The Property clock - What time is it in each state ?
Oct 12th 2009, 7:44 am
#46
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Re: The Property clock - What time is it in each state ?
I think the pionts |I was going to raise have been duly answered.
Migration to Australia will IMO act as a retaining wall to a huge property slide. Prices will stabilise a lot after the Grants stop.
We will probably even see a drop begin.
If you bought last month as a FTB and your property drops by 32,000 what have you lost?
But hey such is life
Migration to Australia will IMO act as a retaining wall to a huge property slide. Prices will stabilise a lot after the Grants stop.
We will probably even see a drop begin.
If you bought last month as a FTB and your property drops by 32,000 what have you lost?But hey such is life
But hey what's $8000??
Oct 12th 2009, 7:52 am
#47
Recession Surfing 2006 ->
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Oct 12th 2009, 8:28 am
#49
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Re: The Property clock - What time is it in each state ?
Let's not beat around the bush. The grant simply made it easier for people to sell their homes by making them appear more affordable to FTB's. That's all it did was artificially raise prices. More FTB have mortgages which they will struggle to repay once interest rates go up to their normal levels. (Sub-prime mortgages!)
Oct 12th 2009, 8:55 am
#50
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Re: The Property clock - What time is it in each state ?
Number of First Home Grants issued in Queensland...
Out of 30,072 grants during Oct 2008 and Jun 2009:
- Apr–Jun 2009 12,079 (9,795 got $14k and 1,823 got $21k)
- Jan–Mar 2009 10,334 (8,431 got $14k and 1,059 got $21k)
- Oct–Dec 2008 7,659 (3,571 got $14k and 301 got $21k)
- Jul–Sep 2008 5,523 (all were $7,000 grants)
Out of 30,072 grants during Oct 2008 and Jun 2009:
- 3,183 got the full $21,000
- 21,797 got $14,000
- 5,092 received just the basic $7,000
Oct 12th 2009, 9:06 am
#51
poole ,dorset . love it
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Re: The Property clock - What time is it in each state ?
Let's not beat around the bush. The grant simply made it easier for people to sell their homes by making them appear more affordable to FTB's. That's all it did was artificially raise prices. More FTB have mortgages which they will struggle to repay once interest rates go up to their normal levels. (Sub-prime mortgages!)
Historically low interest rates + high houses prices relative to earnings =huge problem .
Australia is well over valued and hasnt got much room for expansion economically with interest rates so low and property already at maximum affordability range compared to wages .
Oct 13th 2009, 12:59 am
#52
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Re: The Property clock - What time is it in each state ?
In Vic it was 32,000.
Yes when Rates/Mortgages go up people will be caught out. But how would you stop that
I was approved last week and I had to provide Proof of Income to cover the rates.
What else in Todays market can the banks do?
Yes when Rates/Mortgages go up people will be caught out. But how would you stop that
I was approved last week and I had to provide Proof of Income to cover the rates.
What else in Todays market can the banks do?
Oct 13th 2009, 2:12 am
#53
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Re: The Property clock - What time is it in each state ?
Which is the point I have been trying to make!! Give it 2 years and the brown stuff will be everywhere
Oct 13th 2009, 3:10 am
#54
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Re: The Property clock - What time is it in each state ?
Something I will not agree with. The sub-prime crisis was created by sheer stupidity by the market in the US
Oct 13th 2009, 3:37 am
#55
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Re: The Property clock - What time is it in each state ?
Theres not enough room for expansion in economys in the western world with out either falling house prices or wage rises or in Australias case build cheaper houses in woop woop and spend big on infrastructure .
With mortgages hovering around 350000 ,thats huge and 7 times the local income here in perth .
Oct 13th 2009, 3:46 am
#56
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Re: The Property clock - What time is it in each state ?
Average Annual Incomes Western Australia
- $54,714 All people Full Time and part time
- $81,364 Male Full Time
Oct 13th 2009, 4:00 am
#57
poole ,dorset . love it
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Re: The Property clock - What time is it in each state ?
Lets get real ,if you are some high up whizz kid or working on the mines 12 hours a day then yes ofcourse but one of the factors i see all the time is people are coming here for ermmmmm ''lifestyle '' ,now im under the idea they mean less travelling to work ,more time with the kids or do they really mean they want to bust their backsides the same as before or even more .
Inregards to double incomes ,well thats a no brainer its been like that for years but that second income has now been factored in on the price of housing too , what ever next two wives and one husband and 3 incomes or vice versa and well what about the kids pocket money ,as it is now family allowance is counted as an earning towards getting a mortgage .
Last edited by king kong; Oct 13th 2009 at 4:03 am.
Oct 13th 2009, 4:06 am
#58
poole ,dorset . love it
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Re: The Property clock - What time is it in each state ?
presumably the 54000 is a gross income average ,not much after tax .might get you a blade of grass with a donga on it in balga .
Oct 13th 2009, 4:58 am
#59
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Re: The Property clock - What time is it in each state ?
That $54,000 is:
$1,038.46 gross per week
$829.62 Net per week, but before any FTB benefits for those with children.
And that is the average for all full time and part time workers.
No disrespect but you keep going to figures that have no resemblance to the reality
In 2004, in a survey on here at http://britishexpats.com/forum/showthread.php?t=203435
- 37.73% earned less than $5 under the average
- 16.98% earned about the average (within $5k either side)
- 45.28% earned at least $5k over the average
Average Australian wages per abs.gov.au for Male Full Time
$55,021 2004
$70,039 2009
Oct 13th 2009, 5:10 am
#60
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Re: The Property clock - What time is it in each state ?
In 2004, in a survey on here at http://britishexpats.com/forum/showthread.php?t=203435
- 37.73% earned less than $5 under the average
- 16.98% earned about the average (within $5k either side)
- 45.28% earned at least $5k over the average
- 20.51% at less than $5k under average
- 10.26% within $5k of average
- 69.23% at more than $5k above average