duffer34 Posted April 13, 2015 Share Posted April 13, 2015 Having left the UK in 2008 having worked for a leading property developer I cant help but think that there is a big correction on its way. The price of housing in the major cities is a concern, housing is a basic requirement not a money making mechanism!!! $1million gets banded about like is a fair price - by the way its not!!!! believe me its sky high and the quality of build isn't great. Debating on a return to the UK as it seems like earning $150,000K a year doesn't allow you to save up for a house and with the childcare and general living costs. Is anyone else thinking the same as me, don't get me wrong Oz is amazing but the prices are getting out of control and is need addressing. There is a reason they call it a "housing buble" and we all know what happens with bubbles!!!!! Look forward to hearing what other peeps think Cheers Link to comment Share on other sites More sharing options...
Shellybingobingo Posted April 13, 2015 Share Posted April 13, 2015 Oh hello , where have you been hiding lmao .....no **** Sherlock ! Link to comment Share on other sites More sharing options...
beach pig Posted April 13, 2015 Share Posted April 13, 2015 We left the uk in 2008 when the crash happened, and I reckon the writing is on the wall for a property crash here.one reason we are cutting our losses and moving back before its too late. Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted April 13, 2015 Share Posted April 13, 2015 A lot of rentals around at the moment, a real indicator of what's going on if you ask me. Slow down not a recession, so many houses being purchased over renting here in WA at least. It's times like these that sorts out the Jones's from the realities:wink: Link to comment Share on other sites More sharing options...
Gbye grey sky Posted April 13, 2015 Share Posted April 13, 2015 There certainly seems to be a lot more positivity in the UK than I have noticed for a while. The sun is shining and the temperatures are rising which certainly helps the mood too. But then the south east of England is always more recession-proof and is now riding a wave - cannot speak for the rest of the UK. There is also a major housing bubble looming though in the south east of England. We had our house valued 2 years ago when we were planning the move and have just secured a buyer for 30% more than the 2013 value (which is ludicrous!). When interest rates head north - as they inevitably will - there will be a lot of pain for some. If you reckon that house prices in Melbourne are unsustainable and it is a bubble that will burst then carry on renting and only consider buying when you reckon it hits the bottom. With all economic cycles there are winners and losers (I have been both as lost out big time in the late 80's/early 90's). As long as you can keep your job you can place yourself to gain from a downturn. Link to comment Share on other sites More sharing options...
davlap Posted April 13, 2015 Share Posted April 13, 2015 The big problem is that house prices going up attracts investors. More investors higher prices. People who can't afford the prices have to rent, raising rental price and yield - so more investors !! Add the ridiculous negative gearing and what do you expect? I have worked at Coles and every other person seems to have at least one investment property. I guess they bought when prices were cheap(er). We are waiting for the bubble to pop. Interest rates rising would help, but not sure that will happen any time soon. But have been waiting for a number of years and have seen prices go up by 30% Link to comment Share on other sites More sharing options...
duffer34 Posted April 13, 2015 Author Share Posted April 13, 2015 Shelley bingo bingo - any tips for the bingo!!!! Need a bingo win to buy a house and maybe Sherlock homes to find me the best one Link to comment Share on other sites More sharing options...
Guest littlesarah Posted April 13, 2015 Share Posted April 13, 2015 House prices vary depending where you live. We manage comfortably on a lot less than $150 000, but we don't live in a capital city. Link to comment Share on other sites More sharing options...
Shellybingobingo Posted April 13, 2015 Share Posted April 13, 2015 Shelley bingo bingo - any tips for the bingo!!!! Need a bingo win to buy a house and maybe Sherlock homes to find me the best one Haha ha I used to work in a bingo hall lol ....I won 6 thousand pounds just before I emigrated ...not enough buy a house though unfortunately ! Link to comment Share on other sites More sharing options...
paul1977 Posted April 13, 2015 Share Posted April 13, 2015 Perth heading full steam into a recession. . How it will effect australia .. time will tell Link to comment Share on other sites More sharing options...
duffer34 Posted April 13, 2015 Author Share Posted April 13, 2015 Yep tough times ahead I think !!!! Still at least the coffee is great and the sun is shining Link to comment Share on other sites More sharing options...
starlight7 Posted April 13, 2015 Share Posted April 13, 2015 With the number of people constantly coming in to Melbourne can't see the house prices dropping anytime soon. Roads are getting more and more congested, schools are full - makes you wonder what jobs all these people have. Link to comment Share on other sites More sharing options...
JockinTas Posted April 13, 2015 Share Posted April 13, 2015 My husband worked in the building industry - always boom or bust. Had the good years and the stressful bad years but we just got on with it - thankfully retired now. Blind Freddy could see a recession looming quite some time ago. Link to comment Share on other sites More sharing options...
newjez Posted April 13, 2015 Share Posted April 13, 2015 A lot of rentals around at the moment, a real indicator of what's going on if you ask me.Slow down not a recession, so many houses being purchased over renting here in WA at least. It's times like these that sorts out the Jones's from the realities:wink: Perth sales are dropping, and stock on market well up. Correction is on the cards. Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted April 14, 2015 Share Posted April 14, 2015 If it's going to happen it will happen If it doesn't then it won't I guess if living in a country where it happens You have to deal/cope with it I left the UK in the middle of one (not the reason I left) lost money on house and exchange rate Buy a crystal ball if you want to know for sure Link to comment Share on other sites More sharing options...
Paul1Perth Posted April 14, 2015 Share Posted April 14, 2015 My husband worked in the building industry - always boom or bust. Had the good years and the stressful bad years but we just got on with it - thankfully retired now. Blind Freddy could see a recession looming quite some time ago. It's just predicting and getting correct when the recession is coming isn't it Jock. Everyone knows there's one coming, I'm not talking Aus, WA, US or anywhere in particular at the moment. The GFC came and went and passed us by in Aus where most of the rest of the world suffered. The UK, Europe and the US has not even got back to where they were before the GFC, even though there seems to be a more upbeat story coming out of the UK. For what reason I don't know. All the rest of our families are back there and they say it's not getting any better, least not where they live. Sure they get by, have to don't you. IMO there's another GFC coming as the people that caused the first one are still running the show and they've changed nothing. House prices are way out of reach of first time buyers in the UK, just like they are here. My niece is still waiting for there place to get back to what it was worth before the GFC. They were one of the last ones to get a 100% mortgage with interest only repayments, then had 3 kids so the house is no longer big enough, the banks wouldn't lend them anymore for another mortgage so they had an extension on the place they are in. They probably owe more now than when they bought the place and can't see a way forward. They are both teachers so aren't likely to be getting a big jump in salary anytime soon. If anyone thinks it's a good idea to sell up here and go back to the UK, just for financial reasons, good luck to you but it's a gamble. Link to comment Share on other sites More sharing options...
newjez Posted April 14, 2015 Share Posted April 14, 2015 If it's going to happen it will happen If it doesn't then it won't I guess if living in a country where it happens You have to deal/cope with it I left the UK in the middle of one (not the reason I left) lost money on house and exchange rate Buy a crystal ball if you want to know for sure Although sometimes it's pretty obvious. The thing is, if you were toying with the idea of leaving, it's easier while houses are still selling. The best time would have been when lady rainicorn did it. We haven't reached the worst time yet. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted April 14, 2015 Share Posted April 14, 2015 IMO there's another GFC coming as the people that caused the first one are still running the show and they've changed nothing. House prices are way out of reach of first time buyers in the UK, just like they are here. My niece is still waiting for there place to get back to what it was worth before the GFC. They were one of the last ones to get a 100% mortgage with interest only repayments, then had 3 kids so the house is no longer big enough, the banks wouldn't lend them anymore for another mortgage so they had an extension on the place they are in. They probably owe more now than when they bought the place and can't see a way forward. They are both teachers so aren't likely to be getting a big jump in salary anytime soon. You are being somewhat contradictory here. Leaving aside massive regional variations for house prices in the UK first you are saying it is bad news that house prices have stagnated since 2008 which is a bad thing then you are implying that they need to come down because house prices are too high. I don't know who was more idiotic really. The banks for lending 100% (or even 110%) on homes or people who took those mortgages on. Why do people over-reach themselves? Presumably the people involved had never heard of the concept of saving. I fear we are backsliding a little to poor lending practices now that house prices are rising again - how soon people forget. Link to comment Share on other sites More sharing options...
HelensvaleHoward Posted April 14, 2015 Share Posted April 14, 2015 The thing is, if you were toying with the idea of leaving, it's easier while houses are still selling Where we live houses are selling pretty quickly We've had so many fliers asking if we would be intersted in selling as they have clients waiting for our area We haven't reached the worst time yet Again crystal ball time who know's for sure Are you in UK? I get so confused with all those who post from the UK and not moving to Aus Link to comment Share on other sites More sharing options...
Paul1Perth Posted April 15, 2015 Share Posted April 15, 2015 You are being somewhat contradictory here. Leaving aside massive regional variations for house prices in the UK first you are saying it is bad news that house prices have stagnated since 2008 which is a bad thing then you are implying that they need to come down because house prices are too high. I don't know who was more idiotic really. The banks for lending 100% (or even 110%) on homes or people who took those mortgages on. Why do people over-reach themselves? Presumably the people involved had never heard of the concept of saving. I fear we are backsliding a little to poor lending practices now that house prices are rising again - how soon people forget. I'm not contradicting myself. They were too high in 2008, they were too high way before that. They have stagnated in some parts of the country and are still too high for most forst time buyers to get on the market. I thought they were too high when we emigrated in 92. We had our house on the market for 50,000 and two couples, both working, no kids, wanted it. They couldn't get a mortgage. The banks have just extended their lending practices and created problems for everyone, including themselves. Link to comment Share on other sites More sharing options...
akiralx Posted April 15, 2015 Share Posted April 15, 2015 Are you in UK? I get so confused with all those who post from the UK and not moving to Aus Agreed - I wish people would specify under 'Location' - though I'm not sure where Helensvale is... I'm inferring Australia? :rolleyes: Link to comment Share on other sites More sharing options...
newjez Posted April 15, 2015 Share Posted April 15, 2015 Where we live houses are selling pretty quicklyWe've had so many fliers asking if we would be intersted in selling as they have clients waiting for our area Again crystal ball time who know's for sure Are you in UK? I get so confused with all those who post from the UK and not moving to Aus I've lived in Perth most of my life. I've seen many recessions. I've never seen one as predictable as this, and I've never seen Perth so vulnerable before. But at the end of the day, it's just a recession. No reason to leave. But if you were thinking of leaving, you would be in danger of being trapped. Not sure if you are being ironic there? Estate agents always do this. More so in a bad market. But isn't helensvale in Queensland? Different markets. Link to comment Share on other sites More sharing options...
Parley Posted April 15, 2015 Share Posted April 15, 2015 Some people on here have predicted 8 of the last 3 recessions. There hasn't been an official recession for about 30 years has there ? Link to comment Share on other sites More sharing options...
Gbye grey sky Posted April 15, 2015 Share Posted April 15, 2015 Some people on here have predicted 8 of the last 3 recessions. There hasn't been an official recession for about 30 years has there ? If you consistently maintain there is going to be a recession eventually you will be right. Then you have to hope that everyone forgets that you had been forecasting it every year for the past 10. Similar to the people who predict the upcoming season and always make the same prediction every year. Sooner or later they will be right. Link to comment Share on other sites More sharing options...
bristolman Posted April 15, 2015 Share Posted April 15, 2015 It's just predicting and getting correct when the recession is coming isn't it Jock. Everyone knows there's one coming, I'm not talking Aus, WA, US or anywhere in particular at the moment. The GFC came and went and passed us by in Aus where most of the rest of the world suffered. The UK, Europe and the US has not even got back to where they were before the GFC, even though there seems to be a more upbeat story coming out of the UK. For what reason I don't know. All the rest of our families are back there and they say it's not getting any better, least not where they live. Sure they get by, have to don't you. IMO there's another GFC coming as the people that caused the first one are still running the show and they've changed nothing. House prices are way out of reach of first time buyers in the UK, just like they are here. My niece is still waiting for there place to get back to what it was worth before the GFC. They were one of the last ones to get a 100% mortgage with interest only repayments, then had 3 kids so the house is no longer big enough, the banks wouldn't lend them anymore for another mortgage so they had an extension on the place they are in. They probably owe more now than when they bought the place and can't see a way forward. They are both teachers so aren't likely to be getting a big jump in salary anytime soon. If anyone thinks it's a good idea to sell up here and go back to the UK, just for financial reasons, good luck to you but it's a gamble. I can only comment as someone living in the UK, the reason there are many upbeat stories coming out of the UK is because things generally are much more upbeat. Most people we know seem to be much more positive. The cost of living is actually falling, measurably and people are generally better off. Of course that doesn't apply to everyone everywhere. Link to comment Share on other sites More sharing options...
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