Anna333 Posted February 7, 2013 Share Posted February 7, 2013 Anyone got a crystal ball??! We're currently in negotiations to buy a house in Altona Meadows but with the house within reach we've taken a step back and are just wondering is now the time to buy? It works out that we wouldn't loose any money if we rented for a while due to the interest on the mortgage being so high initially. The question is do we hold off for a while to see what happens or do we go ahead and buy now. We have no issues with the property in question, just the housing market! Link to comment Share on other sites More sharing options...
akiralx Posted February 7, 2013 Share Posted February 7, 2013 Financially it may not make much difference, but presumably you would lose that house - would that bother you? Melbourne prices may have a slight adjustment down fairly soon as is happening in some areas already, but they won't fall dramatically. We bought our house in Geelong 6 months ago and think it was a good time, and we love the house especially so that was a big factor. We locked in for 2 years at a reasonable rate, with hindsight we didn't gain anything really - I would advise against overstretching owing to the low rates now, they won't remain low forever. Link to comment Share on other sites More sharing options...
wolvesaussie Posted February 7, 2013 Share Posted February 7, 2013 Personnally I think prices have to come down. They are the highest in the world I think, or near to it... Whats Geelong like akiralx? We are thinking of moving there. I grew up in Melbourne and am returning with my girlfriend later this year. My parents (currently in melbourne) are talking of retiring down the great ocean road so im thinking Geelong might be a nice middle ground.... even tho I have always hated the football team Link to comment Share on other sites More sharing options...
akiralx Posted February 7, 2013 Share Posted February 7, 2013 The team is very popular so going to a game there is nigh-on impossible if not a member (though I have no real interest in AFL to be honest). Geelong is great, we like it a lot. We moved to Melbourne 3 years ago and lived in Glen Iris until June. Geelong is a great community with a nice feel to it. We are in Geelong West so stay around Pakington Street most of the time, rarely going into the city. Good restaurants and shops all within close reach. I commute to Melbourne each day by train, quite easy, about an hour (bearing in mind it took up to 40mins from Glen Iris). $53 a week. Obviously it is the gateway to the Great Ocean Road, Lorne etc which is good, plus the coastal towns all around the Bellarine. Wineries etc less than 30 mins' drive away. It is a nice middle ground, I agree. I get my Melbourne fix during the week and then can relax in the more rural area. There are some poorer areas to the northwest but we are totally unaware of any problems from there. House prices are going up here, and I think they will remain healthy as people are priced out of Melbourne and realise what a great place Geelong is! We have a 3 bed house on a large block with a great garden, including apple, plum and lemon trees. That would be pretty unaffordable in all but the outer suburbs of Melbourne. Link to comment Share on other sites More sharing options...
Petals Posted February 7, 2013 Share Posted February 7, 2013 I take the view that the right time to buy is when I find the right house, price and position. Then everything else takes care of itself as I am happy. When we built this house interest rates were 15% however we managed and we still live here so we chose right. If buying in a new area where competition with a lot of new builds not much capital growth till that building stops. Renting is also a good option if people are good savers and investors in other areas, it often comes out top, however how many of us are like that when we have a young family. Just remember once the contract is unconditional you lose your deposit if you want to withdraw from it. Its not like the UK here, its buyer beware and do not sign unless you are sure what is being signed to. Link to comment Share on other sites More sharing options...
dxboz Posted February 7, 2013 Share Posted February 7, 2013 House prices have fallen a lot in many suburbs in Melbourne from a high of two years ago. I would say if you have found something you like and have done your research it's probably as good a time as any to buy now. I can't see the prices falling drastically (I hope!) Link to comment Share on other sites More sharing options...
Anna333 Posted February 9, 2013 Author Share Posted February 9, 2013 Well we put an offer in this morning and it was accepted! Essentially decided you can't postpone your happiness and that the house was just right for us. Hope the coming weeks go well getting the mortgage and contract sorted without too much hassle! Link to comment Share on other sites More sharing options...
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