Guest Aldo Posted October 20, 2010 Share Posted October 20, 2010 Well, whatever happens, I say good luck to him. Fortune favours the brave. Link to comment Share on other sites More sharing options...
Peach Posted October 20, 2010 Share Posted October 20, 2010 Well, whatever happens, I say good luck to him.Fortune favours the brave. Absolutely, with the benefit of hindsight I'd have bought up loads of houses back in 1999. I really hope he proves me wrong (especially as my own house - which I'm not planning to sell for a few years - will be worth a lot more if he is right!). Link to comment Share on other sites More sharing options...
Guest Aldo Posted October 20, 2010 Share Posted October 20, 2010 Absolutely, with the benefit of hindsight I'd have bought up loads of houses back in 1999. I really hope he proves me wrong (especially as my own house - which I'm not planning to sell for a few years - will be worth a lot more if he is right!). OK,,, good luck to you too :wideeyed: Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 20, 2010 Share Posted October 20, 2010 OK,,, good luck to you too :wideeyed: No luck in it as my real name is Dr who. Link to comment Share on other sites More sharing options...
Peach Posted October 20, 2010 Share Posted October 20, 2010 You can keep your sonic screwdriver to yourself! :biggrin: Link to comment Share on other sites More sharing options...
mickyb Posted October 20, 2010 Share Posted October 20, 2010 It is a good time to buy now ,if you can get 85% on repayment mortgage that's not too bad but interest only you should be well over at the moment as interest rates will rise , maybe not for a couple of years but house prices aren't going anywhere either in that time . I turned a house into two flats 3 years ago and they were valued at 105 each , completed just as Market crashed .now estate agents told me 70 each ! But low interest rates mean I'm making ok on rent so not too bad if I hang on . But I really wish I'd bought now !my financial adviser reckons 8 years before they reach that figure again ! Link to comment Share on other sites More sharing options...
Nick and sez Posted October 20, 2010 Share Posted October 20, 2010 But apart from localised pockets UK house prices don't seem to be falling either : BBC NEWS | In Depth | UK House Prices | Overview very true, i live on the south coast and in my town the prices have remained stupily high caused by estate agents greed:mad: if you have cash or no chain at the moment you can get a lot for your money, probaly a bigger house than in certain parts of OZ, i live 10 mins from the beach and £300,000 would buy a four bed detached house 400 yards from the sea... The prices are staring to fall now thank goodness, also because of our cheap interest rate it has never been a better time to buy unless you may lose your job in the coming months....:realmad: It now works out that i would be better off staying here and getting a good house for my cash than emigrating to OZ because of the Strong dollar for the forseable future.... Link to comment Share on other sites More sharing options...
Nick and sez Posted October 20, 2010 Share Posted October 20, 2010 Yep, just wouldn't be doing it on UK property in the present climate.:biggrin: Prices are coming down an its a buyers market if you have the money and are not in a chain you can look at a pad and knock off £30,000 in a blink of an eye.... There has never been a better time to buy.. I however am tryin to sell which is not that good:biglaugh: when i drop the ping pong balls tonight i am going on a house buying spree...:biglaugh: But as Kirk and co said, there are high rental prices at the momemt so youre rent would pay you mortage repayment etc and still put cash in the bank..:idea: Link to comment Share on other sites More sharing options...
Peach Posted October 20, 2010 Share Posted October 20, 2010 But as Kirk and co said, there are high rental prices at the momemt so youre rent would pay you mortage repayment etc and still put cash in the bank..:idea: Opposite is true where I am, plenty of rental stock and low interest rates makes for comparitively low rental yields.. Link to comment Share on other sites More sharing options...
Nick and sez Posted October 20, 2010 Share Posted October 20, 2010 Where are you peach and is it warm.... sorry this wasntmeant to sound rude, i was wondering if you live in OZ as tonight here in the UK its 4 oc cheers Nick Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 20, 2010 Share Posted October 20, 2010 Prices are coming down an its a buyers market if you have the money and are not in a chain you can look at a pad and knock off £30,000 in a blink of an eye.... There has never been a better time to buy.. I however am tryin to sell which is not that good:biglaugh: when i drop the ping pong balls tonight i am going on a house buying spree...:biglaugh: But as Kirk and co said, there are high rental prices at the momemt so youre rent would pay you mortage repayment etc and still put cash in the bank..:idea: I have an ali Link to comment Share on other sites More sharing options...
Nick and sez Posted October 20, 2010 Share Posted October 20, 2010 I have an ali I agree with you mate, im stuck here on the Lovely sussex coast and house prices are too bloody high... Caused by mainly the estate agents... but as our interest rates are so low and are going to stay low for at least 2 years no more than about 1% rise it has never been a better time to buy property.... I cant seem to sell mine but i will borrow more and buy bigger for a cheaper price than 2 years ago.... So i agree, buy and rent it out, down my way everyone is trying to sell so that they will have made money, more people are selling and renting waiting for the price to drop a little more then they will buy athe house they want cheaper and watch it go back up again slowly... its simple maths and figures... there are only bad risks if the rates go straight up at least 3% ina year and by then the country will be so far in the crap that people will be giving the keys back like 15 years ago:no: Link to comment Share on other sites More sharing options...
JayBone Posted October 20, 2010 Share Posted October 20, 2010 House prices in Australia have nothing to do with the exchange rate between dollars and pounds! Using an exchange rate of 1.56/1 does nothing for you, 2.5 is more like it, which would be $413k to £165k Plus, £165k does not buy you much in the UK!! Owning a house is not a right, its not even necessary, its such an 80's maggie Thatcherism and it has crippled every family in Britain! Im glad i dont have a mortgage anymore, and its a ladder i dont wish to climb back onto for a long long time! I read somewhere that 100% of houses in Australia are owned (effectively) by 20% of the population.....Stop being British and rent like normal Australians! maybe then you can all chill out a little! xxx Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 21, 2010 Share Posted October 21, 2010 we are in Canberra right now. after spending a some time in Sydney and Perth. no idea what the prices here are like, not staying long enough to look at it. but the house next door to the one we stayed in in perth was for sale and when we asked the landlords about it they said it was going for $6.25 million, and its just a house! its a nice house and big, but it sits on a plot of land not much bigger than my hose does. but what shocked me was the landlord saying that the land it sits on is worth $2M alone, along with most of the other houses in the area. we had a shuttle pick us up to take us to the airport and the driver was an old canadian dude who was retired from the mining game after making millions on property and he reckoned you would be looking at $1.5M for anything nearby at an absolute minimum. we were staying in City beach, an nice area i know, but its 30 mins to the city centre and thats far enough for a commute, and would be about an hor or more to where i would be looking to work. for me its not just the houses, its the general expense of the country with just about anything, even taking a $2 to the £ ratio into account. my wife and i would be looking at Earning around $200-$240K a year, a lot more than the average family i know, and we are both still concerned, not worried but just concerned about how much our expenditure would be just to have a decent life, and we have no kids! Just my thoughts everyone is different. I still like the place, but not as enthused about coming as i may have been. depennds on work at home now i think. for both of us. wife would have no problem getting a job here, already people fighting for her, and we applied for visas on my job (on CSL) so there must be jobs out there for me too! Earning that sort of salary you would probably be some of a small minority of immigrants that could afford to buy and live in City Beach. It's one of the most expensive beachside suburbs in Perth and probably the whole of Australia. I remember driving through there when we first emigrated and thinking every house was a mansion. I haven't seen anything like the houses around there anywhere in the UK. I drove through Oxshott once though and there were some nice places around there but they're not across the road from a great beach. Drive 10-15km North and you would get the same sort of house for a quarter of the price. Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 21, 2010 Share Posted October 21, 2010 The rent that can be acheived covers 85% of my repayments on both houses. I sincerely hope that it works out for you. I have a friend here who moved out cashed up. He bought a house for cash and then went on a buying spree, borrowing money and buying houses and land for development. For a while he was doing great, wasn't paying much tax as it was all negatively geared, renting out a few properties that were almost paying for the mortgages. It turned so fast nobody could believe it. House prices started dropping slightly, he had a tenant who refused to pay his rent and he had to take them to court to get them out. Took a few months and when they moved out they had trashed the house. Lost his well paid job out of the blue and all of a sudden he was in the crap. He managed to hang on to his own house, just, and now has a bigger mortgage than most. Australia bounced back pretty quick too and he wasn't out of work that long. He always explained it away by saying he had "temporary cash flow problems". He would have been absolutely fine if he had stopped at a couple of rental properties and could have probably have retired by now. He just got to the point where he couldn't see that it could go wrong and got greedy. Link to comment Share on other sites More sharing options...
Guest chris955 Posted October 21, 2010 Share Posted October 21, 2010 Crippled every family in Britain :laugh: You do realize that home ownership rates in both countries are literally identical don't you ? I only know one family that rent but they aren't here permanently. Owning a house is not a right, its not even necessary, its such an 80's maggie Thatcherism and it has crippled every family in Britain! Im glad i dont have a mortgage anymore, and its a ladder i dont wish to climb back onto for a long long time! I read somewhere that 100% of houses in Australia are owned (effectively) by 20% of the population.....Stop being British and rent like normal Australians! maybe then you can all chill out a little! xxx Link to comment Share on other sites More sharing options...
fleabo Posted October 21, 2010 Share Posted October 21, 2010 Posting this just out of interest to see how the tables turned between the two countries. Avarage house price in the UK is 165,659 (source: houseprices.uk.net) Avarage house price in Perth (I can only speak for Perth as I live here, dont know other cities) is $500,000. Using the current exchange rate of 1.56, 165,659 pounds is $258,428 aussie dollars, which would get me nothing here in Perth. It is hard to find any decent house for sale under $400,000. Welcome to Social (Im)mobility, which has been the plight of the poor for many a long year. Good luck! Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 21, 2010 Share Posted October 21, 2010 I sincerely hope that it works out for you. I have a friend here who moved out cashed up. He bought a house for cash and then went on a buying spree, borrowing money and buying houses and land for development. For a while he was doing great, wasn't paying much tax as it was all negatively geared, renting out a few properties that were almost paying for the mortgages. It turned so fast nobody could believe it. House prices started dropping slightly, he had a tenant who refused to pay his rent and he had to take them to court to get them out. Took a few months and when they moved out they had trashed the house. Lost his well paid job out of the blue and all of a sudden he was in the crap. He managed to hang on to his own house, just, and now has a bigger mortgage than most. Australia bounced back pretty quick too and he wasn't out of work that long. He always explained it away by saying he had "temporary cash flow problems". He would have been absolutely fine if he had stopped at a couple of rental properties and could have probably have retired by now. He just got to the point where he couldn't see that it could go wrong and got greedy. I have never worked on that princeable even when i set my buisiness up I would not take out a loan I just planed the idea & saved till I had the cash. I know a morgage is a loan but there are limits to how much you can save lol. Link to comment Share on other sites More sharing options...
Peach Posted October 21, 2010 Share Posted October 21, 2010 Is that the money that you claimed to no longer have on the 'moving to Oz with less that £5K' thread? Link to comment Share on other sites More sharing options...
Paul1Perth Posted October 21, 2010 Share Posted October 21, 2010 Crikey Peach, You're on the ball!! Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 21, 2010 Share Posted October 21, 2010 Is that the money that you claimed to no longer have on the 'moving to Oz with less that £5K' thread? I think that could of been the stella talking that night lol Link to comment Share on other sites More sharing options...
Guest Aldo Posted October 21, 2010 Share Posted October 21, 2010 Crikey Peach, You're on the ball!! bit scary really:eek: Link to comment Share on other sites More sharing options...
Peach Posted October 21, 2010 Share Posted October 21, 2010 I think that could of been the stella talking that night lol And therein lies the reason why I challenge your posts.. You speak like you're authorative on a subject, yet the story of your own personal circumstances (which you used as justification for others to follow your advice) change like the wind. It is impossible to sift the fact from the bull****.. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 21, 2010 Share Posted October 21, 2010 And therein lies the reason why I challenge your posts.. You speak like you're authorative on a subject, yet the story of your own personal circumstances (which you used as justification for others to follow your advice) change like the wind. It is impossible to sift the fact from the bull****.. I can assure you the bull is well & surley out to stud lol. Link to comment Share on other sites More sharing options...
JayBone Posted October 21, 2010 Share Posted October 21, 2010 Crippled in the respect that Britain lost its backbone when people started buying houses, you can't stand up for your rights by striking if you have a burden like a mortgage round you're neck! And i believe we have been screwed ever since!! You must admit that having a mortgage is the biggest life suppressor in the World!! And No, i didn't realise home ownership rates were the same, in what respect? EVERYONE i know in the UK has a mortgage, NOBODY i know in Australia has a mortgage, maybe its an age thing?? Crippled every family in Britain :laugh:You do realize that home ownership rates in both countries are literally identical don't you ? I only know one family that rent but they aren't here permanently. Link to comment Share on other sites More sharing options...
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