Perth House Prices Plummet
#76
Re: Perth House Prices Plummet
When will the next unemployment figures be released?
Then we will have a better idea of how the economy is performing. If it has followed the last few months figures then I think Mr Druit will be shown to be a lying TwaXt. You can only talk up something so far what he is doing is criminal.
Keel
Then we will have a better idea of how the economy is performing. If it has followed the last few months figures then I think Mr Druit will be shown to be a lying TwaXt. You can only talk up something so far what he is doing is criminal.
Keel
#77
Guest
Posts: n/a
Re: Perth House Prices Plummet
When will the next unemployment figures be released?
Then we will have a better idea of how the economy is performing. If it has followed the last few months figures then I think Mr Druit will be shown to be a lying TwaXt. You can only talk up something so far what he is doing is criminal.
Keel
Then we will have a better idea of how the economy is performing. If it has followed the last few months figures then I think Mr Druit will be shown to be a lying TwaXt. You can only talk up something so far what he is doing is criminal.
Keel
Retail trade is up, Balance of trade is up... inflation is down... The economy seems to be doing OK at the moment, in the scheme of things, other than unemployment, which is heading back to the 2003 figures of about 6%.
#78
Re: Perth House Prices Plummet
I had a meeting with a mortgage adviser yesterday to see how much we can borrow and if there'd be much difference from the weekly rent etc. I was pleased (and surprised) by how much we can borrow but was disappointed to find out you now have to have 20% deposit. You also need to prove you've had it for a period of 3 months. I believe, up until 2 weeks ago, you could use your FHOG as a deposit, therefore much easier to buy. How many people can afford to save 20%? I know it'll take us a long time. Therefore I can see the first time buyer market stalling good time. More renting for us now.
#79
Joined: Jun 2006
Posts: 4,555
Re: Perth House Prices Plummet
With the bank having 20% equity in your home they are carrying little risk even if you borrow beyond your means. On the repayments did you work out the affordability if interest rates went back up again.
I had a meeting with a mortgage adviser yesterday to see how much we can borrow and if there'd be much difference from the weekly rent etc. I was pleased (and surprised) by how much we can borrow but was disappointed to find out you now have to have 20% deposit. You also need to prove you've had it for a period of 3 months. I believe, up until 2 weeks ago, you could use your FHOG as a deposit, therefore much easier to buy. How many people can afford to save 20%? I know it'll take us a long time. Therefore I can see the first time buyer market stalling good time. More renting for us now.
#80
Joined: Feb 2005
Posts: 4,337
Re: Perth House Prices Plummet
there may be a drop , but there is still a need for housing here . the rents are very high and i would rather put money into my own place than someone elses .
#81
Joined: Jun 2006
Posts: 4,555
Re: Perth House Prices Plummet
No one knows how far unemployment will go up and the government budget deficit is starting to balloon. Did you see that BHP is shutting a coal mine down in the Bowen Basin for a month and putting down 400 staff for that period?
Do you believe retail sales will carry on rising without $900 cash handouts?
Do you believe retail sales will carry on rising without $900 cash handouts?
In about 20 minutes time, and about 5.9% seasonally adjusted or 94.1% employed Has Mr Druitt said that unemployment is going to fall ?
Retail trade is up, Balance of trade is up... inflation is down... The economy seems to be doing OK at the moment, in the scheme of things, other than unemployment, which is heading back to the 2003 figures of about 6%.
Retail trade is up, Balance of trade is up... inflation is down... The economy seems to be doing OK at the moment, in the scheme of things, other than unemployment, which is heading back to the 2003 figures of about 6%.
#82
Re: Perth House Prices Plummet
I can totally understand why they're doing it, it's giving away mortgages to all and sundry that has got us where we are now. We wouldn't be borrowing anywhere near the amount they'd let us and we'd be fine with any repayments. We can afford a mortgage, just not able to get 20k together quickly.
#83
Re: Perth House Prices Plummet
#84
Joined: Jun 2006
Posts: 4,555
Re: Perth House Prices Plummet
Seems like they will lend heaps as long as they have enough of your house to grab if it goes wrong. Good look in getting the 20K together. There are some tax efficient bank accounts for 1st home buyers if you can wait 4 years. Not sure if they are fee efficient.
I can totally understand why they're doing it, it's giving away mortgages to all and sundry that has got us where we are now. We wouldn't be borrowing anywhere near the amount they'd let us and we'd be fine with any repayments. We can afford a mortgage, just not able to get 20k together quickly.
#85
Australia's Doorman
Joined: Jan 2005
Location: The Shoalhaven, New South Wales, Australia
Posts: 11,056
Re: Perth House Prices Plummet
To be honest, I couldn't give a shit one way or the other. We bought a two storey four bedroom house at the bottom of the cycle in an area that sure as shit wasn't a property hotspot. But apart from anything else, we bought a home, not an investment property and, since we aren't planning on going anywhere any time soon, the market can do what the **** it wants.
#86
Re: Perth House Prices Plummet
Sorry guys, I gave the wrong info- I got slightly confused (easily done) and it's 5% (20k in our case) not 20%. Apologies. Still a lot of money for us though.
#87
Joined: Feb 2005
Posts: 4,337
Re: Perth House Prices Plummet
I belive there are many countries and cultures they house share or stay at home while they save up deposits.
One of my mates and all the fellow uni mates he had rented a big ole place at sandbanks , He said it would be the only chance he would get to live there ! Fairnuff.
One of my mates and all the fellow uni mates he had rented a big ole place at sandbanks , He said it would be the only chance he would get to live there ! Fairnuff.
#88
Re: Perth House Prices Plummet
I believe that anyone NOW entering the market will have to wait DECADES for capital gains (real) in house prices. As I said, when interest rates went up to 17%, I could afford the mortgage repayments beacuse I borrowed less than 3 times my annual salary. Unfortunately, many new mortgaged up house owners will be stuffed if rates go up to even 8%.
I do hope that you're not one of the ' house prices double every 7 years' believers? [/QUOTE]
If you are clever enough then you will take a long fixed rate out, then you know exactly what you;re outgoings are going to be.
The house prices will go up again, and it wont take 7 years!!
I do hope that you're not one of the ' house prices double every 7 years' believers? [/QUOTE]
If you are clever enough then you will take a long fixed rate out, then you know exactly what you;re outgoings are going to be.
The house prices will go up again, and it wont take 7 years!!
#89
Account Closed
Joined: Mar 2009
Posts: 383
Re: Perth House Prices Plummet
You will ahve to wait at least 10 years for any gains in your home, unfortunately.
But hey we all need a home and a roof over our heads, lets face it the British are as anal as shit about property, far too many Jones's for me in Northern Stepford Wives suburbs.... do any of them women actually work....
But hey we all need a home and a roof over our heads, lets face it the British are as anal as shit about property, far too many Jones's for me in Northern Stepford Wives suburbs.... do any of them women actually work....
#90
Joined: Jun 2006
Posts: 4,555
Re: Perth House Prices Plummet
If history repeats itself prices will drop for 4 years, remain stagnant and then rise.
If you are clever enough then you will take a long fixed rate out, then you know exactly what you;re outgoings are going to be.
The house prices will go up again, and it wont take 7 years!![/QUOTE]
I believe that anyone NOW entering the market will have to wait DECADES for capital gains (real) in house prices. As I said, when interest rates went up to 17%, I could afford the mortgage repayments beacuse I borrowed less than 3 times my annual salary. Unfortunately, many new mortgaged up house owners will be stuffed if rates go up to even 8%.
I do hope that you're not one of the ' house prices double every 7 years' believers?
I do hope that you're not one of the ' house prices double every 7 years' believers?
The house prices will go up again, and it wont take 7 years!![/QUOTE]