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Sydney Property Market comparible with S. England?

Sydney Property Market comparible with S. England?

Old Jul 1st 2002, 1:02 pm
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gle
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Default Sydney Property Market comparible with S. England?

I intend to be in aussie in a couple years. I am not a homeowner they cost too much! This is just one aspect driving me to leave for oz.

generally what is the housing situation for Sydney- is home ownership/shortage (silly prices) as rampant as UK?

Supplementary question on Mortgages- Is this a real problem for those who say, can only contribute 10% of house price, coupled with the fact you haven't been around there for too long.

I know this is a big subject - just give me a taste.


ta

Last edited by gle; Jul 1st 2002 at 3:26 pm.
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Old Jul 3rd 2002, 1:17 am
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Default Re: Sydney Property Market comparible with S. England?

Unfortunately Sydney and Melbourne are in the same ballpark as London prices although you get more home for your money. Sydney being a smaller City it is possible to find more affordable accomodation further out in the suburbs and still be able to travel in by train.

Mortgage market here is quite competitive although nothing like UK in terms of the rates and multiples available. Track record is just as big an issue here and it is fair to say that you probably need to find a job and rent for a while before you can be considered for a loan. If you have a good history in UK it is worth approaching your bank to see if they can open accounts for you in Oz as they may be able to provide a reference at the outset to speed up credit cards etc. HSBC did this for us.
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