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First time house buying

First time house buying

Old Feb 28th 2005, 8:00 pm
  #1  
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Default First time house buying

Hello.

After looking to buy a house in the UK for the last few years, my partner and I both gave up in despair! We are both teachers and house prices are so out of line with salaries that it is just silly.

So, after having been out there for a year, we decided to migrate to Australia. And, fab news: we got our PR a couple of months ago!

Our hearts are really set on moving to the Melbourne area in mid 2006. But the question is: will we have exactly the same difficulties buying for the 1st time there as teachers? Does anyone have any advice in this area?

Cheers,

s.
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Old Feb 28th 2005, 11:03 pm
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Default Re: First time house buying

Probably so if it is anything like Brisbane seems to be.

My partner and I earn around 100k combined per year and most houses that we like the look of within a 20km radius of the CBD seem to start around 350k (4 beds, 2 bathrooms, double garage etc) or a great deal more the closer to the CBD you get.

So that is 3.5 your salary pretty similar to back in the UK.

Cant comment on Melbourne prices but I think they would be pretty similar to Brissie.

TT


Originally Posted by steved
Hello.

After looking to buy a house in the UK for the last few years, my partner and I both gave up in despair! We are both teachers and house prices are so out of line with salaries that it is just silly.

So, after having been out there for a year, we decided to migrate to Australia. And, fab news: we got our PR a couple of months ago!

Our hearts are really set on moving to the Melbourne area in mid 2006. But the question is: will we have exactly the same difficulties buying for the 1st time there as teachers? Does anyone have any advice in this area?

Cheers,

s.
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Old Feb 28th 2005, 11:08 pm
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Default Re: First time house buying

Melbourne prices are between Brisbane and Sydney.

Try to get names of some suburbs then go to www.domain.com.au

One thing to note is that prices may fall because two rate rise look on the cards over the coming months.

A valuer my boss knows said that he predicts a 10% fall this year, but a possibility of a freefall 20% if interest rises by 0.5% or more.

First time buyers here are very overcommitted financially. They bought at the peak and 0.5% rise could tip them over.

Just as a personal comment, Sydney or Melbourne do not seem to increase people disposable income unfortunately. We can't afford to buy in Sydney currently, and probably not Melbourne either (one income - baby on way). I watch property markets here and in UK like a hawk...
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Old Mar 1st 2005, 12:51 am
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Default Re: First time house buying

Originally Posted by steved
Hello.

After looking to buy a house in the UK for the last few years, my partner and I both gave up in despair! We are both teachers and house prices are so out of line with salaries that it is just silly.

So, after having been out there for a year, we decided to migrate to Australia. And, fab news: we got our PR a couple of months ago!

Our hearts are really set on moving to the Melbourne area in mid 2006. But the question is: will we have exactly the same difficulties buying for the 1st time there as teachers? Does anyone have any advice in this area?

Cheers,

s.
Yes it will be just the same here .... melbourne house prices are starting to become out of reach for a lot of average australian wage earners.... as teachers you will not be on what is classed as a "high salary" so you will struggle on two wages like every other home owner in melbourne
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Old Mar 1st 2005, 1:48 am
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Default Re: First time house buying

Originally Posted by steved
Hello.

After looking to buy a house in the UK for the last few years, my partner and I both gave up in despair! We are both teachers and house prices are so out of line with salaries that it is just silly.

So, after having been out there for a year, we decided to migrate to Australia. And, fab news: we got our PR a couple of months ago!

Our hearts are really set on moving to the Melbourne area in mid 2006. But the question is: will we have exactly the same difficulties buying for the 1st time there as teachers? Does anyone have any advice in this area?

Cheers,

s.
Teach in the bush and you'll get the same salary as in the Megalopolis and you won't have to fork out as much to keep up with the Alexandropouloseses.
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Old Mar 1st 2005, 2:42 am
  #6  
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Default Re: First time house buying

Hi Steve

We are in a similar boat, we didn't buy in the UK and got here to find the house prices to be silly. The good news though is that since we arrived (just under 2 years ago), the house prices have fallen (albeit only a little) but all the "experts" (I use the term loosely) have said that First time home buyers should wait at least another year before buying. There are estimations that by next year, house prices will have fallen by anywhere between 10 - 30% (depending on where you live and what you are reading). There is a good chance that the interest rate will increase either tomorrow or next month (again, the experts say so) and it was after the last interest rate hike the prices started to fall, so fingers crossed.

I am not a teacher so unfortunately, I can't help with jobs or salaries but it's is an employees market at the moment.
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