Pete Wargent
speaker
553 appearances
2 recordings
1 series
first heard Oct 2022
last heard Jan 2023
Pete Wargent’s voice in public audio — every appearance, attributed to the second.
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Appearances
Thorstein Veblen back in the 19th century.
He talked about the theory of the leisure class and what we call Veblen goods.
So there's some things that as they get more expensive, they become more desirable.
It's because it's a status symbol, something that other people can't have.
So if you can buy a house in Bellevue Hill, but only
this many people can afford it in a curious way.
It doesn't work in the same way as supply and demand normally does.
Normally, if something gets more expensive, the demand falls away.
That doesn't really happen in these prestige suburbs.
In a sense, the higher prices go in Point Piper, the more people want to own.
It's quite a paradox.
Yeah, quite a few when I was Sydney based.
I used to live in the eastern suburbs myself, but I wasn't a house owner, just I had a unit in Bondi, like a lot of farms.
Also not Bellevue Hill.
No, but it's one of the interesting points actually, is that the gap between median house prices and median unit prices
2022 is the biggest gap we've ever had and if you were to look at buying a unit or apartment in some of these eastern suburbs well the ratio of unit to house prices if you take an example like centennial park you know the median unit price is about 850k or thereabouts house price is over 6 million so the ratio is about 14 15 percent
So if you're buying a unit in a boutique block, you can actually get some pretty decent value there because you're getting a fair chunk of land value.
But yeah, you only need to extrapolate those stamp duty numbers that we talked about just before.
If you're looking at a $6 or $8 million purchase, it's an extremely punishing exercise to be buying in those price ranges.
So it's a bit like the old phrase, if you have to ask the price, you can't afford it.
Showing 41–60 of 553 · page 3 of 28
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