flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 I can imagine. If I knew I'd still want to be here in 10 years id do it but too much to see still. Maybe stay in this house another 4 or 5....see what happens. I thought you were looking to relocate Down South? Be prepared for FNQ to blow your mind away. You may even like Surfers? I wonder how you will rate Brisbane compared to Perth? Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 I remember reading a Post on here something about the Australian economy collapsing and it was slated by many people. It was based on the WA economy and housing market. The poster got a real bashing on his/her views but it seems it has now come true. So there were alarm bells but people were blinkered. Only fools rush in! I've been bashed, feathered and tarred any number of times over the past few years for my 'views' on the declining WA economy and by connection Australian. I do note a number of the Perth one hundred year economic reich believers have dissipated or modified their views. Or simply left. The boom had its up side I suppose, I mean Perth would have remained the 'branch office', without the development, (not that all development is good far from it) but at least it has the features now of a modern small sized city. The down sides though are numerous. The cost of living is way to high for the place it is. Eating out I found cheaper in Rome. Rents are happily falling, but greed was rampant over some years in the housing sector. House prices are in free fall. Some suburbs far more than the average 7% for the year. Tradies are still expensive. Often hard to get. They give some ridiculous quote and don't seem to care if accepted or not. (in instances) That will change but the housing thing replaced the economic activity of the declining resource sector boom, so another 'boom' set to fade. I'm not quite sure yet if it has been worked out just what will replace the construction boom, but don't see tourism and international students as being sufficient. Although Perth has gained from the boom, it has also lost a certain innocence perhaps. Maybe no bad thing. Depends who you talk to. We are in a colossal debt though, odd considering the magnitude of the recent boom, until you discover just how cheaply the resources were mined and profits shipped abroad to foreign shareholders and the like. I miss the ability to eat out three or more nights a week without any real concern at the cost. This was the case pre boom times. Long not the case though. People will always see what they want to or prefer to and perhaps don't have the time or are as exposed to economic irregularities as others perhaps. Others look at their own lives often built up on cheaper more easier times and apply that to today. Yet others come from even more challenging circumstances where they have never earned so much in their lives and see no wrong. Interesting world we live. Quote Link to comment Share on other sites More sharing options...
movingback Posted November 9, 2015 Share Posted November 9, 2015 The only constant in life is change. It is interesting what perspective does, however. I was browsing real estate in Perth out of interest and coming from a Sydney point of view, I actually thought things were not too excessive. I could certainly afford a nice apartment or townhouse on my (very average) salary. In Sydney - no chance. However I then look at my hometown in the UK and what wage I would expect there and Perth seems expensive in comparison! Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 I remember reading a Post on here something about the Australian economy collapsing and it was slated by many people. It was based on the WA economy and housing market. The poster got a real bashing on his/her views but it seems it has now come true. So there were alarm bells but people were blinkered. Only fools rush in! In my particular case, I don't mind in the least 'on the receiving 'end of a bashing, so to speak, as in life those that raise their heads, and mention things some prefer not to hear, will always have to endure the consequences. All in the nature of a forum and no hard feelings what so ever. But those that give it out Must be prepared to accept a rhetorical retort in return. No matter how much they disagree with a post. Don't be a Silly Billy, don't fire a salvo if can't handle a return shot. One thing I do not attest to nor accept though is an almost psychological assessment of my character by one or two rather ignorant people, that should be brought to call, over actions perceived interpretations to events long passed. Some on here take themselves far to seriously for own good I know they know who they are. Perhaps a less reticent side to personality can be revealed to put certain assumptions finally to rest? Quote Link to comment Share on other sites More sharing options...
fifi69 Posted November 9, 2015 Share Posted November 9, 2015 In Perth you can buy beachside property for a v decent price still, I'm talking 30/40 min drive time from the CBD. I could never have afforded a beachside house, anywhere in the UK, unless talking v remote areas. Quote Link to comment Share on other sites More sharing options...
Bibbs Posted November 9, 2015 Share Posted November 9, 2015 (edited) I'd been hearing about a slowdown. With me and several other family members looking to move in the near future, and reading this made me check .. In my area, average prices have gone from 650k to 640k over the last 12 months. In the girlfriends area, they have gone from 715k to 770k. But the area we want to move to has gone from 1.4m to 1.375m My Mum is looking at downsizing, and her area has gone from 2.5m, up to 2.6m, and now to just over 2.4m. So I think it's very area dependent. I've friends looking in areas that are still under 400k for houses, so it's still affordable for first timers. They are hoping to be able to keep their price the same and upgrade the areas they are looking at. Edited November 9, 2015 by Bibbs Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 The only constant in life is change. It is interesting what perspective does, however. I was browsing real estate in Perth out of interest and coming from a Sydney point of view, I actually thought things were not too excessive. I could certainly afford a nice apartment or townhouse on my (very average) salary. In Sydney - no chance. However I then look at my hometown in the UK and what wage I would expect there and Perth seems expensive in comparison! Well they certainly should be. Sydney being Australia's global and world known city housing together with Melbourne most of Australia's financial and company base. Not forgetting Perth market is in something akin to 'free fall' at the moment with no one really knows just how much further it has to fall. I'm sure one could sell up in Sydney and purchase something better in Perth. Saying that it is still very expensive around here. Houses, renovated go for 900,000 upwards. 1.2 million not uncommon. Besides being near to the city it is hard to find where the value is to be found. A bit further out in say Dianella, I know a woman that recently purchased a town house for a little over $400,000. Not too bad. It wouldn't suit me as there is a need to drive everywhere. But besides that pretty decent. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 I'd been hearing about a slowdown. With me and several other family members looking to move in the near future, and reading this made me check .. In my area, average prices have gone from 650k to 640k over the last 12 months. In the girlfriends area, they have gone from 715k to 770k. But the area we want to move to has gone from 1.4m to 1.375m My Mum is looking at downsizing, and her area has gone from 2.5m, up to 2.6m, and now to just over 2.4m. So I think it's very area dependent. I've friends looking in areas that are still under 400k for houses, so it's still affordable for first timers. Asking price is of course rather different from the accepted purchase price. Often a substantial amount can be knocked off the asking price, depending on how serious the vendor is in selling. Most areas have seen a downturn. Still more to come so no hurry to buy I'd suggest. Quote Link to comment Share on other sites More sharing options...
Bibbs Posted November 9, 2015 Share Posted November 9, 2015 Asking price is of course rather different from the accepted purchase price. Often a substantial amount can be knocked off the asking price, depending on how serious the vendor is in selling. Most areas have seen a downturn. Still more to come so no hurry to buy I'd suggest. These prices are completed sales I believe. But I'm not selling, and in no rush to buy. The places i like would need a 90% reduction before I'd pull the wallet out. Quote Link to comment Share on other sites More sharing options...
Parley Posted November 9, 2015 Share Posted November 9, 2015 They don't sound like meaningful moves at all other than perhaps your girlfriends area. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 These prices are completed sales I believe. But I'm not selling, and in no rush to buy. The places i like would need a 90% reduction before I'd pull the wallet out. Sensible thinking. I've been looking for awhile and have a few real estate agent contacts, (not servicing the areas I'm interested sadly) but there is a big unknown on the way. I'm very weary of 'manipulated figures' as well. Quote Link to comment Share on other sites More sharing options...
Parley Posted November 9, 2015 Share Posted November 9, 2015 What can you get for $1M over there. A nice mansion near the beach ? Quote Link to comment Share on other sites More sharing options...
Bibbs Posted November 9, 2015 Share Posted November 9, 2015 They don't sound like meaningful moves at all other than perhaps your girlfriends area. And I think that's slightly weighted by the number of new builds where a small bungalow was knocked down, and now a massive double story is on the market. Quote Link to comment Share on other sites More sharing options...
Bibbs Posted November 9, 2015 Share Posted November 9, 2015 (edited) What can you get for $1M over there. A nice mansion near the beach ? Depends on the area. http://www.realestate.com.au/property-house-wa-cottesloe-120752365 http://www.realestate.com.au/property-house-wa-two+rocks-119741455 Edited November 9, 2015 by Bibbs Quote Link to comment Share on other sites More sharing options...
fifi69 Posted November 9, 2015 Share Posted November 9, 2015 I think us poms get a bit bedazzled when people talk of homes costing 1 million or more. we got offered a mortgage of 1.3 million, just over a year after arriving. My jaw dropped. Didnt take them up on their offer, more than happy with our less than $500, 000 property. Even now, having being in Perth a few years, I wouldn't buy a metro property with no land for that money. Would rather buy rural, with lots of land, have a menargie of animals and yet still be closer to the beach. Quote Link to comment Share on other sites More sharing options...
Bibbs Posted November 9, 2015 Share Posted November 9, 2015 I think us poms get a bit bedazzled when people talk of homes costing 1 million or more. That's only 500k GBP at the current exchange rate. It's not that massive, especially when you are coming from the home counties. Quote Link to comment Share on other sites More sharing options...
Parley Posted November 9, 2015 Share Posted November 9, 2015 Hmmm. Maybe I should move over to Perth. Quote Link to comment Share on other sites More sharing options...
fifi69 Posted November 9, 2015 Share Posted November 9, 2015 That's only 500k GBP at the current exchange rate. It's not that massive, especially when you are coming from the home counties. Haha I know, but if like us you've moved from Yorkshire or anywhere up north. That's a lot to spend on a property. at the end of the day you buy what you can afford, or you buy somewhere, that leaves you enough to still enjoy yourself. Quote Link to comment Share on other sites More sharing options...
Parley Posted November 9, 2015 Share Posted November 9, 2015 I bought my home for $225K with a $175K mortgage in 1995. I was worried about the commitment and the large mortgage for the time. But now. House worth $1.2M and no mortgage so sitting pretty. Not gloating but just saying it can be a good investment to buy a house even if you have to stretch to a larger mortgage than you want. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 What can you get for $1M over there. A nice mansion near the beach ? It would be a rather distant beach if that price. Any of the established suburbs would far exceed that even with declining prices. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 And I think that's slightly weighted by the number of new builds where a small bungalow was knocked down, and now a massive double story is on the market. Or in the case closer to the city a fairly once considered, normal sized block to fit two or more units/townhouses on. Very 'normal' in my area. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 That's only 500k GBP at the current exchange rate. It's not that massive, especially when you are coming from the home counties. Depends on equity. I do not think prices are so cheap as once were that incoming Poms can buy a mansion. This was the case a decade plus back. Hardly the case now. At the very least it would be far out. Mind you with the ever declining dollar together with declining house prices they may well become a steal for incomers again. Perth prices remain high by world standards. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 I bought my home for $225K with a $175K mortgage in 1995.I was worried about the commitment and the large mortgage for the time. But now. House worth $1.2M and no mortgage so sitting pretty. Not gloating but just saying it can be a good investment to buy a house even if you have to stretch to a larger mortgage than you want. Well not necessary as Sydney has some of the most overpriced property in the world. It is unlikely to repeat to anything like that. And yes you are gloating but that is the nature of things. Sydney is beginning by all appearances to stall. Hopefully we'll see a rapid return to more 'normal' pricing and even if you lose half a million you'll still be well ahead. Quote Link to comment Share on other sites More sharing options...
Parley Posted November 9, 2015 Share Posted November 9, 2015 If you are buying a family home which you will live in for at least 10 years I don't think you will lose money. A short term loss will be recovered. Just buy a house on a block of at least 700 sqm and you will be fine. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted November 9, 2015 Share Posted November 9, 2015 If you are buying a family home which you will live in for at least 10 years I don't think you will lose money.A short term loss will be recovered. Just buy a house on a block of at least 700 sqm and you will be fine. Not if you buy over priced and interest rates return to a more 'normal' rate as they likely will over the time frame discussed. It can be a very heavy burden add in stalling wages and unknown demand in the years ahead. Quote Link to comment Share on other sites More sharing options...
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