Read this on the Sydney Morning Herald; according to this article, house prices in Australia are not going to drop, but actually increase due to population growth and the influx of migrants. So it's our own fault houses are so expensive!
Not trying to put a downer on anyone making the move, just undecided whether to wait and buy a property, to see if the market does follow the UK's downturn, or get one a.s.a.p before they go up. Everything I read seems to have conflicting advice.
As I'm still not 100% sure I want to stay long term, don't want to get trapped with negative equity!
Jo x
It's so difficult to know who's telling the truth isn't it?!
It was the same up here on the Sunshine Coast. One week there'd be a big thing about how prices would plummet up to 30%, the next a "good news" type article about how it would all stay steady.
Maybe if you're still not sure about staying it's a good idea to keep your options open? Houses do seem to be taking a while to sell right now, so if you wanted to bail you might not be able to do it quickly.
Buying is certainly way more expensive than renting (well, it will be for us!)
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True! We'll be here for the next few years I expect, just don't know if I can see it being forever, and I'd like to have our own home to help us feel settled. Will cost us more too every week, as don't have a massive deposit.
Jo x
True! We'll be here for the next few years I expect, just don't know if I can see it being forever, and I'd like to have our own home to help us feel settled. Will cost us more too every week, as don't have a massive deposit.
Jo x
The "feeling at home" issue is why we went ahead and bought a house. We've only been in rental accommodation about 3 months, and we're already sick of it. We hope that when we move into an established street we might get to know our neighbors. In 3 months of being in our current place, i've not even seen anyone from any of the other apartments in this building. We're starting to think we may have a body odour problem
I agree with Tyke, I can't see the market in Australia plummeting as per the UK maybe slowing down, and houses getting discounted if the owners really need to sell... but hey, I'm only an amateur!
We had the same report in Queensland with houses set to rise up to 22% in the next 24 months, Basiclly bull crap by the goverment to scare people into buying thus keeping the market bouyent. Well at least that is my own take on this. But for defo there has been a downturn in the building of houses to a more managable level. Think they will put interest rates up again soon.
Read this on the Sydney Morning Herald; according to this article, house prices in Australia are not going to drop, but actually increase due to population growth and the influx of migrants. So it's our own fault houses are so expensive!
Not trying to put a downer on anyone making the move, just undecided whether to wait and buy a property, to see if the market does follow the UK's downturn, or get one a.s.a.p before they go up. Everything I read seems to have conflicting advice.
As I'm still not 100% sure I want to stay long term, don't want to get trapped with negative equity!
Jo x
Check out my post today from the MSNmoney website on the predicted house price rises on the next couple of years.
I agree with the previous poster , "the Smith Tribe " .. It's a beat up to make us believe that the economy is in better shape than it actually is . The truth is , there are record mortgage defaults , the cost of living is skyrocketing , yet our wages are not even keeping up with inflation . In short , we are going backwards !! ..If house prices do start to rise as predicted , then who is going to afford them ?? , and those that do dive in and buy will probably join the growing list of mortgage foreclosures by the banks . In addition , it's not really good news anyway , as there is a growing number of mortgagees who are still in negative equity and any rise will only slightly offset their debt ..Well that's the picture in Sydney , however , if you in the mining areas of WA or QLD it may be a different picture .
I agree with the previous poster , "the Smith Tribe " .. It's a beat up to make us believe that the economy is in better shape than it actually is . The truth is , there are record mortgage defaults , the cost of living is skyrocketing , yet our wages are not even keeping up with inflation . In short , we are going backwards !! ..If house prices do start to rise as predicted , then who is going to afford them ?? , and those that do dive in and buy will probably join the growing list of mortgage foreclosures by the banks . In addition , it's not really good news anyway , as there is a growing number of mortgagees who are still in negative equity and any rise will only slightly offset their debt ..Well that's the picture in Sydney , however , if you in the mining areas of WA or QLD it may be a different picture .
Dave C
Take a look at the other post I started today from the MSN Money Oz site.
Oz population is growing through migration & migrants bring cash with them into the country. House prices will continue rise where demand outstrips supply and in a lot of areas in Oz supply isn't keeping up. QLD has a particular problem as it's a top destination not only from outside Oz but also from within plus land being made available for contruction is released slowly by councils..
Sydney is only just getting over the boom caused by the Olympics back in 2000. Each state in Oz has different characteristics and need to be looked at in isolation.
No house prices can't keep rising but with a strong commodities driven boom and strong migration the Oz housing market has a way to go yet.
