wolvesaussie Posted February 21, 2013 Share Posted February 21, 2013 is it really this empty around there or have that chose the worst possible photos. hope article is right and prices will fall. Aussie houses way too much http://www.macrobusiness.com.au/2013/02/melbournes-sinks-deeper-into-house-and-land-bog/ Link to comment Share on other sites More sharing options...
buzzy--bee Posted February 21, 2013 Share Posted February 21, 2013 is it really this empty around there or have that chose the worst possible photos. hope article is right and prices will fall. Aussie houses way too much http://www.macrobusiness.com.au/2013/02/melbournes-sinks-deeper-into-house-and-land-bog/ Australian houses seem very expensive because of the exchange rate. If you apply the "old normal" rate of 2.5:1 then they seem a lot cheaper. I don't know many places in the SE of England where you could buy a detached brand new 4 bed 2 garage house on 450m3 of land for 200,000 pounds. Unfortunately under the current exchange rate that figure is more like 350,000 pounds...... Australia will remain highly priced so long as loads of people want to move here! BB Link to comment Share on other sites More sharing options...
Steve99 Posted February 24, 2013 Share Posted February 24, 2013 Australian houses seem very expensive because of the exchange rate. If you apply the "old normal" rate of 2.5:1 then they seem a lot cheaper. I don't know many places in the SE of England where you could buy a detached brand new 4 bed 2 garage house on 450m3 of land for 200,000 pounds. Unfortunately under the current exchange rate that figure is more like 350,000 pounds...... Australia will remain highly priced so long as loads of people want to move here! BB Or....... As long as banks keep lending rediculous multiples of income. Know a young couple with a combined $90K gross wage offered $600k loan, thats aprox $3,765 per Month. Has little to do with supply/demand in the normal sense. The media/banks/govt/REAgents tell us that to keep their particular party going. Link to comment Share on other sites More sharing options...
AJ Posted February 24, 2013 Share Posted February 24, 2013 Or....... As long as banks keep lending rediculous multiples of income. Know a young couple with a combined $90K gross wage offered $600k loan, thats aprox $3,765 per Month. Has little to do with supply/demand in the normal sense. The media/banks/govt/REAgents tell us that to keep their particular party going. Just because you get approved for that amount doesnt mean anyone is twisting your arm to take it! We been approved for $850,000 but are not stupid enough to mortgage ourselves up that amount. Link to comment Share on other sites More sharing options...
Steve99 Posted February 24, 2013 Share Posted February 24, 2013 Just because you get approved for that amount doesnt mean anyone is twisting your arm to take it! We been approved for $850,000 but are not stupid enough to mortgage ourselves up that amount. Absolutely, however prices are determined at the margins and until recently just about every housebuyer was borrowing as much as possible to 'chase the dream' hence ever rising prices, its an Auction whether or not there is an auction per se. Recently however lots more are not rising to the bait, lots more for sale and far fewer buyers compared to a couple of years ago. The fact that the banks are still doing this is worrying, they need rising prices to keep their 'book' clean and will lend excessively to keep it so as nearly 70% of Aus bank lending is for mortgages, far higher than in other countries and higher than the US before their collapse. Better for potential buyers to drive a hard bargain me thinks and dont let the proffessional liars (REAgents, bankers and the likes) fool you with 'buy now before you miss out forever' As an aside to this, I am now working with some Irish immigrants who have just arrived recently. They see the current housing market as errilly similar to Dublin a few years ago. I agree, especialy as jobs are getting tight for many people, wages are not going up for many and casualisation is continuning apace. Link to comment Share on other sites More sharing options...
wolvesaussie Posted February 24, 2013 Author Share Posted February 24, 2013 I filled out one of those National Australia Bank mortgage estimation things, putting in $80,000 I think it was at a guess of salary and that also came back with some crazy loan, I dont understand why there is no critisim of the banks they kept being called "really strong" compared to the dodgy UK and USA ones which were not strict enough in their lending criteria....hmmm Link to comment Share on other sites More sharing options...
Sustain Posted February 25, 2013 Share Posted February 25, 2013 Can't see the attraction of buying in Point Cook myself. No real infrastructure (public transport), just lots of cheap land with flash new homes that quickly become financial noose around ones neck. Link to comment Share on other sites More sharing options...
Sustain Posted February 25, 2013 Share Posted February 25, 2013 Just because you get approved for that amount doesnt mean anyone is twisting your arm to take it! We been approved for $850,000 but are not stupid enough to mortgage ourselves up that amount. Well said AJ. Just because you theoritically can buy something does not mean its a smart buy. My bank (not the calculator which is not even worth using for guidance) gave me a figure of $8 to $9m and I laughed as I ran for the door. Link to comment Share on other sites More sharing options...
Guest chris955 Posted February 25, 2013 Share Posted February 25, 2013 Point Cook is a brown, flat featureless area and I can imagine few worse places to live. Link to comment Share on other sites More sharing options...
Guest chris955 Posted February 25, 2013 Share Posted February 25, 2013 Just because you get approved for that amount doesnt mean anyone is twisting your arm to take it! We been approved for $850,000 but are not stupid enough to mortgage ourselves up that amount. Of course that is obvious but if you have acbank telling you that the full amount is well within your budget many will take full advantage and buy their big McMansion in some nondescript estate. Link to comment Share on other sites More sharing options...
Sustain Posted February 25, 2013 Share Posted February 25, 2013 Caroline springs? Sunshine? Hastings? Link to comment Share on other sites More sharing options...
Guest chris955 Posted February 25, 2013 Share Posted February 25, 2013 Caroline springs?Sunshine? Hastings? Yes, also on the list of places to avoid. Link to comment Share on other sites More sharing options...
starlight7 Posted February 25, 2013 Share Posted February 25, 2013 Apparently Point Cook is quite a good place to live these days with a lot of young people and young families. The main problem is the road congestion. Personally I wouldn't want to live there but I can see why people would- especially as there is quite a good community spirit there now. Link to comment Share on other sites More sharing options...
lucyk Posted February 26, 2013 Share Posted February 26, 2013 I have relatives in Point Cook and had wondered why the house prices seemed so reasonable in comparison with other areas. I thought maybe the job opportunities were poor. Link to comment Share on other sites More sharing options...
Petals Posted February 26, 2013 Share Posted February 26, 2013 Pluses for Hastins Buy in the right area and there are some very nice estates there. Avoid living near Westpark Has all the facilities as its an old town Nice Marina Lovely Dog Walking area on the Bay Pelican Park Swimming Pool is fab especially for the little ones. Pier for walking on Train Station Good pubs Nice cafes The Boardwalk over to Crib Point Good Library Coles, Woolworths, IGA, KMart, Bunnings My mum lives in Hastings has done for the last six years she moved there because it has all the facilities, its flat and she can get out and about. She is 94. A lot of older people have moved there for the same reasons and there are lots of nice townhouses and units. Good private schools are close by. Beaches are lovely on Westernport. Downside of Hastings Cannot get on a Doctors List and need to go to Crib Point, Balnarring or Somerville. Westpark Type of property on sale http://www.realestate.com.au/property-house-vic-hastings-112635587 http://www.realestate.com.au/property-house-vic-hastings-113028379 The problem for new arrivals is that people are so focused on buying in a good quiet area that when they live there its a boring as b............. sh................ Also there is no-one around. Areas with a cross section of the community and older areas have more going on, good and bad, but its life and living and for someone who knows no-one, not working and no car as oh has it for work its demoralising and leads to total unsatisfaction. People would do well to look at areas like Frankston, South Frankston, old areas with every amenity and transport at their finger tips. Even other areas close to the city like Ascot Vale and Pascoe Vale, Ringwood, Glen Waverley, Dingly Village these areas are the areas where people have lived for a very very long time and there is life in these suburbs. The Mornington Peninsula has new housing but the base is old and established. So the facilities are here, makes such a difference. Edithvale, Chelsea, Bon Beach, Patterson Lakes all based on very old suburbs with transport and facilities. Leave the new alone and settle in the old and once established think on maybe a new house. Link to comment Share on other sites More sharing options...
AJ Posted February 26, 2013 Share Posted February 26, 2013 Of course that is obvious but if you have acbank telling you that the full amount is well within your budget many will take full advantage and buy their big McMansion in some nondescript estate. Everyone knows what they earn and if people are stupid enough not to be able to work out that they can afford the big mortgage payment but nothing else then its their problem if they cant - shouldnt just keep blaming banks for offering it! Just because someone tells you that you can have something doesnt mean you have to take it! Link to comment Share on other sites More sharing options...
AJ Posted February 26, 2013 Share Posted February 26, 2013 I have relatives in Point Cook and had wondered why the house prices seemed so reasonable in comparison with other areas. I thought maybe the job opportunities were poor. There is not a lot of work in Point Cook apart from shops. It is mainly a huge housing estate with a shopping centre. You would need to travel to work Link to comment Share on other sites More sharing options...
Steve99 Posted March 8, 2013 Share Posted March 8, 2013 Caroline springs?Sunshine? Hastings? I know 2 of these places very well. Hastings is ok, near the sea but no beach, just mangrove swamp overlooked by some oil refinery thing. However close to lots of good beaches etc and Mornington pensinsula. New freeway 10kms away gets you to city somewhat quicker than previously. Not too scummy unlike many cheaper suburbs. Good swimming pool/gym type of place and bike riding tracks etc. Sunshine is a 100% toilet suburb, full of drug addicts (methadone chemist near bus station), drunks, tribal gangs etc etc, have witnessed violence several times when changing transport here over the last year or so, not nice at all. Crap housing and schools to add to the mix. Closer to the city than Hastings though. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.