rabsody

From today's Courier Mail - average house price in Brisbane is now $434,000, with only five suburbs (out of 115) with a median price of $300k or under. So it's no longer a really cheap place to buy a house (despite some claims you might read on here that you can buy a five bed mansion with pool for $300k ).

The growth in Brisbane has been phenomental (typo but thought it was rather fitting!) - it's literally transforming before our very eyes - it's an exciting time to be here.

mancunian_bris

I totally agree, the prices are going through the roof around Brisbane. Its pretty much the same as has happened in parts of England really. You've got people coming from areas where housing is ridiculously expensive, moving to Brisbane and pushing the prices up.
For an idea of prices check out www.realestate.com

If the housing prices don't turn you away, you'll love the lifestyle up here. Its not like the southern states, Brisbane has always bragged that its winter lasts about a week

juss44

Thanks for that, hope to be heading there soon.......Gutted that we have missed the River Festival, really wanted to be there for that. Where in Brisbane are you?

The house prices here are going crazy, we live in Altrincham Cheshire, moved here to get kids into good schools...They have moved the boundaries again so hey ho, it was never meant to be!!!!!!! I would gladly pay a large Mortgage if it meant that the local park wasn't being wrecked at the weekends and our for sale wasn't being set alight!!!!! Oh and getting abused by a bunch of N**s at the Tram station.........HAPPY DAYS!!!! Ha Ha....I will stop going on now.

Justine

Aussie_Pom

We had our house valued, friend is a real estate agent, our property has gone up $80,000 in the last year, with no sign of easing. If you buy in the right area in Oz (location,location,location) you really cannot go wrong.

Closer to the sea, the richer you will be.

juss44

Hi There, where have you bought in Aus?

Juss

Aussie_Pom

Viccy Point?
Brisbane

About the only place in SE QLD where I can still wash my car. Level 2 Water restrictions only.
Thats probably why the prices here are rocketing.

juss44

Ha Ha...We have some friends who rent in Bulimba just moved from Calamvale, when we were there last they kept on shouting at us for staying the shower for too long

discobay

Would you say that rent prices have gone up by the same percentage?

mancunian_bris

Talk about barmy. We moved from Manchester and are now living on the southside of Brisbane in Rochedale not far from Miles Platting Road. A bit like deja vu with a road map

bcworld

Just sold my place last week for about 20% more than we paid a year ago.....not done anything to it. Don't really understand this sudden surge in house prices to be honest.....the population growth fundamentals were still there even when the market was pretty flat through a lot of 2005 and 2006.....now interest rates have risen several times in the last 18 months and the house prices have taken off.....seems the wrong way around!

Nursebank

Fantastic news, thanks, the advice is going to save me ever working again?

I coming over, once i get my visa in place, i am going to buy a couple of houses, in the right Quote" (location,location,location)" like you say?

Then sit back, and get rich, no point in working, just buy a few of these things people used to call a home, but now, an ATM cash withdrawal machine.

Great stuff, thanks for sharing the valuable information, i love a get rich quick thing?

Can't wait, see yeh on the beach? Your a star

P.S. If a MARS bar costs you a pound, it costs you a pound, you only need to borrow a pound to buy it, you only need to pay interest on that pound, while you owe someone that pound?

All of a sudden that MARS bar has tripled in value, and now will cost you three of those pounds you borrowed previously to buy one MARS bar.

So your MARS bar is now worth three pounds, but you want a bigger MARS bar, you have to borrow more of those pounds to buy that bigger MARS bar, more interest on that loan, but factor in the bigger MARS bar you do not own as of yet has trippled in value aswell, so you have to borrow more than you would have had to when your original MARS bar was only worth one pound?

Are you better off since your original MARS bar was worth one pound, who has really gained, think about it?

dave7370

Just hope we can afford to get on the ladder in Brissy when we land in January, might be a shoebox at this rate.

Nursebank

That is the big risk Dave, once you are off "out" of the market, you risk being out forever, never being allowed to buy into this ever expanding cash/credit machine of easy wealth?

I would not worry too much, get over there, rent for a few years, enjoy life, and watch the ATM's, sorry houses fall in value as the credit dries up?

And before you think, what if rents go skyward, well rents are tied to reality, wages, cost of living, not cheap credit like the purchase cost of ATM's, sorry there i did it again houses?


http://video.google.com/videoplay?do...assimir+petrov

This kind of tells you what you do not know? Watch it, you might not understand it, but i tell you what, it makes sense, my friend attended that lecture, it is real! ENJOY

rabsody

Yeah I don't buy into the whole 'my propery has increased by X% so I'm now richer and can afford to get a line of credit and go out and buy plasmas, have holidays etc' train of thought. At the end of the day, all other property has likely gone up proportionally anyway, so it's all relative when you come to sell up and buy another house. The only ways I can think of where you might benefit would be if you were selling up and taking your $ out of the country or borrowing against your extra equity to reinvest.

Nursebank

The problem with this type of thread creates this division between have's and have not's. Owners and renters, owners and potential owners, you and your kids. At the end of the day, watch the google link above, its a lecture on what is happening right in front of our noses, we are now at the CREDIT Crunch stage. From here it really does start to get interesting.

As when the credit goes belly up, so does the oppurtunity to get someone to borrow that lump sum to buy your overly priced house. Also the guy will not be able to pay your wages, as he cannot get that cheap credit to invest in the company, he cannot afford to service his loan which has just gone up, due to his CREDIT facility being withdrawn. Bang goes your job? Its a cycle banks and governments create the cycle, but tell you and me, no more boom and bust, they tell you they are fighting inflation. I just smile, move on nothing here, same old same old. But just do not think rapidly rising house prices are a good thing, because they are the one thing which can seriously damage your wealth?

http://www.smh.com.au/news/national/...276546276.html

THERE are new signs that recent interest rate rises have accelerated the number of NSW properties being repossessed by lenders.

Supreme Court figures show there were just under 2300 writs of possession between January and July this year - nearly as many as in the whole of 2005.

The number of monthly repossessions has been rising since January and peaked in July - before the most recent interest rate rise on August 8, which lifted rates to a decade high of 8.3 per cent.

The figures indicate the three previous rate rises - in May, August and November last year - caused a sharp increase in the number of NSW borrowers unable to service their mortgage.

Suburbs in Sydney's west and south-west have been hardest hit, with Blacktown recording 41 repossessions between January and July, Guildford 32 and Merrylands 30.

The jump in repossessions could influence the looming federal election because several marginal Coalition seats on Sydney's outer fringe are in affected areas.

While the worst-hit suburbs are in the safe Labor seats of Prospect, Reid, Blaxland and Chifley, the number of repossessions in the more vulnerable Liberal-held seats of Lindsay and Macarthur is also relatively high.

Even though writs of possession figures count applications on both residential and commercial properties, they indicate the number of family homes being repossessed has risen significantly since the property market peaked around Christmas 2003.

There were 1611 writs of possession registered in NSW in 2003 but there was more than double that number last year - and the total is likely to rise even further.

Lenders seek mortgage repossession orders to take possession of a property when borrowers fail to make their monthly mortgage repayments.

The number of writs of possession recorded by the NSW Supreme Court surged by 55 per cent last year to 3642, but Labor's assistant treasury spokesman, Chris Bowen, who obtained this year's repossession figures under freedom of information legislation, said recent trends suggests the number would reach nearly 4000 this year.

"Rising interest rates have delivered a double whammy to western and south-western Sydney, simultaneously increasing average monthly mortgage repayments while driving down house prices," he said.

"This has left working families struggling to meet their mortgage repayments particularly vulnerable following the August interest rate rise."

The number of Sydney families forced to sell their homes over the past year because they are unable to service the mortgage is probably far higher because many borrowers in distress sell before the lender forecloses. There were a record 1400 auctions in the west and south-west of Sydney in the year to March 31, nearly double the number in 2005.

Analysts say this is another indicator of the rise in the number of families being forced to sell.

House prices in Sydney's northern, eastern and inner-west suburbs have risen strongly this year but property markets in the west and south-west have been stagnant.