Property
Jan 6th 2010 | 8:22 pm
#31
Lost in BE Cyberspace
Joined: Jan 2009
Posts: 20,821
From: Brisbane
Re: Property
We're planning on renting for 6 months then hopefully buy.
If we don't know what areas are good by then, we'll never know.
If we don't know what areas are good by then, we'll never know.
Jan 6th 2010 | 8:26 pm
#32
Melbourne - NE suburbs
Joined: Jun 2008
Posts: 1,032
Re: Property
Hi,
With the big freeze here, not able to lays bricks, i've been watching WDU and i'm a little confused when people on the show are saying their house budget is £xxx amount, and they're going around looking at these nice homes in Oz. But when their home in the UK is being valued, and with the recession some homes are going in negative equity, am i correct in thinking that they must be getting £200,000+ mortgages when buying in Oz.
With the big freeze here, not able to lays bricks, i've been watching WDU and i'm a little confused when people on the show are saying their house budget is £xxx amount, and they're going around looking at these nice homes in Oz. But when their home in the UK is being valued, and with the recession some homes are going in negative equity, am i correct in thinking that they must be getting £200,000+ mortgages when buying in Oz.
You may want to read this article from today if you really want to get the gawks !
What to expect in housing in 2010
http://www.businessspectator.com.au/...crete%20detail
"The median Australian house price in capital cities is $470,000 while the median unit price is $390,000.
The most expensive houses are in Sydney ($550,000), followed by Canberra ($535,000), Darwin ($501,000), Melbourne ($486,400), Perth ($485,000), Brisbane ($449,850), Adelaide ($372,000) and Hobart ($330,000). "
Jan 6th 2010 | 9:49 pm
#33
Forum Regular
Joined: May 2008
Posts: 283
Re: Property
What would the repayments be like on a mortgage of 400K+ (au$)? It sounds quite scary but I suppose it's something we will have to face if we ever get there. We sold our house last year and after being requested to go for medicals thought we would be over soon - not long after that the changes came in and we are now looking at renting here most probably until 2012.
We made very little on the house sale so most of that will be taken up with flights and shipping so we don't have much of a deposit. I wonder how on earth people manage? WE will probably have to rent for years.
We made very little on the house sale so most of that will be taken up with flights and shipping so we don't have much of a deposit. I wonder how on earth people manage? WE will probably have to rent for years.
Jan 6th 2010 | 10:09 pm
#34
Just Joined
Joined: Feb 2008
Posts: 8
From: Parramatta
Re: Property
Don't forget about the stamp duty.
NSW are keeping the reduced rate so its only aprox. $15000 for a $400k house.
Bargain!
NSW are keeping the reduced rate so its only aprox. $15000 for a $400k house.
Bargain!
Jan 6th 2010 | 11:05 pm
#37
Guest
Posts: n/a
Re: Property
A single male would be paying 56% of his full time average Australian wage, for that size mortgage though.
Jan 6th 2010 | 11:55 pm
#38
Account Open
Joined: Jan 2005
Posts: 4,298
From: Brisbane
Re: Property
Perhaps I am wrong and houses will one day be affordable. and perhaps I might have a threesome with rosario dawson and scarlett johannson on a luxury yacht, before arriving in Malaysia for our islamic wedding ceremony (scarlett would be wife no.2).
Last edited by asprilla; Jan 7th 2010 at 12:03 am.
Jan 7th 2010 | 6:24 am
#39
Lost in BE Cyberspace
Joined: Feb 2009
Posts: 14,284
From: UK
Re: Property
We will rent for a good year or so. I don't see it as a waste of money, I see it as just part of my living costs and an opportunity to get to know areas. If we bought too quickly and had to move again for any reason we would be spending money on fees, stamp duty, maybe even loosse some through price fluctuations etc.
Jan 7th 2010 | 8:14 am
#40
Banned
Joined: May 2007
Posts: 564
From: Sydney
Re: Property
You may want to read this article from today if you really want to get the gawks !
What to expect in housing in 2010
http://www.businessspectator.com.au/...crete%20detail
"[/I]
What to expect in housing in 2010
http://www.businessspectator.com.au/...crete%20detail
"[/I]
Posted 7 JAN 2010 11:48 PM
The Australian housing bubble is built on a house of credit. Other peoples credit. Foreign money, because we have a lack of our own savings at home. We are a debt riddled nation. The Govt has tried every trick in the book and so far it has worked. In the process they have loaded up a debt riddled nation with more debt. More household debt, more Govt debt. The largest per capita stimulus in the world, possibly the largest Govt stimulus in history (per capita). But for how long can this game continue ? Sooner or later we will have our own full blown credit crisis and the house of cards will fall down like there is no tomorrow. That will leave our nation at tremendous risk because of our enormous o/s foreign debt.
In 2010, Australian house prices will fall, I have little doubt about it. The writing is on the wall. Will Kevin Rudd put out more bribes to stem the losses and the Ponzi scheme going a little longer ?
Jan 7th 2010 | 8:15 am
#41
Banned
Joined: May 2007
Posts: 564
From: Sydney
Re: Property
This is not true, and I speak from experience.
We found renting a very stressful experience. The problem is, you have no leverage. You cannot threaten to stop paying rent, no matter what the issues with the property are. We rented a house for 2.5 years. It was only one year old when we moved in. We had acid pouring from a balcony which ruined the paintwork on our brand new car. Water poured into the garage each time it rained so we couldn't store anything there, and as the water contained acid for some reason, we couldn't park a car in the garage. The dishwasher never worked ever. The upstairs windows leaked every time it rained, so that water flooded across the floors and through the ceilings of the house.
In all these cases we were told the landlord would do nothing. We were told that even if the house fell down, we would still legally have to pay rent. If we withheld rent, we would be evicted.
We are very glad to be in our own home now. I wish we had bought a house as soon as we arrived. Even the wrong house would have been better than renting.
Buzzy
We found renting a very stressful experience. The problem is, you have no leverage. You cannot threaten to stop paying rent, no matter what the issues with the property are. We rented a house for 2.5 years. It was only one year old when we moved in. We had acid pouring from a balcony which ruined the paintwork on our brand new car. Water poured into the garage each time it rained so we couldn't store anything there, and as the water contained acid for some reason, we couldn't park a car in the garage. The dishwasher never worked ever. The upstairs windows leaked every time it rained, so that water flooded across the floors and through the ceilings of the house.
In all these cases we were told the landlord would do nothing. We were told that even if the house fell down, we would still legally have to pay rent. If we withheld rent, we would be evicted.
We are very glad to be in our own home now. I wish we had bought a house as soon as we arrived. Even the wrong house would have been better than renting.
Buzzy
What you get told by some agents and the reality is sometimes a bit off the mark.
Last edited by swigski; Jan 7th 2010 at 8:18 am. Reason: *
Jan 7th 2010 | 8:25 am
#42
Forum Regular
Joined: Jan 2007
Posts: 211
Re: Property
We went to see westpac about a mortgage on a buy and build, got preapproved straight aaway and then "came the science bit"
300 for the land, 270 for the property, on 457 visas, upfront costs, 10% deposit, LMI, Stamp and Solicitors fees pushed the upfront total to 105k.
The mortgage would be approx 3500 a month, compared to our rent of 2300 so it made sense to look into it.
It was easier to borrow before the recession but we still hope to start buildng in the next 6-9 months (once I have saved the deposit lol)
But each to their own, we have found a great place to live and know its whats we want after being here for 6 months.
300 for the land, 270 for the property, on 457 visas, upfront costs, 10% deposit, LMI, Stamp and Solicitors fees pushed the upfront total to 105k.
The mortgage would be approx 3500 a month, compared to our rent of 2300 so it made sense to look into it.
It was easier to borrow before the recession but we still hope to start buildng in the next 6-9 months (once I have saved the deposit lol)
But each to their own, we have found a great place to live and know its whats we want after being here for 6 months.
Jan 7th 2010 | 9:07 am
#43
Account Open
Joined: Jan 2005
Posts: 4,298
From: Brisbane
Re: Property
A very good response to this article I think:
Posted 7 JAN 2010 11:48 PM
The Australian housing bubble is built on a house of credit. Other peoples credit. Foreign money, because we have a lack of our own savings at home. We are a debt riddled nation. The Govt has tried every trick in the book and so far it has worked. In the process they have loaded up a debt riddled nation with more debt. More household debt, more Govt debt. The largest per capita stimulus in the world, possibly the largest Govt stimulus in history (per capita). But for how long can this game continue ? Sooner or later we will have our own full blown credit crisis and the house of cards will fall down like there is no tomorrow. That will leave our nation at tremendous risk because of our enormous o/s foreign debt.
In 2010, Australian house prices will fall, I have little doubt about it. The writing is on the wall. Will Kevin Rudd put out more bribes to stem the losses and the Ponzi scheme going a little longer ?
Posted 7 JAN 2010 11:48 PM
The Australian housing bubble is built on a house of credit. Other peoples credit. Foreign money, because we have a lack of our own savings at home. We are a debt riddled nation. The Govt has tried every trick in the book and so far it has worked. In the process they have loaded up a debt riddled nation with more debt. More household debt, more Govt debt. The largest per capita stimulus in the world, possibly the largest Govt stimulus in history (per capita). But for how long can this game continue ? Sooner or later we will have our own full blown credit crisis and the house of cards will fall down like there is no tomorrow. That will leave our nation at tremendous risk because of our enormous o/s foreign debt.
In 2010, Australian house prices will fall, I have little doubt about it. The writing is on the wall. Will Kevin Rudd put out more bribes to stem the losses and the Ponzi scheme going a little longer ?
Whereas I believe that house prices, on average, have simply risen a little too high and this will correct itself as people realise that the price they are paying is more often than not, higher than the actual value of the asset they are buying.
Jan 7th 2010 | 9:52 am
#44
Banned
Joined: May 2007
Posts: 564
From: Sydney
Re: Property
I also think that prices will fall. But my reasoning is different from yours. You believe that there is a "credit crisis" and the "house of cards" will soon collapse, sulphur will rain from the sky, cats and dogs will start living together, full on armageddon really.
Whereas I believe that house prices, on average, have simply risen a little too high and this will correct itself as people realise that the price they are paying is more often than not, higher than the actual value of the asset they are buying.
Whereas I believe that house prices, on average, have simply risen a little too high and this will correct itself as people realise that the price they are paying is more often than not, higher than the actual value of the asset they are buying.
Your belief is exactly the same as mine. As I have said, property is way overvalued and until I see value for money, would not dream of buying into it. I do believe that the bubble will soon pop though.
Jan 7th 2010 | 9:55 am
#45
Account Open
Joined: Jan 2005
Posts: 4,298
From: Brisbane
Re: Property
It is a response to the article on the same page. It is not my response!
Your belief is exactly the same as mine. As I have said, property is way overvalued and until I see value for money, would not dream of buying into it. I do believe that the bubble will soon pop though.
Your belief is exactly the same as mine. As I have said, property is way overvalued and until I see value for money, would not dream of buying into it. I do believe that the bubble will soon pop though.
