francesduggan

I'm starting to get really worried ,I've noticed the amount of properties that are now auctioned instead of "for sale" ,has increased .Property prices have gone up even since I was there in Jan 03.Hope ,by the time we all get there ,things will have settled down .All the reports I have read ,indicate the boom started 2 years ago.Anyone bought property as an foreign investment,in Australia,with a view to living there themselves in the near future????

debsy

Just wanted to bring this back up to the top before Frances starts accusing no-one of replying.

The Koalas

What

Mitchells

Don't know about properties, but we bought a plot of land in Canning Vale, Perth in March this year for AUD100,500, (this was one of the cheaper ones) last year Mar 02, they were going for about AUD90-95,000 for the same size, now the new releases are selling for AUD120,000.

There has been an increase in the price of land, we've been watching this for a few years and decided that we would purchase even, if we end up not staying in that area, just incase it got out of our reach.

Hope that made sense.

francesduggan

Many thanks ,,,,,Mitchels,that makes very good sense,how did you decide on location??I remember going to see on developement ,I think it was called Brooklands or Brookwater,it had a Greg Norman golf course attached ,it looked like a good investment.Another area I figured was a safe buy was close to a marina or near the ocean, just something where a local attraction would add value to the property.
On some new housing developements the construction firm will sell you the show house and then lease it back for a guaranteed price and agreed term.That seems like a good bet ,pretty safe ,they hand over the house freshly decorated like new so you don't suffer the wear and tear of a showhouse ,sounds great eh??

scutterUK

frances, i'm starting to think to same. I mentioned in the other message the amount i'm taking etc. i've been looking at renting long term, and the more i think about it, the better option it might be for me at least. It'll give me a chance to find out where i want to settle down and for the house prices and interest rates to settle. While i'm renting i'm going to invest the money i'd use for a deposit on a house and let the interest contribute to my weekly rent. The way i work it out, the interest will pay for a weeks rent, but that's all based on todays prices and rates. Who know what will happen in 12 months.

i hope it all goes in our favour.

the Wombats

Very childish response, the guy was asking a question why bring up what he posted earlier???

WBB

i think it was said tounge in cheek.

Mitchells

Frances,
The estate is called The Reserve at Brookland Greens, the reason we picked that area is that we already have friends that we met years ago who have a house there.
After a trip to see them last year it seemed like a lovely place to have a home and as they live there we got to see what real life is like there, not just holidaying.
Also, thought that to be near someone that we already know very well would help us settle in abit quicker.

francesduggan

Mitchells,,well done ,I was impressed with the entire lay out of the developement,one of the show houses was offered to me at 475k with a lease back of 2400$ per month for 14 months .At that stage I was'ent 100% about the move .Of course ,now ,I'd jump at the chance. Do you know the kind of prices there now??I think you have made a very good investment for the future .

Jirrupin

One thing is for sure, there is plenty of land for sale all over WA. I do not know much about economics but my perspective is there is more supply than demand. There is a boom on and there is a real urgency for people to buy and invest but the wages here continue to remain stagnant so how on earth this is property market will be sustained is beyond me.

We have looked at buying but even if we were to gain employment we would struggle to keep up the repayments on a mortgage on even what is considered to be a modest mortgage in WA at the moment.

There are loads of development sites with lakes, golf courses they are all over the place and they all look good but you soon realise they are everywhere and suddenly the opportunity has a different perspective. Well it does to us anyway.

I wouldn't buy without good cause, we are still renting at the moment and this is likely to be the case for the next few months, I would advise anyone to take the time to travel around the areas they are thinking of purchasing and not to be taken away by the enthusiasm of the apparent opportunity and to really think about the options.

Unless you are here certainly in WA you can't imagine just how much land there is for sale, beach front, ocean views, farmlets, large acreage, they are not going to run out, not just yet anyway
so my advice is don't panic buy.

debsy

Donna, love the Panda - it's really cute.

The Koalas

I find this advice excellent, I first went to Sydney and lived everywhere from the Blue mountains to the northern beaches then to the central coast. Then traveled up to Airlie Beach in a car and saw so many nice places we were pleased we never bought the first place we landed. I know when I go back I have a much better idea of areas and where I will buy now.
Rent for 6 months, ok it is dead money but it is 6 months to look around and be choosey.

tiredwithtwins

The house prices seem even scarier than here in the uk! when we (eventually!) get out there we will only have about $45k if all goes to plan, and thats a drop in the ocean compared to what some people are taking.
Do you think the developers/builders are seeing the housing booms that are going on around the world and taking advantage?

sue

WBB

you could have a point there you know.

i think it is true that developers are only drip feeding land on to the market so that demand is always outweighing supply.