Economy and Housing

[Petals]

Interesting Article on the Age web site about the suburbs where people are mortgaged up and if a slight downturn occurred houses would be lost.

 

http://www.theage.com.au/victoria/jobs-at-risk-in-melbournes-fringe-suburbs-as-economy-goes-south-20131121-2xwtf.html

 

With jobs disappearing overseas Melbourne is just behind Perth in the number of suburbs where this could occur.

[Jacaranda]

Thats the trouble of working a casual job though is'nt it?My friend who lives in Adelaide worked in a perm job.The place closed down,and all she could get was casual work.This was fine while she had work,but then she would get laid off when orders dropped/slowed down which meant sometimes being out of work for weeks.When she went to SS for help,they said she was'nt eligible for any benefits due to the fact she was'nt technically out of work.She got behind in her mortgage,and now has to sell her place.

[furkew]

they were saying the same over a year ago when house prices were looking unstable.

 

too many families have high mortgages and cant afford to lose income, otherwise they risk falling behind on mortgage payments.

 

Its an accident waiting to happen IMO, especially in the suburbs mentioned. All new builds, young families and many in trades were jobs are at risk with the downturn in the economy.

[Petals]

I think too that people want the house and land package and they are not cheap, they are not prepared to buy cheaper housing. That said the banks are at fault too because they will not lend as much for older cheaper housing.

 

Frankston is an area which has cheap good housing, all the facilities, schools, good ones and bad ones,hospital, train line, everything but gets a bad rap. The rap it gets is for a small area of the place. Most locals have been there for years and years and love it because its so easy to get around and shop and no worries about anything.

 

For example if I was going to move I would probably look at an older house in Frankston, knock it down and build a new one. A lot of people are doing this now in these types of suburbs. Why because they blocks of land are much bigger, its all established and often you can buy the house and land for less than a block of land on a new estate. Quarter acre and 800 square metres are the norm in these older suburbs and how much would you pay for land that size in a new area.

 

People have to think outside the square, do their homework, do not ask others what they think, find out for themselves.

 

Do what is right for their own budget and family. After all there is life after house, house is not that talkative, its just a house.