Buzzy--Bee

You are assuming that there is a monetary correlation between the rental market and the sale market, which there isn't - because of the way that negative gearing works here together with tax benefits to be obtained by landlords from depreciation etc rental yields are about 4.75% as against about 8% in the UK, where landlords don't have those financial advantages and therefore have to charge more rent. Renting is much cheaper than buying here, in the UK it isn't necessarily.

BB

IndieG

Exactly, that is what I said! My sums just don't add up....

mpgrewal

I raised a thread on markets in Melbourne few weeks back. It seems its answered here
http://www.theage.com.au/victoria/gl...219-1b0bh.html

elice_in_oz

My simplistic view if it is that it is prime redevelopment land, in an upmarket suburb with appeal to wealthy people. The land value is going to be high. However, as a rental property, it is not as appealing because the state of the house might not be the best (I'm only taking a guess here), and the house is what matters to tenants, not so much the value of the land. So whereas a potential buyer might see a redevelopment opportunity (say 5 or 6 townhouses sold on at over $650k each) rather than a house, a prospective tenant will only look at the existing house and if it's not in pristine condition, will not fork out the high rent. This means that as an investment property, or even a principal residence with no redevelopment plans, it is way too expensive, as a redevelopment potential it might look attractive at $1.6m. I'm no expert, and I'm not sure the above reasoning makes sense to others, but it makes sense to me

manzipoo

We are arriving in May 2011, staying in Mornington hopefully. So looking forward to checking Melbourne city out aswell. I have done alot of reading and research and Melbourne has always appealed to us.
I so can't wait now only a few months and we will be there!

Petals

Funny how opinions can be so different, I worked in Dandenong for 13 years and found it all profoundly grotty. Our office was on Lonsdale Street for a number of years and upstairs and people used the stairwell as a toilet delightful, the building on the corner where the watchmaker is had lots of empty floors and the druggies used to go up there and shoot up. Every afternoon they arrived around the area once they woke up. I walked through the old Target store one day and saw a young lad in private school uniform shooting up. So sad.

We then moved office to Mason St near the Tax Office and used to listen to the people swearing and arguing and always kept the office door locked when we were on our own.

Oh how different from having nice meals in ethnic restaurants.

NikkiKK

Hi All, have just spent about an our reading this thread and only got through about 16 pages lol, I'm hoping to move to Melbourne this year, my other half is there now working and is in the process (just started) of getting his sponsorship and planning to have me and our daughter put on the sponsorship, Does anyone have any idea how long this process takes? so far all i've been asked for is copy of our passports and daughters birthcert also proof that me and himself have been living together (well he's been in oz since last march, me and daughter went over in June for a month and he was home at xmas for 3 weeks) my bank account etc is at our home address but we never had a joint bank account and mortgage is in his name, will my bank statements be enough proof that we live together?? I'm just worried we won't have enough proof, Can anyone advise what else we need? My payslips also have our home address, but we have nothing 'joint' if you know what I mean,

Sorry just realised i've been rambling, If anyone has been through this process Any advise would be helpful.

Thanks

Nikki

NikkiKK

Sorry didn't mean to add quote in my last post

Petals

Have you telephone, internet, gas electricity bills in joint names, or your name if the house is in his name. Also you can get friends here in Aus to do stat decs to state that you have been living in a committed relationship. My daughter has done them for a couple of her friends, one that married a Brit and a Aus of chinese descent who married someone from Indonesia.

Get your other half to look at it from his end and you from your end. Also stat decs from your friends in UK.

Forgot to add these need to be people who have known you for a considerable length of time. My daughter has been friends with her girlfriend since primary school and with the other guy for about ten years. They need to state the time known in the documents.

NikkiKK

Sorry but what are stat decs? I have a friend who lives in Brisbane (she is also on sponsorship) she's known me since i was about 12. My other halfs brother is living in oz years in the process of getting residency would statements from them help? Only bill we had was esb and that was in his name although i usually paid it online from my account,

Buzzy--Bee

Statutory Declarations - statements made by you or others and witnessed by a suitablly qualified professional eg a JP.

BB

NikkiKK

Thanks for that,So would the people I have mentioned above giving these statements be any good? Or who would be the best people to ask? Work colleagues, my boss his former boss?

Petals

People who have known you personally for a number of years and people who know you lived together and bought a house and visited you there as a couple over the time they have known you both.

IndieG

Well you reckoned wrong then. The house got passed in $1.5 million. Four houses I saw in the past one month - all unsold.

Buzzy--Bee

Damn! I should have put in a bid!

BB