themerlin

Thats more on the outer suburbs, lawnton for example. I have seen a few places for $250 - $275 that need a little work. But people seem to prefer to spend twice that to move to North lakes on a block half the size.

I'm not sure what it's like for suburbs close to the city.

Tiawamutu

No sign of your little bundle of joy yet Bridie?

Today's the due date isn't it. Careful you don't cough too hard is all I can say

Tiawamutu

Ours would have been around $70 more than that! But because first time buyers are exempt from stamp duty now, we can afford to put $20,000 more down for our deposit

Not sure if the payments will be much less though.

Whatever happens, it is 3 x the mortgage we had in the UK....but then again it's 3 x the house size

Xgeminix

[Quote]
$3009 (1250 GBP) average monthly mortgage payment in Perth now.


WOW!!!


Can everybody please respond whether you live in Perth or not and say whether that would be difficult for you?

Thanks [Quote]

And some... our repayments are 60% higher than we paid in the UK

wafc

These average monthly mortgage payments and house prices are one of the reasons we'll be heading home from Perth very soon. We came out here as first time buyers, and we did do our homework before we came but we just cant afford it here and it doesn't appear to be getting any better. Its not exactly going to be easy in the UK either but at least we can afford something there and we will also have family to support us.

For us and many other first time buyers with little or no capital its a very sorry state in many parts of the world these days with regards to home ownership. A lot of people will say "well it was only the same when we were young" etc, but I just dont believe that to be the case, I think the gulf now between house prices and wages is a shocking state of affairs and its no wonder many people will be living with their parents for a long while to come!

NKSK version 2

This is a sad posting!

And it is one of the reasons why I get so bloody cross with real estate agents constantly talking the market up and virtually lying in the newspapers.

Vim Fuego

Sorry Bond, misunderstood the angle ... interesting viewpoint, it wouldn't surprise me (I work in a bank, so NOTHING surprises me here).

temptininnit

The TV and papers are as bad, the presenters have a gleam in their eye as they say that prices are expected to rise further (I'd guess they have investment properties of their own).

I understand that many of the new cars you see on the road are bought with loans based upon the new higher valuations of properties.

Is the average debt level here much higher than the UK?

bridie

Hi Tia

No news yet......

BadgeIsBack

I'm guessing the key difference between the English system buy to let is that people don't or can't negatively gear in the UK -but they can count on tax deductions..

the similarity I guess is that both systems require equity or collateral...like all those houses...this is where collateral protection comes in, the sensible apparently ensure no house is secured on another in line etc

is that right?

themerlin

But the bank is just there to make money for it's share holders, nother new there, all they care about is if you can make your repayments, it's not upto the bank to baby sit you.

When we got out first home loan, we didn't
base it on what the bank would lend us, but what we could afford to repay without living off pot noodle.

gajjitt

We live in Perth, moved here in 2005. With what I bring in, I'd be left with just over $1000 a month for bills, food, beer etc etc. Our mortgage is about $1200, and we manage OK, not rolling in it.

My wife would have to work as well for us to pay a mortgage that high.

When we were looking for a place in Perth, we started looking around the Duncraig area, which was too expensive to buy, and we kept moving north until we reached Kinross, which was in our price range of affordability, and pleasantness. A bit further north than we wanted, but we are settled and happy here.

If we arrived now I think we'd have to live in Armadale or Balga. I don't think we'd have come to Perth if we'd arrived today, housing is just too expensive, unaffordable without any substantial money to put down.

Good luck though, wages have never been so high in Perth. So why aren't I earning them? Come on pay rise next month hopefully

Take care Paul

binky

No way I'd be wanting to pay $3000 per month. We are luckily fine though as we only had to borrow $200k but that was 2 years ago. Our house is almost double what we bought it for (we are in Mandurah)....and it makes me think how lucky we are that we moved when we did. If we were moving now I think I would be be put off Perth due to the house prices.....

Vim Fuego

I remember living off of Pot Noodle, it was by choice though, I quite liked it in my bachelor days ... I used to spice it up with all sorts of powders and chillis.

Kept me regular too.

jad n rich

I said it wasnt much better in QLd, this is todays article in the courier mail.

http://www.news.com.au/couriermail/s...89-952,00.html

On the lighter side, some of the comments under it raised a giggle, IM Fedup's letter.