Guest George Posted September 21, 2006 Share Posted September 21, 2006 Hi All, I'm seeing quite a lot of press lately around both US and Australian house price drops, particulrly in Sydney (west). It is staring to look quite bearish. ':shock:' The enclosed link is only one of a number I have seen. http://www.smh.com.au/news/national/housing-crash-puts-sellers-in-debt-crisis/2006/08/20/1156012414995.html Assuming I can sell my own house in the UK before any downturn, I'm seriously giving some thought to renting in Aus. for a couple of years before buying. Any views? George Link to comment Share on other sites More sharing options...
Guest Fraser Posted September 22, 2006 Share Posted September 22, 2006 There a many really good reasons for renting for teh first year... not least is getting the chace to get to know teh place (and having time to choose a suburb). ...but yup...Syndey house prices have been red-hot for too-long know, and are well-overdue for a correction.... and Perth's too. Vic, SA, Tas are no affected quite as much Link to comment Share on other sites More sharing options...
Guest IanL Posted September 23, 2006 Share Posted September 23, 2006 Sydney is a big place. Most of the 'bargains' that you're reading about are not (I suspect) in an area you'd want to live in. Link to comment Share on other sites More sharing options...
Guest choobs Posted September 23, 2006 Share Posted September 23, 2006 Sydney is a big place. Most of the 'bargains' that you're reading about are not (I suspect) in an area you'd want to live in. Aye - there's a thriving gang culture in some of the western suburbs (or so I've read) - possibly not the best place to go. Mined ewe, I'm coming from Scotland so I'm sure it wouldn't be too different ;-) Choobs Link to comment Share on other sites More sharing options...
Guest IanL Posted September 23, 2006 Share Posted September 23, 2006 Aye - there's a thriving gang culture in some of the western suburbs (or so I've read) - possibly not the best place to go. Mined ewe, I'm coming from Scotland so I'm sure it wouldn't be too different Wink hehe you'll be right then Choobs. It's not just the gangs (although to be fair the real gang trouble is further out than St Clair, I think, although the furthest west I've ever lived is Lane Cove! ) its the infrastructure, distance for commuting, services etc. It's the same anywhere, pay more rates and get better services. I would say though if you're in the investment market (and can wait quite a while for the capital gains to be realised) there are some bargains out west. Article in last Sunday's herald about a one bed unit in Cabramatta (now that is a bad place) that sold for $265,000 in 03 and just sold for $95,000 two weeks ago :shock: Link to comment Share on other sites More sharing options...
Guest itchyfeet Posted September 25, 2006 Share Posted September 25, 2006 PLEASE let this happen in Brisbane as I haven,t bought yet. Link to comment Share on other sites More sharing options...
Bod Posted September 25, 2006 Share Posted September 25, 2006 I WAS WORKING FOR A GUY IN THE MORGAGE INDUSTRIE A FEW MONTHS AGO HE TOLD ME THE HOUSING MARKET IN AUS WOULD BOMB (THE WORD HE USED) SEEMS THAT HE WAS RIGHT. MAYBE GREAT FOR US BUT REALLY FEEL SORRY FOR THE POOR SODS WHO IT'S AFFECTING. I FEEL THE SAME COULD HAPPEN HEAR AGAIN. JOHN Link to comment Share on other sites More sharing options...
Guest spray21 Posted September 26, 2006 Share Posted September 26, 2006 I have to selfishly echo itchyfeet - let it keep happening! The more their prices crash, the better house we can buy once we're there. Terrible for those involved, but these things happen - it would be great to be on the receiving end of the bargains! Link to comment Share on other sites More sharing options...
Guest IanL Posted September 26, 2006 Share Posted September 26, 2006 I have to selfishly echo itchyfeet - let it keep happening! The more their prices crash, the better house we can buy once we're there. Terrible for those involved, but these things happen - it would be great to be on the receiving end of the bargains! As I say Spray it depends wherein Sydney you intend to settle. Nothing is happening with house prices in Eastern Subs and North Shore (units are falling a bit but houses aren't) out west is a different story but then it's different world out there :wink: I can't say I have much sympathy. Most of it is happening through greed and a lack of planning. Aussies have such an 'investement property' mentality that clearly a lot of people are over committed. Plus a lot of mortgagee sales are coming about because people really didn't sit back and consider their financial position. Loads of people borrowed stupid money with no, or minimal deposit (which also meant they had to pay bank mortgage insurance). Without generalising too much I think a lot of people in trouble simply don't understand the concept of interest rates, contracts and future proofing financial commitments etc. Lots of people can buy a propert here, not evryone should however. We made more net gain on our savings than any net gain we could have made on a ppropriate property we could have bought in Lane Cove in the last 3yrs, and we are very happy, because when we do decide to buy we'll walk in with a large deposit and minimal mortgage (if any). Sometimes it just takes patience to work what is approrpiate. Aussies aren't terribly patient though. Proof of that is in our soaring credit card/store card and personal loan debt rates. They are truly shocking because nobody wants to save any more. Guess I'm old fashioned :oops: 8) Link to comment Share on other sites More sharing options...
Guest Pasty Posted October 6, 2006 Share Posted October 6, 2006 Hi We have just moved to Sydney and bought a house in Beaumont Hills which is North West, house prices have taken a dive but the area we bought in is still boyant. We happened to get a bargain cos the lady selling was on a bridgeing loan and needed to offload asap! If you have enough deposit money and don't get a big mortgage, can't see that it should be a real issue. Perth houses prices are now more than Sydney from what I can see. Jackie Link to comment Share on other sites More sharing options...
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