4 ms·

Today: $1 million will buy you an overwhelmingly average house in an overwhelmingly white bread, middle-class suburb in Melbourne or Sydney. 15 years from now,

by taitems 16y ago

Today: $1 million will buy you an overwhelmingly average house in an overwhelmingly white bread, middle-class suburb in Melbourne or Sydney. 15 years from now, that million dollars isn't going to mean much at all. Live to be happy now, because the future is never what it's cracked up to be. Not that "live in the moment" do karaoke bullshit, but look after "you".

meric 16y ago
I think $1 million will still buy an average house in 15 years. ;) It's also enough to fund a startup. I'm not trying to be rich so that I could live a luxurious life or anything, just so I have a war chest to "do stuff" with.
- GFischer 16y ago
  It probably will, but don't discount the power of inflation. Maybe it's time for your country to experience inflation at last - it's been mostly immune because it's the world currency, but your government has been spending like mad. (sorry, was thinking about the US, but I guess it applies to Australia too !!) I've seen HUGE inflation rates in my country, so while I also think a million will still be a lot of money in 15 years, it's not a foolproof bet. That said, the spirit of the question is understood (it's not about an arbitrary sum of money, it's about being wealthy enough to pursue other things).
  - hugh3 16y ago
    While there's been some noise from the opposition about government spending in Australia, the problem isn't nearly as bad as in the US. (And I say that as no fan of the Rudd government.)
- taitems 16y ago
  $1 million will buy you a house, but not anywhere close to the city. You'll be stuck out at Craigeburn, Noble Park etc. With Australia's population boom, the surge will be in apartments, units and townhouses. "Houses" will become a commodity. As is, a lot of people are selling up for developers to drop their house and build 3 or 4 townhouses on their blocks. The almighty dollar... I've been trying to buy these last few weekends and will be trying again this weekend. A mortgage at 21? We are crazy.
  - TeHCrAzY 16y ago
    Have to agree here. A small place in the inner west will set you back 900k+.
- ekanes 16y ago
  > It's also enough to fund a startup. That's the thing. You don't need $1M to fund a startup. Even one that ends up making millions for you, or that can be acquired. Try not to let the money act as an excuse for not starting. (I know, it's hard! :) You can actually start the life you want at 35, now.
robryan 16y ago
I don't think there is any value in the Melbourne housing market at the moment. There is talk that house prices could stop heading up or even dip, not like America though we have enough population growth relative to housing that the prices seem to go up even when buying conditions are terrible. Maybe housing affordability will never get better but at the moment I would rather rent.

by taitems 16y ago

meric 16y ago

I think $1 million will still buy an average house in 15 years. ;) It's also enough to fund a startup. I'm not trying to be rich so that I could live a luxurious life or anything, just so I have a war chest to "do stuff" with.

GFischer 16y ago
It probably will, but don't discount the power of inflation. Maybe it's time for your country to experience inflation at last - it's been mostly immune because it's the world currency, but your government has been spending like mad. (sorry, was thinking about the US, but I guess it applies to Australia too !!) I've seen HUGE inflation rates in my country, so while I also think a million will still be a lot of money in 15 years, it's not a foolproof bet. That said, the spirit of the question is understood (it's not about an arbitrary sum of money, it's about being wealthy enough to pursue other things).
- hugh3 16y ago
  While there's been some noise from the opposition about government spending in Australia, the problem isn't nearly as bad as in the US. (And I say that as no fan of the Rudd government.)
taitems 16y ago
$1 million will buy you a house, but not anywhere close to the city. You'll be stuck out at Craigeburn, Noble Park etc. With Australia's population boom, the surge will be in apartments, units and townhouses. "Houses" will become a commodity. As is, a lot of people are selling up for developers to drop their house and build 3 or 4 townhouses on their blocks. The almighty dollar... I've been trying to buy these last few weekends and will be trying again this weekend. A mortgage at 21? We are crazy.
- TeHCrAzY 16y ago
  Have to agree here. A small place in the inner west will set you back 900k+.
ekanes 16y ago
> It's also enough to fund a startup. That's the thing. You don't need $1M to fund a startup. Even one that ends up making millions for you, or that can be acquired. Try not to let the money act as an excuse for not starting. (I know, it's hard! :) You can actually start the life you want at 35, now.

robryan 16y ago

I don't think there is any value in the Melbourne housing market at the moment. There is talk that house prices could stop heading up or even dip, not like America though we have enough population growth relative to housing that the prices seem to go up even when buying conditions are terrible. Maybe housing affordability will never get better but at the moment I would rather rent.