Do the price of houses worry you????

[Guest wardy]

I don't know about anyone else but house prices are my biggest concern about moving to Australia I keep looking and looking and everything seems to be so expensive.

 

We have an £80.000 mortgage here and to have to up our mortgage and repayments fills me with dread especially for another 20/25 years.

 

We have made about £100.000 plus a bit on our house but thats not going to be enough to make us not need to take on another mortgage.

 

I am so excited about the prospects of everything else this is the only thing I m really worried about.

 

Potentially in the current market hubby has the potential and connections to make a a very good wage in Perth but we are 95% sure we want to live in Cairns but are not so sure about job market without spending time working away from home.

 

So confused :huh:

 

Is the mortgage thing a bit like UK whereby you multiply wage by say 3 X to find out how much you can borrow.

 

Question is do we follow our hearts and go to Cairns or follow our heads and go to Perth.

 

I have not restricted my search to these areas believe me i've looked everywhere :wacko:

[TheBrammies]

I have the same worries as you in the present climate would we sell our houses at all

[Guest wardy]

Oh god never thought about that haven't even put mine on market yet doing it after christmas hubby says we will sell no bother :twitcy: yeah right

[TheBrammies]

any house will sell at the right price but is that price good enough for us american houses are in a very bad way and what usually affects them usually gets us to but our market is different and we do have alot of immigrants or oversea workers coming and working here that will buy houses and unemployment is still low so an interest rate cut early next year should help things march is probaly the month that we see which way things are going i reckon things will stay pretty flat until spring and everybodys calmed down

but i hope you do sell yours quickly and at the price you want

[Kabroom]

Hi Guys,

 

I thought I would give an estate agents a call a couple of weeks ago just to get a feel and low and behold they said the market was quiet (well I already knew that) but I told them I would be putting my house on the market in the New Year and she said give us a call as they have no doubt they would sell the house but as I asked 'at what price?'.

 

The brammies are right you would have no problems selling but we all want a sensible price. So first and foremost my worry is getting rid of a property and I will cross the having to buy bridge in oz when I get there.

 

Wendy

[Guest fatpom]

Is the mortgage thing a bit like UK whereby you multiply wage by say 3 X to find out how much you can borrow.

 

 

No I don't think so? It was on TV last night that average house prices are almost 7X average earnings making Aus one of the most unaffordable places in the world for housing. It gave the US as about 5X ave earnings for comparison.

 

Just how much you'll be able to borrow is dependent on your credit rating I guess?

 

A $250,000 (100,000 GBP) deposit on a house is a pretty good start and you shouldn't have too much problems getting a mortgage?

 

So don't worry you're in pretty good position, most young aussies fall way short of your situation. Some are leaving Uni with a $100-150K debt for example.

[Guest Gollywobbler]

Hi Kaye

 

I've just oticed on another thread that we have a fairly new Member whose under-name is Paul EDGE (sic.) This is his website:

 

AUSTRALIAN MIGRANT MORTGAGES

 

Here is his full signature line:

 

__________________

PAUL (WEST HAM) GOLD COAST FINANCE CONSULTANT

AUSTRALIAN MIGRATION MORTGAGES

PNONE 0424002697 00 11 61 755552222

EMAIL info@aimfs.org.uk

SPECIALIZING IN MIGRANT SOLUTIONS

AUSTRALIAN MIGRANT MORTGAGES

 

I don't know anything abut him besides the above, but he may be able to give you a more accurate picture of your options than I could.

 

Cheers

 

Gill

[Guest wardy]

Hi Kaye

 

I've just oticed on another thread that we have a fairly new Member whose under-name is Paul EDGE (sic.) This is his website:

 

AUSTRALIAN MIGRANT MORTGAGES

 

Here is his full signature line:

 

__________________

PAUL (WEST HAM) GOLD COAST FINANCE CONSULTANT

AUSTRALIAN MIGRATION MORTGAGES

PNONE 0424002697 00 11 61 755552222

EMAIL info@aimfs.org.uk

SPECIALIZING IN MIGRANT SOLUTIONS

AUSTRALIAN MIGRANT MORTGAGES

 

I don't know anything abut him besides the above, but he may be able to give you a more accurate picture of your options than I could.

 

Cheers

 

Gill

 

Thanks Gill Paul has pm'd me and I will look into it further tomorrow.

[Guest wardy]

No I don't think so? It was on TV last night that average house prices are almost 7X average earnings making Aus one of the most unaffordable places in the world for housing. It gave the US as about 5X ave earnings for comparison.

 

Just how much you'll be able to borrow is dependent on your credit rating I guess?

 

A $250,000 (100,000 GBP) deposit on a house is a pretty good start and you shouldn't have too much problems getting a mortgage?

 

So don't worry you're in pretty good position, most young aussies fall way short of your situation. Some are leaving Uni with a $100-150K debt for example.

 

Thanks fatpom I have to say I am glad I am not a young person starting out now how on earth are they going to afford anything.

 

I have my own theory and feelings about house prices and multiple multiple house ownership but I usually end up upsetting someone :biglaugh:

[Life on easy street]

I am very concerned that the general public is being encouraged to take on ever increasing amounts of debt.

 

After what is happening in the U.S.

I would have thought the Australian government would do something about low doc loans.

 

Western Australia

Unfortunately housing cost have gone up in Perth

 

Housing

E.g.

A 1000 msq plot of land with view of a beach cost approx. 150k 5 years ago

To purchase 650 msq costs 450k today.

 

You then have spend 150k to 250k depending on specification & developer

 

ready built house costs twice that of 5 years ago.

 

No one can say if this is a peek value.

 

but i am in no hurry to buy a house.

[Guest EM&M]

Hi Kaye it is a big worry I think. Having not sold in the UK (renting) we have no equity but we know that if we dont get on the property ladder here we might never be able to. All the houses in our range are townhouses and with 2 little ones I dont like them as they have no decent garden areas, also you have to pay the body corp fees per week.

 

I am stressing abit at moment about this. Think Ill be in touch with Paul after Xmas for some advise as hes in my area.

 

Em x

[ErmintrudeMcMoo]

We have been in Perth since June, we only have a 10% deposit to put down, we are looking at houses under $400,000 (in fact as far under as we can). The probelm we have is that hubby is on a 6 month probation period with his work, we thought we had got a mortgage sorted after taking advice from a mortgage advisor, we had a pr-approval certificate, we have been told we could borrow up to $489,000 (I think) and what we were looking for was way under that. We had an offer accepted on a house only for it to fall through at the last minute because the bank were suddenly querying the fact hubby was on probation (at the last minute, way after any queries should have been sorted, despite them being told he was on probation and us being told it wasn`t a problem).

The system here is different, I do think certainly where we are house prices have come down alot in the last year (we had an offer accepted $20,000 less than the asking price and it had originally been up for $100,000 more when first on the market in March). I think the bigger the deposit you have the better, we didn`t have a big deposit, hence part of the problem, just make sure you do your homework and take nothing on trust from anyone.

[Guest wardy]

We have been in Perth since June, we only have a 10% deposit to put down, we are looking at houses under $400,000 (in fact as far under as we can). The probelm we have is that hubby is on a 6 month probation period with his work, we thought we had got a mortgage sorted after taking advice from a mortgage advisor, we had a pr-approval certificate, we have been told we could borrow up to $489,000 (I think) and what we were looking for was way under that. We had an offer accepted on a house only for it to fall through at the last minute because the bank were suddenly querying the fact hubby was on probation (at the last minute, way after any queries should have been sorted, despite them being told he was on probation and us being told it wasn`t a problem).

The system here is different, I do think certainly where we are house prices have come down alot in the last year (we had an offer accepted $20,000 less than the asking price and it had originally been up for $100,000 more when first on the market in March). I think the bigger the deposit you have the better, we didn`t have a big deposit, hence part of the problem, just make sure you do your homework and take nothing on trust from anyone.

 

 

That sounds like a nightmare for you and how disappointing.

 

Are you still looking to stay in the Warnbro area what do you think of it as somewhere to settle.

 

Thanks

[Jo&Rich]

Hi, we've been into Westpac, just to ask about what we could possibly afford, but because my OH is self employed, a bricky, they want him to be at least twelve months in employment, and have done a tax return. Only been here a couple of months, so nowhere near that; not even a low doc home loan possible. We were told a home loan not out of the question, but it would be with a smaller company that will probably charge higher interst rates. Unsure what to do; hate renting, and don't want to miss out on being able to buy a home, but don't want to pay through the nose either! Will also PM Paul at migrant mortgages I think; thanks for that link Gill!

Joanne x

[ErmintrudeMcMoo]

That sounds like a nightmare for you and how disappointing.

 

Are you still looking to stay in the Warnbro area what do you think of it as somewhere to settle.

 

Thanks

I like Warnbro, it has everything we need, it`s a slightly older burb too which I like. Some look down there noses when I tell them where I live but the new places like Secret Harbour although nice, hold no interest for me. I`ve also found the locals very friendly which is a bonus.

[Liz B]

We are trying to save a 5% deposit which will take a while. We are renting in Mindarie and the house is older and smaller than some but we would like to buy it if we were in the position. The lease is up until beginning of Feb and I hope the owner lets us stay longer, although they will probably put the rent up as it is not a bad price at the moment.

 

I do hope the prices come down more as it WA used to be cheaper than other places in Australia if I remember right.

 

Good luck to all you buyers out there.

 

Liz

[Bobcat]

I don't know about anyone else but house prices are my biggest concern about moving to Australia I keep looking and looking and everything seems to be so expensive.

 

We have an £80.000 mortgage here and to have to up our mortgage and repayments fills me with dread especially for another 20/25 years.

 

We have made about £100.000 plus a bit on our house but thats not going to be enough to make us not need to take on another mortgage.

 

I am so excited about the prospects of everything else this is the only thing I m really worried about.

 

Potentially in the current market hubby has the potential and connections to make a a very good wage in Perth but we are 95% sure we want to live in Cairns but are not so sure about job market without spending time working away from home.

 

So confused :huh:

 

Is the mortgage thing a bit like UK whereby you multiply wage by say 3 X to find out how much you can borrow.

 

Question is do we follow our hearts and go to Cairns or follow our heads and go to Perth.

 

I have not restricted my search to these areas believe me i've looked everywhere :wacko:

 

 

You've missed out on our kid's house in Cairns, Kaye............. he just rang to say they have accepted an offer of $740K.

[Guest Abi&Dan]

I do really worry about the prices - everyone keeps saying the prices are rising really fast and I'm concerned that by the time we get there we'll be priced out!!

 

I think only UK people with a large equity are in a good position when buying there - everyone else seems to be in the same boat as the Aussies trying to get onto the ladder.

 

It's difficult to get precise figures from the UK - but stamp duty, buying costs and mortgage repayments (ie interest rates) seem to be considerably higher in Oz than the UK. :no: It's gonna be hard work but we're living the dream!!

[Guest wardy]

You've missed out on our kid's house in Cairns, Kaye............. he just rang to say they have accepted an offer of $740K.

 

 

Not sure I could afford that Bob :no:

 

Good win fo PNE the other night though :yes:

[Guest wardy]

I do really worry about the prices - everyone keeps saying the prices are rising really fast and I'm concerned that by the time we get there we'll be priced out!!

 

I think only UK people with a large equity are in a good position when buying there - everyone else seems to be in the same boat as the Aussies trying to get onto the ladder.

 

It's difficult to get precise figures from the UK - but stamp duty, buying costs and mortgage repayments (ie interest rates) seem to be considerably higher in Oz than the UK. :no: It's gonna be hard work but we're living the dream!!

 

I know what you mean about getting precise figures its so confusing :wacko:

[Guest kdal]

Hi, Yes it all is a worry. Not to good news in the newspapers today either. They reckon that the UK housing market is heading for yet another crash and that house prices are going to drop considerably. This will be good for UK first time buyers next year will be their year here, but not for peeps like myself who always seem to buy and sell at the wrong time.

 

So next year when we want to make the move and sell the house, we need to take as much as possible because the house prices in Oz being so high now, and with this bad bit of news looming over your head well its drat and double drat!!! :wacko:

[Guest wardy]

Hi, Yes it all is a worry. Not to good news in the newspapers today either. They reckon that the UK housing market is heading for yet another crash and that house prices are going to drop considerably. This will be good for UK first time buyers next year will be their year here, but not for peeps like myself who always seem to buy and sell at the wrong time.

 

So next year when we want to make the move and sell the house, we need to take as much as possible because the house prices in Oz being so high now, and with this bad bit of news looming over your head well its drat and double drat!!! :wacko:

 

oh no don't :cry: tell me that. someone must be buying houses somewhere please say they are :cry:

[Guest kdal]

oh no don't :cry: tell me that. someone must be buying houses somewhere please say they are :cry:

..

 

 

I know Kaye, I wish I hadnt of bought that newspaper today as we really cannot afford to lose anymore money we need as much as we can right now for that move to Oz.

Just seen the lady who lives around the corner and she is splitting with her husband and is putting hers on the market in Feb , which is the same time us!! Not good news either!:no:

 

Oh well onwards and upwards, think ile go and buy a lottery ticket or two LOL

[TheBrammies]

in my opinion were not heading for a crash a crash will only happen when people lose there houses in great numbers and this will only happen if they lose there jobs which isnt happening on a big scale the unemployment is low people will struggle with their mortgages yes but no one wants to sell at a loss and they still have to rent somewhere the market at the moment i believe is all about confidence the goverment will shatter confidence early on in their term then rebuild it to show things are getting better so they re elected a couple of interest rate cuts and the fear that its now or never to get on the houseing market will change attitude then all those that are just under the limit of buying will jump in with two feet remember your house is only worth what someone is willing to pay for it if they think a similiar house will be on sale in the same area soon they have the power over price but if they think they have to have this house now or they will miss the boat you have the power over price and buyer the key is unemployment the market just needs acouple of positive announcements

stay positive when the sun shines in spring everybody has a more positive outlook and if the worst comes to the worst rent which should cover your rent while you are out there until the market picks up then you never now the market in oz maybe in decline and you win both sides off the world if i i understand most people rent for at least six months when their in oz so your talking at least a year before you need your funds things could be alot different then what ever happens will happen i just hope it works in your favour

good luck

[Guest kdal]

remember your house is only worth what someone is willing to pay for it but if they think they have to have this house now or they will miss the boat

stay positive when the sun shines in spring everybody has a more positive outlook

.............

 

 

Totally agree with this, and thats why we are waiting to Feb/March time to sell - prob more March.

 

Thanks for being positive about the whole thing, when your having a bad day its good that someone else is there to remind you of what you just did!! :cool: