This will be a hot topic....
I have been living at parents place - free rent, or my mates place free rent!
I have decided to give up on the Great Australian Dream, turn my back on it and deposit extra money into my superannuation.
Housing is the most un-affordable it has been in 20 years according to many experts.
The government gives first home buyers $7,000, but is very happy to take back up to 25% of total monies deposited into housing as taxes.
House prices are now stable, or going down, expect for a very small amount of suburbs in a few cities. So it does make for a bad investment in the short to mid term.
I am able to gain access to the free $1,500 super co-contribution, each year, and every year, so this will be over-time a better investment than the poxy one off payment of $7,000 for the first home buyers grant.
I have also decided on gearing my superannaution, which is exactly the same as buying an investment property.
and here are the returns...
1 Year % 58.66%p.a.
2 Years % 55.76%p.a.
3 Years % 55.76%p.a.
5 Years % 48.14%p.a.
7 Years % 21.07%p.a.
care to discuss?