I don’t think people truly appreciate how much luck played a part in their wealth accumulation. It’s very rarely effort that separates people(within reason).
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The agent who valued my joint reckons there’s a lot of Melbourne people (esp. retirees) selling up, buying a place down here and having a huge stack of cash left over. Properties tend to sell pretty quickly once they go on the market.
Blocks of land are also being snapped up, although you won’t find a local builder who can start for at least a year due to a backlog of jobs. All tradies are flat out with brickies and plumbers in particular very difficult to find.
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Absolutely there is some luck, some have more than others.
I have a good mate that has a unbelievable knack of buying somewhere just before it booms, I swear he gets the inside word 
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It wouldn’t be hard to tax 2nd/3rd/4th properties much harder than 1st.
And I think the “I worked hard for X” is spurious.
People on 250k salaries probably work ■■■■■■■ hard, and they get taxed hard. Same same.
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Multi billionaire 
No but if you bought into property into our capital cities 20 to 40 years ago your a multi millionaire. And it was very possible on an average wage. That experience is not going to repeat itself because the average wage has not kept up.
The solution to me is pretty clear to keep tabs on growth going forward regardless of monetary policy.
- A register of ultimate benefactors of trusts like they have in other countries.
- Thus allowing an effective Property tax, increasing on each subsequent property a vehicle owns(individual or trust)
- Significantly increased LVRs on bank lending on existing property(eg the NZ response)
- Removal of negative gearing on existing Torrens titled property.(perhaps existing strata too but with a caveat to see how it affects the rental market)
- Sweeping land zoning changes from low to medium density to facilitate incentivised(from above) construction of new property in high demand locations whilst preserving amenity of said locations.
- A significant investment in public housing to increase rental stock to very low to no income individuals and families.
For all that to happen we would also need a ban on political donations from the major banks(because they hated the NZ reforms).
Now do people want housing price growth stunted? Because I think many say it on one hand but deep down want to see the prices continue to spiral.
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I think luck is the number 1 reason. Followed by hard work.
I nearly lost my entire life savings after I was divorced and bought a property, because the bank wasn’t ready to settle. It was in pre internet days. My solicitor told me to beg the bank, which I did. I then spent the next week, running out of my work at the drop of a hat, to pick up documents from one party and courier them to another. Back the next day to do a similar run when called. Luckily I had a supportive boss. Eventually the property settled on time.
But it was frightening because I would have had nothing.
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What are you paying the solicitors for?
(Not specifically you - “you” in general)
It was the bank that wasn’t ready. Solicitor was doing everything they could. Try moving a bank without a royal commission, (or even with a royal commission.)
And a recent settlement I had, the bank had outsourced their settlements area to somewhere where no one spoke very good English.
It was a nightmare. I think they’ve since brought it back in house.
Oh I dunno.
Marrying well, being in the right place career wise,(or business wise) working hard along the way, knowing the right people, receiving a good education and keeping your health.
The important thing is to get up and go again everytime your knocked down.
For some that won’t happen significantly and they are lucky. For others it happens too often.
What is frightening is how easy it is to fall through the cracks.
You can be relatively well off one day and almost out on the street the next.
I’m a bit scared at the amount of leverage many people are in because leverage works both way.
That’s a very common scenario now for any one around the age of 40 or under and some older Australians.
That’s all luck bar working hard?
big4?
people dont understand what luck is. and when they’ve benefited from it, claim its all hardwork, ignoring the countless stories you see of people that work hard all their life and end up on a pension that leaves them… below the poverty line
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It was St George which is a division of Westpac. Was about two -three years ago. Was awful dealing with them. They just didn’t care.
I was told they later brought it back in house.
Terrible for an ex building society.
yep was a fair cautionary tale in the industry lol
Well yeah. Working hard is irrelevant when capital is returning more than your labour. Which is sadly the case for most.
so what are you even trying to say?
That you make your own luck.
That when you have misfortune and get knocked down you get up and go again.
That you take stock of your situation and don’t throw good money after bad.
‘pick yourselves up by the bootstraps’?
i really dont think you understand luck
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