renth

Agreed, I justified it at the time but moving out of rented accommodation was a HUGE weight off my shoulders, my landlord was a nightmare.

walaj

good it gets better - renting & the house search are the 2 things that are stopping us fully enjoying our life in Oz

annqldau

Give me house with big garden over no garden even in crispy Aus where you need a pick and sledge hammer to garden.

Wendy

Yep, me too. Done the living in a house with a shoe box garden and I hated it. Much prefer to sit in a garden where you can't hear next door fart, there's some greenery and you can sit in a morning with a coffee watching all the birds in your garden

annqldau

it's cheap chilling and ideal on an Aussie morning at 6am when it's as hot as an English summer day.

BadgeIsBack

i. To me, this is the single simple reason to own your own home. Cashflow. Yes, it is hard to start with in today's climate but I reckon you just need to get through the first 10 years as Ozzie says. The reason why today's 40 year old Brit migrants are doing so well is because they are prime earners and have tiny mortgages. It's also why some get so disappointed here.

ii. It will also provide a paid-off roof over your head, lump sum or pension when you retire or downsize. Providing you don't tear the arse out of it, it will also allow you to borrow in all essence small amounts to get out of lifes conumdrums. If you have several hundred thousand of equity then 2-3k on a second hand car or 1k to install something is small change, and as incomes grow, it is infact neglible. To a point, some degree of debt is OK - ultimately, you want to get to retirement age with income generating assets outstripping liabilities- if you do manage to get there. If you die along the way, you won't care providing your lack of insurance doesn't stuff someone else.

iii. Property always appreciates over the long run. People get rich by using the banks money, not their own, to buy a portfolio which gets them leverage. All you have to do is being able to service the debt which gets smaller and smaller every year. If this is OK, or safeguarded, then its a no brainer.

iv.Land appreciates, houses depreciate. Buy the oldest house in the best area, or the smallest house inthe best street. By definiton, those big houses on small blocks are a bad idea.

cheers

BadgeIsBack

On the subject of home, and how ''big'' the block is, people talk about home being important not the house - but, a house full of memories and work will help create that home. Where we are people have big blocks and there's no doubt it helps create that home. Not a materialistic one, a sort of rewarding hard work one. For this reason, my relatively ''high'' maintenance block is not a liability for me.

I could see it being hard to rent on acrage for that reason. You need to own the experience and have full control.

BadgeIsBack

Think the media are just talking it up - one copy said that thousands would go under, (were they expecting me to wail?) and in the same breath, they said that others would not bat an eyelid. I don't think people really know. The people who took the most risks might lose it all.

It depends on your personal finances. As I've said before, I'm always surprised at how low the average mortgage is reported to be, and reportedly how affordable homes are, based on average multiples (if based on 2 incomes!) The mind boggles!

annqldau

Do you not think it's like UK where Blair was past his sell by and Bush in US that's it's time for a change.

Now the American obsession with property without the ability to pay is going to sting us all as well.

Amazulu

As we are now a borrowing society rather than a saving one, interest rate rises hurt and as people now borrow huge sums (often through necessity) even small rate rises hurt. On the other hand, if you have money in the bank and a small or no mortgage with loads of equity then rate rises are great. You get more interest on your money and if rates rise so high that they cause a recession then even better. Things become cheaper for you and you get to buy up other peoples property at lower prices.

ozzieeagle

God I wont half feel like a vulture, next year, goes right against my principals, but I'll admit to have been waiting for this.

annqldau

Money in the bank what's that???

Amanda Jayne

I don't expect to live that long.

annqldau

Think they think you will have downsized before then as Aussies love to downsize to a cute little unit.

Bobcat

I'm hoping I will .........as long as I don't come across any more idiots driving down Wanneroo Road?