and 1 million for a unit....We go by bedrooms, how many bathrooms etc we have, plus land size, not square metres...Cooma is snow and ski country...Houses here are pretty sturdy...unlike some places in the United States....That house is at Forster, where I have relatives, and where we used to holiday as kids....Its near the water tho Ryan..youve got to allow for that with the price....also the prices vary due to supply and demand...Our houses are very sturdy here, and our roofs would last a lifetime, plus a lot of houses are brick which is very solid....
Wouldn't be too many properties built between 1700 - 1800, given the First Fleet didn't arrive till 1788 😉
The differences in building materials are always interesting. In Australia our rooves are terracotta or concrete tiles or Colorbond metal. We don't have shingles - New Zealand has those. Yet timber for us is much more expensive. Timber floors are a premium and highly sought after. My house is made with a steel frame.
In Sydney, the median house price is AUD$1.6mil which is just over UDD$1.05mil on today's exchange rate.
Within the 20km radius of Sydney, a modest 3-bedroom house with a total land size of approx 300-350sq meters it will run you a minimum of AUD$1mil, approx USD$650K -$670K, and at that price, the house requires a minimum additional $100K -$150K renovation, or it's a knock-down rebuild, so you are essentially paying for the value of the land.
Also in Sydney or NSW, any property over the price of AUD$800K is subject to a 4% tax, called stamp duty which needs to be paid on top of the sticker price of the property, either as an upfront lump sum or yearly instalment. In the last year or so this stamp duty could be paid as a yearly installment based on the yearly valuation of the property, which is equivalent to the American property tax system.
In addition, we also have council rates that come every quarter which is for the council to take out the trash, maintain the pavements etc, these council rates are also based on the value of the land or "lot size" the property is on.
So Sydney house prices are equivalent to Manhattan New York City or Bay Area San Fran, but the price per square meter in Sydney may be slightly cheaper.
Sydney has 2 most expensive behind Hong Kong . 15.5x your income
I like looking past Newcastle "Need to look more rural." If you're past Newcastle you're already past rural in Sydney. Newcastle is 90 minutes from Sydney CBD (without traffic). You'll never get anything closer in the way of a decent house close to Sydney CBD. Western suburbs is where you'll have to look and start looking waaaaay past Hoxton.
you should do one on renting as theres a rental crisis in Australia too.
Any house in our Melbourne suburb that is more than 30 years old is likely to be torn down when it is sold, and a new "McMansion" built in its place. So, it's land that has the value, not the house on it.
And the new McMansion will fall down of its own accord in half that time. I wouldn't buy a new house in Australia if it was the price of a carton of milk.
Ryan housing prices only come down in Australia when the excreta has hit the cooling unit,
Yep the dream of owning a house in Australia is out of reach now even renting is hard ..if a the rental is $500 or under a real-estate agent wants you to be earning more than $2000 a week before you are eligible to rent
LOL Gloucester pronunciation.
Not because you pronounced it wrong but because I pronounced it wrong back in 1991!!!!!!
I already had an Australian restricted PPL (Private Pilot's License) and was training for my unrestricted PPL.
I was flying with my instructor from Sydney to Newcastle and we passing nearby Gloucester.....he asked me "What's the name of that town"?......I answered the same as Ryan......"Glau or Glow-cester".....my flying instructor cracked up laughing......"It's pronounced 'Gloster' you bloody dill".....he kept cackling away for the nest 5 minutes or so until he found the nest thing in my flying to laugh about.
Always remember this when ever i see a Gloucester on the map or hear it.
Cheers from a guy who spent the nest 30 years in aviation :)
* Restricted/Unrestricted PPL.....Restricted PPL is where you have passed your flight test and have become a pilot and may load up family & friends into your airplane and do some circuits or fly out to the training area associated with the airfield.....Unrestricted you learn how to navigate and means you can fly that aircraft anywhere you please (some places will need extra qualification...such as over oceans.....and night flying still extra....if you want to fly through clouds, still more.......and a myriad of other quals for all sorts of different conditions.
I think the US just has PPL which rolls Aussie RPPL & UPPL into one....could be wrong though :P
In Sydney most people live in the suburbs and travel at least 30 mins to work by car or public transport, in fact plenty of people travel over 1.5 hrs each way to get to work, in order to be able to afford a house
In order to rent !
My daughter lives in longreach it is a wonderful family friendly community…. Houses prices are crazy everywhere in Australia!
Fun fact house with a pool in Sydney would be more expensive. Pools in South Australia reduce the value of the house.
Hi Ryan , cheep house in Australia 🇦🇺!! 😂😂 there is a massive house shortage! Houses sell without the’ for sale sign 🪧 goes up !! Even sleepy old Perth is going the the roof!! - great pace to live though! Hot today 39🥵❤
Ryan would freeze at 39, he is not good with units...
I'm from Gloucester. Was so surprised to see you click on our small town!
It's about 2 hours from most infrastructure, still doesn't get much cheaper; but you get slightly more house v price.
😂😂😂 it’s funny watching somebody get the anxiety shock that we have on a daily basis for the past couple of decades and it just keeps going up. unlike our wages, even though they’re a seemly decent wage.
That's in the outback,(Longreach)where Carl Barron is from.
This was so entertaining! I couldn't stop laughing. Thank you so much. Nothing more Australians like to talk about than real estate and the weather 😂
Mate…this is “Straya” THE LAND IS EVERYTHING !!! new development in my area of Brisbane @ 1.4M average price… the land is 990k of that cost
A few points of note, the first house practically was a short walk from Sydney Harbour views always sort after, and if it went to auction would be even more expensive. Quite a diverse range of quality of house in the Raymond Terrace area, some on outskirts with land, average 600K without land and is about 20 mins to the airport. Key information if you were to buy is look up the 18yr real estate cycle, buy at the lows which the next is 2026-2027.
In NSW you really have to go regional for affordable housing. Goulburn or Orange both have reasonable housing
I think Ryan would like Orange or Bathurst, it's not that far! 🤔
@@jenniferharrison8915 I was out that way last week visiting friends and there is a whole new area being built up in North Orange
@@toddavis8151 That sounds good, if you don't mind cold winters, it's beautiful there!
Orange is nice but I don't think houses there are cheap anymore, being roughly on par with outer south western Sydney suburbs 50KM+ from CBD
@@jonslct That's sad to hear, I suppose Bathurst is the same! Beautiful places to live though!
You have to look outside city limits for more reasonable prices. Try heading towards rural Victoria.
In US, the only places you can find homes for more reasonable prices, are places you can't find any jobs. 🙃
@@johnsmith-cw3wo Same here in Australia.
Victoria isn't classed rural, its all regional. I live in between Shepparton and Bendigo and house prices have tripled in a decade and are still rising. $200k to $700k. Jobs, rental, no public transport, drugs and crime are worse in North Eastern Regionsl Vic than Melbourne. Head to Ballarat and North East way, safer and cheaper, for now anyway.
@@tinselstar So do I. I live in a town full of orchards and market gardens. In 5 years the population went from 30 odd thousand to 50. It's mostly rental properties people are screaming for here.
Hi Ryan, I live in Sydney, Australia. You should watch some videos from the Vlog - “That Johnston Life” He shows prices of houses from different states of Australia at the current present moment and also gives a lot of insight and information of what to do if you wish to move to Australia to live. He recently moved to Brisbane a few years ago with his family from Britain. It is very interesting to watch.
There are a lot of areas in our cities and towns that do get flooded because they are typically founded on a major river due to the ability to transport goods via boats. There are vast distances between our biggest cities.
Very different prices for different states. NSW and Victoria are very expensive!
Scone is big $$$$$$ especially if you are interested in equine sports
Along with Tamworth
Longreach would be considered an outback town. West of the Great Dividing Range.
The name ‘long reach’ refers to waterhole where drovers brought cattle to drink and rest.
Australians put an emphasis on land size vs house size,
Due to our culture of “outdoors living”.
Although in new developments land size average is generally 360m2 and the house will take up 90% of the land.
70% of our population live in the major capital cities, this adds to our supply demands, plus our shitty speculation tax policies.
I just bought my first house for $445k AUD
530m2 land
Maybe 150m2 3 bedroom house.
I’m a lucky one!
Ryan the worst place to start SYDNEY YUCK
Price wise yes, living wise no....
To be fair I'm not sure Ryan can name any of the other major cities.
Reasonable price in Australia lol unless you have 800k upwards you have no chance
I can sell you my property with no house for 140k
So fun that you first landed on a suburb 30 mins from me. It is one of the cheaper suburbs in the region.
haha that house is fibro former air force accommodation, later moved to housing commission. Basically like a 1000 sq foot 1950s american house on a lot. Add stamp duty to the price - around $17,500 for $500k house on top of the price.
Our government is accepting more immigrants than we can accommodate at present. That is what is pushing the housing prices up to the ridiculous 😢
I think the investors market has ruined it for us , nothing to do with migration. Imo
Nothing to do with immigration. Much more to do with negative gearing and decades of housing being a commodity.
No, it's Australia's obsession with buying property, compared with the amount & location of property that's available. Our home ownership rate is way higher than in Europe (for example). Everyone is trying to get into the market. Long-term renting has to be made more secure and attractive.
Houses on stilts are also done for air-flow under the house, or for using the area under the house for parking and storage, with the house up above. Avoidance of water-flow can sometimes just be a bonus not the intent.
It is hard for non-Australians to understand how large Australia is. The town of Gloucester is a 3 hour drive from Sydney.
Oh, we also have “stamp duty”, which is an extra ~10% of the house cost, which you pay to the government when the property settles. An extra 10% which needs to be cash, not financed, which the government gets for literally being no part of the process. This is on top of other fees which cover off the actual government records being updated.
I suggest you try Western Australia rural: eg central wheatbelt Northam or Wyalkatchem.
However, google for what's a better part of town in Northam. And whether Wyalkatchem is too small, hot, not enough amenities. Etc.
There are other WA rural areas that might be nicer too.
Northam has a train to Perth and driving is just over an hour.
Raymond Terrace is 15mins from me and its in a flood prone area. That house is ex government housing, it'll only be small and would have been around $300k before the price hikes. The plans for the houses have the measurements per room, so you'll be able to work out if your furniture would fit.
The real estate website called, on the house gives you most of those details. Most of the floor plan images should have square metres for the dwelling.
We don't have properties that list the house size. It's the block size or lot size that you see.
4.00 Not many places have more than 1 bathroom, unless it’s fairly new.
19.30. But then you have to live in Longreach!