Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast, available on iHeartRadio, also on Spotify and Apple Podcasts, or wherever you get your podcasts from.
Welcome to Wednesday the 20th of April for 2022 and coming up in just a moment we'll be talking about sharing the cost of buying a house, a property with somebody which is probably happening in smaller numbers around the country but is this something that we should be doing a little bit more of in light of how expensive properties have become?
And if you had to share a property with somebody who would you invite into property ownership? It's a great question. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at the weather. And Sydney, mostly fine with 24 degrees. Melbourne, the odd bit of rain with 19. Brisbane is the place to be, fine and sunny with 31 degrees.
And in Perth, expecting morning smoke. That's right, morning smoke as a result of bushfires in Halls Creek. which is under control once the smoke clears this morning. Should be looking at a mainly fine day and a high of 28 degrees. We feature market updates, interviews and trends. It's your real estate podcast for breakfast.
Well, be careful when asking somebody to put on a mask after a woman was violently attacked for doing just that yesterday. It happened in a Perth nail salon. Jill Sheehan was attacked after asking the woman next to her to wear a mask.
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Chapter 2: What is the main topic of shared house buying costs?
And then all the hell, all the craziness broke out. Masks are still mandatory indoors in Western Australia. The mother of two was punched in the face repeatedly. If you've seen this on video, it's a nasty attack. A 19-year-old woman has been arrested over the attack and charged with assault. You know, you just don't know where it's coming from.
A 19-year-old today, you could be sitting next to a grandmother tomorrow and get a punch in the face for asking somebody to wear a mask. I can't blame people for being a little bit cautionary over asking somebody to put a mask on. Across every state, city and town of Australia, the Real Estate Podcast.
So we know the property market has been excruciatingly expensive for a lot of first home buyers and indeed buyers that have left it 12 months from selling their properties before getting back into the market. Ouch, that really does hurt. And is it a time for a bit of fresh thinking?
Some would say a radical approach and share the cost of a mortgage with somebody that you know, or perhaps somebody that you don't even know. Because let's face it, with Sydney's median prices for houses around $1.4 million, you might not even ever get into the Sydney market without a change in thinking. And to discuss this more is Rate City Research Director Sally Tindall. Good morning, Sally.
Great to have you on the podcast.
Oh, thanks for having me. It's lovely to be here.
You know, it's a great subject for discussion because one of the primary reasons a lot of people are locked out is because they don't earn enough money. It's okay if there are two of you with combined incomes, but a single person really just can't compete unless they are earning the equivalent of two wages.
And there will be those people that are out there, but they are really not the ones that we're talking about. It's the single income combining with somebody else's income. And suddenly we have more of a dynamic look to this problem.
yeah absolutely and so there's two problems facing first home buyers one is often the deposit stumping up enough to put down even just 5 10 or 20 deposit but the second one is what we call serviceability the bank needs to see factor in how much income you earn before they're going to accept your loan and that's often a stumbling block for people that are buying by themselves but of course
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