How much for life we want in Brisbane
Aug 17th 2009, 2:53 pm
#16
Joined: Sep 2005
Posts: 23,400
Re: How much for life we want in Brisbane
Personally I would wait.
The lifestyle we all want has to be worked hard for and might not come as soon as we would like it.
Save a decent sized deposit, get some emergency savings behind you and buy the house you really want when you can comfortably afford to do so.
Its a huge investment so best to get it right.
It might take a couple of years but it will be worth it.
The lifestyle we all want has to be worked hard for and might not come as soon as we would like it.
Save a decent sized deposit, get some emergency savings behind you and buy the house you really want when you can comfortably afford to do so.
Its a huge investment so best to get it right.
It might take a couple of years but it will be worth it.
Aug 17th 2009, 3:02 pm
#17
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: How much for life we want in Brisbane
In the first 6months of 2009 there were 24 sales $300k>$450k, 29 x $450k>$550k, 13 * $550k>$650k and 3 over $650k.
If I were buying a place in that area, I would be careful to purchase every available inspection/report to make sure I knew what I was getting into.
Aug 17th 2009, 3:55 pm
#18
Account Closed
Joined: May 2006
Posts: 351
Re: How much for life we want in Brisbane
Spikey,
My advice;
Firstly i am not a home owner, secondly i have never been a home owner, thirdly, i never intend to be a home owner, and finally until you actually pay off your mortgage, you are never a home owner, you rent from the bank.
Admittedly you make headway by paying off the loan, so eventually own, but i am a strange cat, love flexibility, so have no interest in owning a house.
But i do comment alot on house prices, only because i love to wind up the locals on here, the majority are home renters from the bank, with one or more negative geared investment sheds, but thats another story.
Look mate, forget buying, rent, and keep renting until house prices resume to long term trend, which they will when you can borrow 2.5 times your joint income to buy an AVERAGE house, then that is the time to buy, NOT NOW!
It will return, its just the majority do not understand the laws of science, sorry economics. Sanity will return to the market, why take the hit of a big mortgage, in a falling market when you can rent at half the cost of a mortgage, (rising cost, interest rates), let the landlord take the hit for a falling asset value, all the maintenance costs, water rates, all the sh!t?
Just rent, if all these wonderfull amateur landlords are willing to take the hit, let them, pay the rent, enjoy flexibility, enjoy life, let them spend all their time on here like ABC Diamond trying to convice the sheep that house prices are reasonable and will not fall!
Night.
My advice;
Firstly i am not a home owner, secondly i have never been a home owner, thirdly, i never intend to be a home owner, and finally until you actually pay off your mortgage, you are never a home owner, you rent from the bank.
Admittedly you make headway by paying off the loan, so eventually own, but i am a strange cat, love flexibility, so have no interest in owning a house.
But i do comment alot on house prices, only because i love to wind up the locals on here, the majority are home renters from the bank, with one or more negative geared investment sheds, but thats another story.
Look mate, forget buying, rent, and keep renting until house prices resume to long term trend, which they will when you can borrow 2.5 times your joint income to buy an AVERAGE house, then that is the time to buy, NOT NOW!
It will return, its just the majority do not understand the laws of science, sorry economics. Sanity will return to the market, why take the hit of a big mortgage, in a falling market when you can rent at half the cost of a mortgage, (rising cost, interest rates), let the landlord take the hit for a falling asset value, all the maintenance costs, water rates, all the sh!t?
Just rent, if all these wonderfull amateur landlords are willing to take the hit, let them, pay the rent, enjoy flexibility, enjoy life, let them spend all their time on here like ABC Diamond trying to convice the sheep that house prices are reasonable and will not fall!
Night.
Great post!
Aug 17th 2009, 4:07 pm
#19
BE Enthusiast
Joined: Jul 2009
Posts: 593
Re: How much for life we want in Brisbane
Hi,
My wife and I are currently waiting for our visa's and still deliberating if we can afford the life we want in Oz.
In a nutshell, we would like to buy a $450k house in Kenmore/Bellbowrie area of Brisbane and would put down about $25k as a deposit.
We think we can both get jobs at about $50k per year each.
My question is, on these salaries can we afford a $425k mortgage, plus bills, cars, living costs etc etc.
I read the average mortgage in Oz is $300k and am now starting to worry if the lifestyle we want is actually affordable?
Please do not e-mail any sarcastics 'depends on your lifestyle', 'depends on what type of car you want' etc etc.
I have come on for some genuine help.
We are an ordinary family, with ordinary tastes and just want to know if the above is acheivable before we take the plunge.
I appreciate all the lifestyle options Oz offers, the free stuff beach etc, but want to know from a financial angle what we should be expecting. We have 2 young kids and want to offer them the best opportunities poss.
Heres hoping, many thanks
My wife and I are currently waiting for our visa's and still deliberating if we can afford the life we want in Oz.
In a nutshell, we would like to buy a $450k house in Kenmore/Bellbowrie area of Brisbane and would put down about $25k as a deposit.
We think we can both get jobs at about $50k per year each.
My question is, on these salaries can we afford a $425k mortgage, plus bills, cars, living costs etc etc.
I read the average mortgage in Oz is $300k and am now starting to worry if the lifestyle we want is actually affordable?
Please do not e-mail any sarcastics 'depends on your lifestyle', 'depends on what type of car you want' etc etc.
I have come on for some genuine help.
We are an ordinary family, with ordinary tastes and just want to know if the above is acheivable before we take the plunge.
I appreciate all the lifestyle options Oz offers, the free stuff beach etc, but want to know from a financial angle what we should be expecting. We have 2 young kids and want to offer them the best opportunities poss.
Heres hoping, many thanks
Aug 17th 2009, 4:45 pm
#22
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: How much for life we want in Brisbane
On an over-simplified average housing affordability/wage ratio.
Aug 17th 2009, 4:48 pm
#25
BE Enthusiast
Joined: Jul 2009
Posts: 593
Re: How much for life we want in Brisbane
Aug 17th 2009, 4:49 pm
#26
BE Enthusiast
Joined: Jul 2009
Posts: 593
Re: How much for life we want in Brisbane
Aug 17th 2009, 4:50 pm
#27
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: How much for life we want in Brisbane
I reckon you're right, they'll come down a bit... but 60% is too good to be true. And things that are too good to be true, are usually....false.
Aug 17th 2009, 4:51 pm
#28
Account Closed
Joined: Apr 2006
Posts: 10,784
Re: How much for life we want in Brisbane
Our friends have had to move 3 times in 18 months. A house is much more than an investment as far as I'm concerned.
Aug 17th 2009, 4:52 pm
#29
Lost in BE Cyberspace
Joined: May 2006
Posts: 6,600
Re: How much for life we want in Brisbane
". . . I see a tall man in a fedora . . . and those with the initial FO will be lucky too . . . "
Aug 17th 2009, 4:55 pm
#30
BE Enthusiast
Joined: Jul 2009
Posts: 593
Re: How much for life we want in Brisbane
You're confusing predicting future events with reading present-day economic facts, such as, in this case, a multiple of 6 or 7 times ther average wage being required to buy a house = unaffordable.
