Amazulu

I agree about living in space but there is a lot of that Legoland shite in Australia now. If not a majority, close to it

KJCherokee

Very true - I did say it was 'one' of the reasons - but if you are an engineer working in manufacturing the job opportunities tend to be in industrial areas so you either live on an estate like that or you commute for up to an hour each way.

OzTennis

How about 10% price rise per month and average price £544K/$925K for affordability?

http://www.standard.co.uk/news/londo...e-8894316.html

And they are worried about 6% per annum growth to $640K in Sydney; Melbourne $595K median; Perth $645 median, Brisbane lower.

http://www.news.com.au/realestate/bu...-1226692372941

OzTennis

And rather than one of those 'boring' Aussie housing estates pictured one could always live in an exciting estate in any city UK. (picks out selective picture)

chris955

So your argument is based purely on London prices? The overwhelming majority of people in this country dont live in or even near London. I saw a story the other day about Sydney prices, they were showing what you got for $1,000,000 in many areas, what you got was often an old weatherboard.

chris955

Absolutely, we dont live on or near an estate. I wouldnt even know where the nearest estate was. Where we lived in Brisbane those horrible soulless estates were popping up everywhere.

ukecadet

is that the commission flats in Nelson Place?

Castlebar

The Ozzie property market is a bubble, it is going to pop and when it does people will loose there shirts. You would want your head examined if you bought a property in any of the major Australian cities now.
the flip side of this is, if you own a property now, sell it and cash out, you will be able to buy back a similar property for a lot less cash in the next three years.
Mark my words on this folks !

EvannTel

Welcome to BE.
Look back 5 years and see people saying the same thing and they have been proven wrong. Market correction yes, bubble burst no.
Wait at your peril.

Swerv-o

5 years? I've been here since 2006, waiting for the big property crash! No sign of it yet...


S

Beoz

I don't think comparing an hour out of Brisbane and an hour out of London a fair assessment.

Brisbane is hardly a first or second tier Australian city.

chris955

We bought in Brisbane in 2001 when the property 'boom' was just about to start, in 2006 it was still gathering steam. It didnt seem to slow down a little until maybe 2010/11.

OzTennis

No, I keep hearing how affordable property is the UK.

A comparison was made between Brisbane and Cambridge and I looked up some facts which didn't seem to back up the impression.

It was in the news yesterday about the over 100% annual rate of house price inflation in London so I posted it.

Today, in relation to MP's about to get a rise to £74K basic it said the average UK wage/salary was £26,664. That's $45,300 p.a. roughly.

ABS reports for May 2013 that all employees average weekly earnings are $1,105 or $57,460 p.a.

With the median prices already mentioned $600's Sydney/Perth; lower for Melbourne etc and average incomes $12,160 higher do the Maths anyone.

eg Sydney median/average annual income = multiple of 11
London average/average annual income = multiple of 20

How far from London do you have to go for the multiple to come down from 20 to 11 I wonder?

I would add further that Sydney figures are for houses only (not units/flats); London figures are for all dwellings.

April UK figures were £26,500 http://www.bbc.co.uk/news/business-20442666
ABS http://www.abs.gov.au/ausstats/[email protected]?OpenDocument

big_matt

You can't really make a fair comparison between London and any Australian city, particularly somewhere like Brisbane (you wouldn't compare Glasgow with Sydney property values).

Prime Central London (which is fuelling the recent crazy rises) now has almost no buyers from the UK. Many flats/houses are bought as tax efficient schemes by investors and never lived in.

Other cities in the UK are showing very modest growth, and a report I saw today said the midlands has had 3 months of negative growth despite the Government launching 2 schemes which should have raised property prices.

At the end of the day, the biggest cities in both countries need far more affordable housing. It's a real sign of the times that prices going upward from record bubble-induced highs is described as a 'positive sign'.

I'm pretty sure young people who will never afford their own home don't think it's overly positive.

roaringmouse

Probably where the unemployment rate is hideously high.