All the places where the homeowners are all millionaires

All the places where the homeowners are all millionaires

Most millionaires become so through property

Here, take a look at the numbers as at 2024 from https://www.finder.com.au Everyone in these places below are all millionaires and they are millionaires using USD. In other words, if we do convert it into RM, then all these homeowners are multi-millionaires. Now you may know why we have many Hong Kongers who have bought properties in Malaysia and these days, more Singaporeans too. When they sell one of their properties over there, they can buy a few over here.

It’s not easy to buy a home for these countries too

For a Hong Konger, the typical mortgage is already 213 percent of their income. In other words, unless they have support from their parents for example, it is impossible to buy a property and paying for it via their salary if their salary is within the median range.

It is also not easy for working professionals in Sydney, Vancouver or Toronto because the mortgage as a percentage is higher than the median income. In other words, the ones who could afford are those who are earning above the median income range. Thus, the richer ones could afford a property while the ones earning below median pay would have to somehow find a property which is priced way below the median price. Do take a look at below:

Here are the typical prices for properties in Australia as at July 2024

Sydney leads all other cities (by a mile if not more…). It is even higher than the vibrant Melbourne which I have travelled to for two times this year. Just need to note that the median price for Melbourne at US$851,000 is already above AUD1 million yeah.

It’s not an easy time for many Australians too

Australia’s property market is more advanced than Malaysia. Their suburbs are already very well established and people are also more open to these suburbs too. Less so in Malaysia where people still think Rawang or Semenyih is somewhere near the moon…

Yea, of course I know, many Malaysians also say they could not afford a property

Truth is far from the below yeah. Use propertyguru.com and find properties and list them by price and there are still far more affordable choices. Perhaps the only issue would be it does not meet the expectations of the buyer. Maybe too far, maybe too small, maybe not landed, maybe many other things. Maybe they just do not think of it as priority versus other things such as iPhone or 5-star vacations…

Conclusion?

Property could make the owner become a millionaire or property can make people remain under the poverty category for generations. Look at the world we live in today and we should realize that as value of money depreciates because the countries just need to print more of them, property is a natural hedge against inflation. The actual value we get at the end of the day could actually be lesser than the price we paid today. However, if we paid the price today, then we get the higher priced property in the future. Decision is yours to make and there’s hardly any right or wrong as everyone has different circumstances. Cheers.

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