@PatDannes78@GreenTyler27 If it comes down to it, rent out a room, cut down on eating out.
Did you factor in additional loan repayments on $160k over 30 years?
@PatDannes78@GreenTyler27 Going by your numbers 20% deposit for 160k difference is $32k. So 4 years of additional rent. Definitely take the additional rent.
You're not considering when the market starts to go down for prolonged period that we should see general pricing & discretionary spending reduce.
@PatDannes78@GreenTyler27 No, but it might mean that property that used to be 800k becomes more affordable.
20% increase on $700 rent a week is $140 a week. Over a full year that is $7,280.
Now think again and see why a 200k or more property drop is more worthwhile than the pain of rent increases.
@ausstockchick Perfect - great to see house prices coming down.
Everyone had been gobsmacked that prices were increasing at a rate out of reach for most young people. Now there is at least a glimmer of hope.
@ausstockchick I'm renting and paying alot for my rent but guess what, say rents go up $75 a week. $75 X 52 = $3900 for a year.
I'll take a 100-200k drop in house prices any day.
@AugustCohen4 There's a good chance $AVZ let's this one play out in the courts through the next few years. Zijin will have their mine built and US can continue to play catch up.