Guest the world is upside down Posted October 26, 2009 Share Posted October 26, 2009 Hi to everyone , have recently found this very helpfull site and have been reading a lot on the moving back to the uk forum. This is our situation , we have been here just under 5 years and have had our ups and downs and have probably never felt 100% settled , always feels as though something is missing. We are both in our late 30s and have decided that we would like to buy our own place and start a family. To buy in the area we currently rent in (which we both like) or close by in Perth would mean taking on a mortgage of $250000 to $300000. To go back to the Uk were both our families are we could buy a nice detatched house and be mortgage free with a little left over , admittedly no were near as nice as Perth . Would really appreciate others opinons and views , as we seem to be going around in circles at the moment Link to comment Share on other sites More sharing options...
janieco Posted October 26, 2009 Share Posted October 26, 2009 Hi to everyone ,have recently found this very helpfull site and have been reading a lot on the moving back to the uk forum. This is our situation , we have been here just under 5 years and have had our ups and downs and have probably never felt 100% settled , always feels as though something is missing. We are both in our late 30s and have decided that we would like to buy our own place and start a family. To buy in the area we currently rent in (which we both like) or close by in Perth would mean taking on a mortgage of $250000 to $300000. To go back to the Uk were both our families are we could buy a nice detatched house and be mortgage free with a little left over , admittedly no were near as nice as Perth . Would really appreciate others opinons and views , as we seem to be going around in circles at the moment Hi guys iam in the same situation but have been here 35 years, came over when i was 10. I have never settled and finally have the chance to go home. If i stay in oz then i face a mortgage due to sky rocketing market or do i make the most of the exchange rate, own a house in the u.k. and have money left over, this is further complicated in that i cant make the move perminent for another 2 years due to timing of my daughters education. If you decide to stay in oz then i would strongly recommend you DONT buy any property at the moment as the market will crash but when iam not sure, the average house price is 7.3 times the average wage and it cant be sustained. It needs to be 3 times the average wage 4 at max. what has happend in the u.k. will eventually happen here so you dont want to be paying a mortgage that may be more than the propertys value in the future. Alot of poms still there have negative equity in there homes at the moment and you dont want that. There is a misconcepyion here that we have had a reccession and are in recovery, well its simply a delay to a real reccession that hasnt even begun here. Some will beg to differ on this but 12 months down the track i think it will all start to unravel here. So maybe its a question of where you are more at peace, where do you feel the most contented when you face each new day. For me its always been the u.k. each and every day of the last 35 years so i think i have given it a fair go :wink: good luck its alot to consider and a mortgage will dictate you life style HEAPS xxxxxxxxxxxxx Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted October 26, 2009 Share Posted October 26, 2009 Hi to everyone ,have recently found this very helpfull site and have been reading a lot on the moving back to the uk forum. This is our situation , we have been here just under 5 years and have had our ups and downs and have probably never felt 100% settled , always feels as though something is missing. We are both in our late 30s and have decided that we would like to buy our own place and start a family. To buy in the area we currently rent in (which we both like) or close by in Perth would mean taking on a mortgage of $250000 to $300000. To go back to the Uk were both our families are we could buy a nice detatched house and be mortgage free with a little left over , admittedly no were near as nice as Perth . Would really appreciate others opinons and views , as we seem to be going around in circles at the moment Personally i dont think its the right time to be buying, I think the prices will start to fall soon. As for going back to the UK, You have to wonder if you would be happy there. you have already said that it would not be as nice as Perth, so do you think that you could settle there. Its a tough decision and I do not envy you at all, it all boils down to where you are going to be happiest. Is it worth having a holiday back in the UK to see if it really is what you want? Link to comment Share on other sites More sharing options...
Guest stuey Posted October 28, 2009 Share Posted October 28, 2009 I have to agree to disagree with Janieco and Srp. Australia has never had the sort of huge property busts that the UK have suffered, more than once. We bought in London in 87, watched the house go up 50% in a year then slump back to the sale price on Black Wed, and it stayed there for 6-7 years. I think the Ozzie economy is very strong right now - the banks are more stable than the UK and US, they were not into the toxic debt in the US on the same scale. The UK will turn around, eventually, but it might take time. I cannot see Australia slumping in the foreseeable future. Link to comment Share on other sites More sharing options...
Quoll Posted October 28, 2009 Share Posted October 28, 2009 I have to agree to disagree with Janieco and Srp. Australia has never had the sort of huge property busts that the UK have suffered, more than once. We bought in London in 87, watched the house go up 50% in a year then slump back to the sale price on Black Wed, and it stayed there for 6-7 years. I think the Ozzie economy is very strong right now - the banks are more stable than the UK and US, they were not into the toxic debt in the US on the same scale. The UK will turn around, eventually, but it might take time. I cannot see Australia slumping in the foreseeable future. There is quite a growing band of economists who would disagree with you - the Aus slump has been on the cards for years and recently bolstered by the FHBG and the lower than low interest rates. It is hard to see property prices maintaining that with rising (quite steeply) interest rates combined with still high unemployment rates. Economically, Aus has lagged a couple of years behind UK of late so I wouldnt be surprised to see the prices go down. There are some folk spruiking up the W curve and that wouldnt shock me in the least. Personally I find being mortgage free to be liberating and if that was in UK I would be really happy. Link to comment Share on other sites More sharing options...
caramac Posted October 28, 2009 Share Posted October 28, 2009 There is quite a growing band of economists who would disagree with you - the Aus slump has been on the cards for years and recently bolstered by the FHBG and the lower than low interest rates. It is hard to see property prices maintaining that with rising (quite steeply) interest rates combined with still high unemployment rates. Economically, Aus has lagged a couple of years behind UK of late so I wouldnt be surprised to see the prices go down. There are some folk spruiking up the W curve and that wouldnt shock me in the least. Personally I find being mortgage free to be liberating and if that was in UK I would be really happy. Absolutely right. We have always likened living in Aus to having a crystal ball. What happens in Europe/America will eventually happen here and giving mortgages up to 7 times salary is unsustainable - exactly what happened in the uk. When we first went back in 2003 we were being pushed to borrow nearly £1 million because 'You just put it on an interest only mortgage, then you can afford it'!! Thank goodness we had more sense than to follow that bit of advice! Yet I know people who are doing just that, here in Sydney right now and have calculated that they can afford a .5% rise in interest rates. Well we all know it's going to be much more than that.... Link to comment Share on other sites More sharing options...
Guest johno1 Posted October 29, 2009 Share Posted October 29, 2009 I sympathise with you. Ours is a similar situation but with a slight difference. We moved over on 1st Aug. When we were planning the move we were basing our finances on the exchange rate being 2.10 or more and so thought we would be in the same situation as in the Uk i.e. mortgage free, having sold out house over a year ago. However, as soon as we came, it all went pear shaped...if we exchange our money at the current rate, we will end up with a fair sized mortgage. Although my husband has found a job and our boys are loving life here, we are just about to decide whether to head back and buy back in the UK. I know its not all about money but it would enable us to enjoy the next few years before our boys fly the nest and will also enable us to help them through uni....such a difficult decision. Unfortunatly, due to the age of our eldest son (14) we have just a few weeks to make this decision and get him back into school ready for his GCSEs. Good luck to you all whatever you decide.... Link to comment Share on other sites More sharing options...
Guest redbrydie10 Posted October 30, 2009 Share Posted October 30, 2009 We are returning to the UK for the same reason, we have had a wonderful 2 years in Brisbane, but due to the financial crisis in the UK, can't sell and can't exchange with £ so weak. We are returning with a view that we had a great life in both countries, but being mortgage free in the UK, with free schooling (we have a great secondary school on the doorstep). Its the schooling that has really made the decision for us, paying for 2, out of 1 salary, with a mortgage here, has meant that it has been difficult to enjoy the treasures australia has to offer. I'm up for coming back and doing the grey nomad thing, once the kids have left home, and even if we have to buy a visa in our old age, I would much rather live in Australia and be warm. But for now, work,(better choice of work with blue chip corporates with the work we do) and schooling is the big pull back to blighty. Link to comment Share on other sites More sharing options...
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