kaztin Posted January 16, 2013 Share Posted January 16, 2013 I haven't posted on here for quite some time. Last time I did we were excited about heading back to Uk. Decision had been made after being here in Adelaide since July 2006. Our story is much like other folk. Generally happy, but missing family and friends and we feel we have had our Aus adventure, now we are keen to head back to the UK and do other things, more European travel and the like. I'm hitting a big milestone in Mrach (turning50) and now I feel I want to go home. So 12 mths ago we put out house on the market...and 9 mths on we still hadn't sold despite reducing the price by $60,000! This was just too much to cope with and financially we would have been skint! 9mths of open inspections every week was no joke, mega stressful. So in November we pulled it off the market and had a difficult Xmas here. I find myself now feeling low about our situation and it's a struggle,feeling trapped because of a bloody house! The market here hasn't helped us at all. So this year I go to the UK in June to help my lovely mum celebrate her 90th birthday and to see my family and friends. We've decided to wait 12 mths and see how things look in the housing market next January...there is nothing we can do. So onwards and upwards I guess, make the most of our lives here and hope and pray that things are better to sell up in 2014. Link to comment Share on other sites More sharing options...
twinsmom65 Posted January 16, 2013 Share Posted January 16, 2013 Sorry to hear that your having problems selling the house. Sending positive thoughts your way. Enjoy the time with your mum for her birthday. Cheers Karen Link to comment Share on other sites More sharing options...
flag of convenience Posted January 16, 2013 Share Posted January 16, 2013 Only logical thing to do..rent and see if the market inproves. Housing I fear will be a bit of a milestone with a number of folk....In Perth we have seen a drop but signs are it may take off with lower interest rates and 1,500 extra folk coming into the State each week. Sadly if so this will likely see a burst further down the road,longer and harder than need of been. Anyway I know SA is different and with luck the cuts may work in your favour if the price is right. Good luck with the sale and with your UK return. Link to comment Share on other sites More sharing options...
Creese Posted January 16, 2013 Share Posted January 16, 2013 Hi We are sadly in the same boat. House now isnt worth what we paid for it, and cannot sell. We have taken ours off the market for the time being and same as you are going to wait until the market picks up a bit. Link to comment Share on other sites More sharing options...
Alaska Posted January 16, 2013 Share Posted January 16, 2013 I agree - rent and wait for the market to pick up. If you are that keen to go back, rent in the UK if you have to. Link to comment Share on other sites More sharing options...
Guest Posted January 16, 2013 Share Posted January 16, 2013 We may face this, our house isn't on the market yet, we are prepared not to get out what we put in but we have to clear our mortgage and debts (run up building the house). Unless the rental value covers your mortgage and some and you could afford to pay the mortgage if it was empty I would think very carefully before renting it out. We had serious problems doing exactly that in the UK - our property was wrecked (no exaggeration - we needed to fully redecorate, re-carpet, have holes in walls and doors repaired, replace all kitchen appliances, have human faeces removed from the garden, garden re-landscaped and on and on) it took almost two years to bring it back to even passable to rent and we now get less for it than our mortgage. It almost broke us and probably has a lot to do with 'living the dream' being a nightmare. Dealing with all this remotely whilst in a different time zone is stressful beyond belief. Yes, we had back luck but personally I would not leave a house behind in Aus, in the end it'd be harder to sell remotely too and you'd probably end up getting less for it. Mind you if I'm still here in a year I might be eating my words! Jules Link to comment Share on other sites More sharing options...
kaztin Posted January 16, 2013 Author Share Posted January 16, 2013 We can't rent our house here, mortgage too big so rent wouldn't cover it. Besides, if we can't sell the house while we are here to make it look it's best, then can't possibly see how we would sell it from the UK with tennants in situ! Need money from house sale to fund our move home and to make a fresh start in the UK. No renting is just not an option we have to sell or we are not going anywhere! That's why we are stuck. There seems to be some positive signs in the media and possibly more interest rate cuts, but then agin there are also companies announcing redundancies with some frequency! It's a waiting game sadly Link to comment Share on other sites More sharing options...
Quoll Posted January 16, 2013 Share Posted January 16, 2013 So sorry to hear that! And they say real estate in Australia isn't struggling! I hope you can come about though and that things pick up for you! Link to comment Share on other sites More sharing options...
Thistle13 Posted January 16, 2013 Share Posted January 16, 2013 We can't rent our house here, mortgage too big so rent wouldn't cover it. Besides, if we can't sell the house while we are here to make it look it's best, then can't possibly see how we would sell it from the UK with tennants in situ! Need money from house sale to fund our move home and to make a fresh start in the UK. No renting is just not an option we have to sell or we are not going anywhere! That's why we are stuck. There seems to be some positive signs in the media and possibly more interest rate cuts, but then agin there are also companies announcing redundancies with some frequency! It's a waiting game sadly I agree, when you want to go back, you want a clean slate. It would probably be more stressful on you back in the UK knowing you have a house here being rented out and all that can entail with tenants, repairs if/when needed and less than enthusiastic rental estate agents. Its a shame you cant sell, but perhaps postponing your return to UK is the lesser of the 2 evils for you, and the more you cant go the more you want to go (I talk from experience). Best to enjoy your Mums birthday, then come back hopefully refreshed and with that renewed steely British determination it will sell for you. Good Luck, I hope it all works out. Link to comment Share on other sites More sharing options...
calNgary Posted January 16, 2013 Share Posted January 16, 2013 Could you not reduce it a little more? I know it would feel like a kick in the teeth and you may lose financially but if its gets you back to the UK and makes you happy ,it may be worth thinking about. I hope things pick up soon for you and you get where you want to be.. Another idea ,would be to try different or multiple agents, some are definately better at their job than others,lol.. Good Luck Cal x Link to comment Share on other sites More sharing options...
NicF Posted January 16, 2013 Share Posted January 16, 2013 Doesn't sound too great. Where abouts in Adelaide are you? Only asking because if you were down in the southern suburbs you might find the market picking up quite a bit next year once the other side of the freeway and the rail upgrades have been completed. We are about to build a house in Rostrevor and my OH keeps an eye on the local market so we don't spend too much more than what we could sell it for if we needed, but the house prices around here seem to fall by the day. The only other advice I can offer is to talk to the estate agents to see if there is anything you can do to improve the sellability of the house. And check out the other houses for sale in the area to see what the competitn is like. Hope things pick up for you soon. Link to comment Share on other sites More sharing options...
Guest guest68546 Posted January 16, 2013 Share Posted January 16, 2013 Kaztin, as you are unfortunately finding out, Adelaide is doing it tough in the housing market. My mate and his wife, both Australians born in Adelaide (for 30+ years) now living in Melbourne, were back in SA over Xmas and they can't believe how much the housing market has dropped. I had a look on Realestate to see for myself and I'm in complete agreement with them. They're not going back anytime soon but its further anecdotal evidence of a struggling economy. The recent Holden redundancies and HUGE Defence budget cuts look to be having serious impacts in the State even this early. I hope things work out OK for you and you get the house issue resolved as best you can. Link to comment Share on other sites More sharing options...
kaztin Posted January 16, 2013 Author Share Posted January 16, 2013 Could you not reduce it a little more? I know it would feel like a kick in the teeth and you may lose financially but if its gets you back to the UK and makes you happy ,it may be worth thinking about. I hope things pick up soon for you and you get where you want to be.. Another idea ,would be to try different or multiple agents, some are definately better at their job than others,lol.. Good Luck Cal x We already reduced by $60k....if we did much more we would have nothing left! We had to factor in costs to return and have something to rent in UK, get transport and support ourselves for a few mths at least. No, the best thing for us is sadly to sit it out and fingers crossed for 2014. We spent over $4000 trying to sell in 2012, there is only so much we were willing to throw at the declining market here in SA. Link to comment Share on other sites More sharing options...
kaztin Posted January 16, 2013 Author Share Posted January 16, 2013 Doesn't sound too great. Where abouts in Adelaide are you? Only asking because if you were down in the southern suburbs you might find the market picking up quite a bit next year once the other side of the freeway and the rail upgrades have been completed. We are about to build a house in Rostrevor and my OH keeps an eye on the local market so we don't spend too much more than what we could sell it for if we needed, but the house prices around here seem to fall by the day. The only other advice I can offer is to talk to the estate agents to see if there is anything you can do to improve the sellability of the house. And check out the other houses for sale in the area to see what the competitn is like. Hope things pick up for you soon. We are down south in Moana. Yes, we are hoping with new rail extension to Seaford and southern expressway duplication that this may help somewhat. We have a nice home, redecorated throughout with a pool 5 mins to Mona beach. You'd think for a 4 bed, 2 bath, double garage asking $460k was reasonable?? Seems not, and dropping close to $400k, over 9mths, opens every w/e and no offers was heart breaking. Buyers want a bargin, we couldn't go any lower and also it got to a point tht we just wouldn't either! So we are going to hold out and go for $450k next year... Link to comment Share on other sites More sharing options...
flag of convenience Posted January 16, 2013 Share Posted January 16, 2013 Kaztin, as you are unfortunately finding out, Adelaide is doing it tough in the housing market. My mate and his wife, both Australians born in Adelaide (for 30+ years) now living in Melbourne, were back in SA over Xmas and they can't believe how much the housing market has dropped. I had a look on Realestate to see for myself and I'm in complete agreement with them. They're not going back anytime soon but its further anecdotal evidence of a struggling economy. The recent Holden redundancies and HUGE Defence budget cuts look to be having serious impacts in the State even this early. I hope things work out OK for you and you get the house issue resolved as best you can. It may be expected that the drop will not end in Adelaide. At least Adelaide never got to the inflated levels of Perth.. Link to comment Share on other sites More sharing options...
Sunshine111 Posted January 16, 2013 Share Posted January 16, 2013 I haven't posted on here for quite some time. Last time I did we were excited about heading back to Uk. Decision had been made after being here in Adelaide since July 2006. Our story is much like other folk. Generally happy, but missing family and friends and we feel we have had our Aus adventure, now we are keen to head back to the UK and do other things, more European travel and the like. I'm hitting a big milestone in Mrach (turning50) and now I feel I want to go home. So 12 mths ago we put out house on the market...and 9 mths on we still hadn't sold despite reducing the price by $60,000! This was just too much to cope with and financially we would have been skint! 9mths of open inspections every week was no joke, mega stressful. So in November we pulled it off the market and had a difficult Xmas here. I find myself now feeling low about our situation and it's a struggle,feeling trapped because of a bloody house! The market here hasn't helped us at all. So this year I go to the UK in June to help my lovely mum celebrate her 90th birthday and to see my family and friends. We've decided to wait 12 mths and see how things look in the housing market next January...there is nothing we can do. So onwards and upwards I guess, make the most of our lives here and hope and pray that things are better to sell up in 2014. how frustrating & stressful for you, hope things get moving for you, good you get back for a holiday in June, best of luck:) Link to comment Share on other sites More sharing options...
GlobeTrotta Posted January 17, 2013 Share Posted January 17, 2013 We are down south in Moana. Yes, we are hoping with new rail extension to Seaford and southern expressway duplication that this may help somewhat. We have a nice home, redecorated throughout with a pool 5 mins to Mona beach. You'd think for a 4 bed, 2 bath, double garage asking $460k was reasonable?? Seems not, and dropping close to $400k, over 9mths, opens every w/e and no offers was heart breaking. Buyers want a bargin, we couldn't go any lower and also it got to a point tht we just wouldn't either! So we are going to hold out and go for $450k next year... The issue is really clear in that a house between $400-$500k requires minimum$40k to $100k down thats 10-20% so assuming that even on a fixed term mortgage over 15 years P&I is going to at around $3k without taxes and insurance at a 6% rate thats assuming you cant get a mortgage. The employment sector is not good either here so people are less likely to want to take on the risk and if prices are falling why buy when they will be dropping - you have to wait and see as you are doing. For those trying to calculate this a 15 year mortgage at 6% is usually 80% P&I of the mortgage amount a 30 year mortgage usually about 60% so on $400k $3200 or $2400 without taxes and insurance. Back in the day we had tables in books for these things...now they use calculators...LOL hang in there guys Im waiting out too but need work to be able to get out of here - another hot one in CBD 32c at 9am....all the best. Link to comment Share on other sites More sharing options...
Buttercup Posted January 17, 2013 Share Posted January 17, 2013 Kaztin, I feel for you... We were in Adelaide a few years ago, but we rented and when I read stories like yours I am so glad we did. In hindsight it was a smart move. We sold our UK house, but rented in Oz as we weren't sure??? Luckily we managed to save quite a bit as we both had good jobs. Financially we did ok and were lucky enough to be able to buy a house again here. Also, our house here is as solid as a rock, well built with lots of character. Our house in Oz, well it was quite a new build, but frankly someone could of farted on it and I think it would of blown down. The new houses are built like s**t with as much character as a plastic box! If we had stayed and had the money, those lovely colonial style houses are gorg, but they cost a friggin bomb! Good luck. I feel your pain... Link to comment Share on other sites More sharing options...
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