Quote:
Originally Posted by Adamz Ghia
Melbournes median house price in 1973 was $19,800, or adjusted for inflation, $186,945. Today it’s $833,321.
Meanwhile, the average wage was $102.60 per week, or $968.71 per week adjusted for inflation. Today it’s $1550 in Victoria.
Incomes have not by any measure kept up with house prices. There is no credible argument otherwise. So straight off the bat the cost pressures on families today are higher than back then.
And if anyone takes what Channel 7 puts on as news seriously then i have a bridge to sell them...
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Oops
Such a big leap.
Be wary of using stats to support your argument because invariably you open yourself to criticism regarding other facts you failed to consider to support your conclusion.
But at least you are one up on name calling to win an argument.
Rather than counter you with such things as defining the actual boundary of Melbourne and how far into the outer suburbs it extends to arrive at a median house price, and without mentioning that most households in 1973 only had one salary, and nor will I mention an interest rate four times higher than today; but I'll answer with an analogy.
In 1973 an XB Falcon 500 6 cylinder auto was $4181
In 2016 an FGX was $36,400 If production continued it would probably be let's say $40,000, but we'll stick with the lower figure for the sake of argument.
So using your salary figures, a 1973 purchase took 40.8 weeks whereas a 2019 purchase took 23.2 weeks.
However if you look at household income rather than individual income, it changes markedly.
In 1973, the purchase remains the same at 40.8 weeks whereas the 2019 figure is now 11.7 weeks
Now if I use this argument to showcase how us oldies had it harder than youse younger blokes, you would not be impressed enough to change your view and you would site other factors such as manufacturing methods, economies of scale, blah, blah, blah.
We cannot compare generations using today's benchmarks.
If you don't agree with this lemme tell you some things: my parents never owned a car in their lives, I can vividly remember when we got our first fridge which meant we could make ice cream from carnation milk, I was clothed in hand me downs from my brothers, and we didn't get TV until I was 16.
I guess I am just one of those old white privileged males who buggered everything causing so much suffering to current and future generations who have to sort out the mess from our greedy generation.
BTW Big Trev, you get a thumbs up from me.