ozzieeagle

Theres also talk, not that I can personally confirm this, of quite a lot of oseas investors from Asia.

rosscov1970

agree, had conversation only last week with property developer and real estate guy and both said asian buyers are prepared to pay upto $100 000 above anybody elses offer to secure purchase. How can anyone compete with that?......I'm in Adelaide by the way and thank god we've already bought.

Amazulu

I'm not sure that they are. Apparently mining jobs that don't require specialised skills, ie dumper-truck driver,are really hard to get if you have no previous experience. The stories of people coming over from impovrished parts of the east and looking for (and failing to get) work are legion. It's a Catch 22 situation. FMG, who I work for, are looking for 1500 people. They held a jobs fair to which just under 3000 people came to. 95% had no chance because of lack of experience. In my line of work, electrical design, electrical designers with the right skillsets DO NOT exist - apart from the few that are working (and coining it) and there are very few young guys coming through the system. Resource companies are talking about needing 40000 overseas (read Chinese) workers over the next decade and are even pushing for unskilled workers to be allowed in. I doubt whether the gov. would allow that though. Unrestrained wage growth would be a bad thing IMO as costs would rise too high and projects will just not happen as they will become too expensive.

betsyboob

Thanks thats really helpful x

youngy73

surely your not suggesting that its better to rent in the long term.

walaj

North shores sydney, and the top figure of 675k will not go very far.
In certain areas around here sellers are reluctant to put to their houses up for sale (as there is not much for them to buy), but still plenty of buyers, resulting in prices being pushed up even higher.
One house we were out bid on, the buyer had helping hand from his parents - unfair advantage!

until recently there was mortgage stamp duty (in NSW)

btw the category we needed is, well above $675k for house needing major reno or knocked down in nice area

ozzieeagle

675,000 upwards was meant to mean no ceiling, It's the price at which I figure you can claim to own a fairly substantial property.

Grayling

I have no idea how much we will need to spend.

The realty is we will have to pay the going rate for the area we move to.

I will not have a mortgage and don't intend to work.

G

walaj

decent block of land 950sqm, small house needing a LOT of work & expense, very much far from 'substantial'.

The point I was making is that average around here is not 375k to 475k, more like $1,183k, $895k, $935k, $840k,(median house prices per domain for suburbs 2073, 2074, 2075, 2076)

ozzieeagle

Point taken and fully understood walaj, however I'm aiming this thread at new Migrants. Which is why I'm saying a very decent house can be bought at 675,000 in most parts of Australia.

Where people choose to live, beyond that is where the land/location aspect seperates from the actual house price. That is basically an acquired taste.

There are great swathes of the Cities of Brisbane, Perth, Melbourne and Sydney where the median price is well over a million now, I doubt if there are very many migrants heading to those areas though, as in most cases at that price they could well be downsizing on what they had in the UK.

chels

Yep, that sounds pretty much like our situation. One of the reasons for moving from Sydney to Brisbane was the Sydney housing market and lack of affordability in the suburbs we were looking at. The prices in Brisbane are more affordable, however the amount of available properties for sale is pitiful.

SarahJane2007

Housing in and around the Brisbane area seem to be rising by the month...my advice would be to get on the property ladder a.s.a.p. Properties being snapped up quickly suggests demand outweighs supply.

MartinLuther

Thank God Melbourne is like a retirement village, otherwise no property would come up at all.

Vim Fuego

Just a brief note to all the potential migrants that a perfectly servicable house, on acreage if you wish, within an average (commute) hour of the CBD can still be had here for around $400K.

It strikes me that some people might be reading this thread and thinking that they need half a million to even survive comfortably, this is not the case.

Of course, individual definitions of 'comfort' differ but we are certainly happy after a year and a half home ownership here and don't have plans to move.

Naturally, I'm only talking about Brisbane.

ozzieeagle

My problem with this, Vim, is Oil and the uncertainty of future supply. When you move to an hour away, you are almost certainly subjecting yourself to the probablity of having to own two cars. Which I would say would add at least 5,000 bucks per year, if you accept that it costs at least 100 bucks a week, to own and run the extra car. Which in most cases would cost at least a minimum of 8,000 dollars in income (taking pre tax earnings into consideration). Thats a substantial amount of Mortgage power over 30 years.

Combine that with the spectre of Oil prices going up and up, there comes a limit when people are going to have to think seriously about owning two cars. I wonder what level fuel would have to reach before the crunch really hits.


I think the oil price is one of the major factors thats driving inner city property up faster than the outer regions.