paulf

When we first started dreaming of moving to oz, We did the same as everyone else here and searched Realestate and we were amazed as to what our money could buy in queensland.
2 years later and oz property has gone crazy, how on earth with the lower wages there can these price rises continue??.
The locals MUST be really peed off with all the investment buyers driving the prices so high.
Or am I missing something here? have the wages gone up aswell?
is that the case, here in the UK house prices are stable and leveld out the boom seems to have eased off and common sense is prevailing.....So how long before Australian housing follows suit? any ideas

wengerboy

i too share your sentiments i will not earn stacks of cash approx 950$ a week but hope the real estate remains fairly affordable in adelaide next year:scared:

bondipom

Housing affordability has plummeted and the first time buyers thing is an issue but the investment property owners are a more politically powerful force. Home owners are not pissed off becuase their houses have been pushed up in price.

The economy is strong and if anything the strength will drive up interest rates. Only that will take the madness out of the market.

dotty

Good point. Firstly to understand basically the QLD market was price wise stagnant for almost a decade, Syd and Melb went up dramatically, it was very very obvious that something had to move, (thats why I am here )

Most locals are happy as piggys in mud, they have never dreamt of sums which to them are quite large, eg $300,000 equity in a house with a say $100,000 mortage. Spending is rife on this feeling, cars etc so its helped all areas of the economy.

First home buyers could still get into the market easily! All they have to do is buy a unit or smaller house a few klms out, but they dont want to they all want to start out with a 4 bedder, pool, etc so really thats a self created problem.

Interest rate rises are expected to slow the future rises, very few people think it will make them go backwards, because all factors considered OZ cant really push rates much past 6%. Most people already had their mortages at higher than this already and many have fixed.

Certain areas of the market may struggle, Units in inner cities which are in oversupply for eg.

QLD however is still half the price of Sydney so further rises of 30% over three years are expected, not the 30%+ a year we have seen!

Wages, some have gone up, mostly tradesmen, demand. Unemployment has fallen tho more jobs due to the booming economy.

Population spread, people here dont want to live in the bush, they all jam into the same areas, near beach, cities, so demand on space/land is always going to be there. QLD also had huge population coming in. Plus its veryheavily concentrated in the SE corner due to climate.

In a nutshell all QLD has done is catch up a bit to more realistic levels.

paulf

Very annoying to born and bred locals who are,nt holding a little pot of gold brought from the UK where wages are alot higher.
Just can't see how they can get a shout at a home with this false market.

By that I mean the youngsters first time buyers.

Go Banana's !!

????

Isn't the same thing exactly happening in the UK - or have I lost the plot ?

Jill

bondipom

It is happening in the UK but there is a myth in Britain that you can buy a 5 bedroom house by the sea with a pool with change for $300,000 and be a ten minute drive from a state capital.

A lot of people are shocked when they come on here and are told the real price of housing..

Go Banana's !!

PS.
mean't to add, prices are still rocketing 'ere up North !

Jill

dotty

They could find a townhouse/unit for $200,000 quite easily but they dont want that, they want the mansion whos problem is that?

And truthfully probably the only false market was the one where houses in QLD were a quater of the price of the next main centre.

Go Banana's !!

We actually banked on it costing us $500,000 - $650,000 to build in Perth - but that was what we saw when we where out there last April. Did all the leg work and boy did we walk round lots of show houses. Dare not look on the web to see how much it has gone up !!
Please tell me it's not much more than that now .

jill

dotty

I think in Perth that would go a very very long way

Go Banana's !!

Oh God is that because it's crap ! we really likes it

Thanks anyway Dotty
Jill

dotty

Double check with the Perth comrades, but from a Perth Paper visitors had with them in November you will be smiling.

I only have my old mans comments on living in Perth, so I cant personally comment. Many people on this forum seem very happy there, Oweib, Di, Renth all seem to post genuine reports on it. Logically I imagine its cheaper because of its isolation more than anything else

paulf

Not crap, better than the same would buy here in the uk BUT in the last 2 years prices have almost doubled.

dazuk

Christ, in herts where I live houses have trebled in price in 6 years and are still climbing. Where in this "common sense" in the UK you are talking of? Me and my wife want to buy a place, yet a one bed flat is about 120 K, absolutly insane.

Im not sticking up for oz here far from it, I know that property there in high in relation to aussie wages, but dont tell me that property here is sensibly priced, its an insult to those of us who are desperate to stop being rent monkeys.