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Then I be a Scot too laddie! $1.5m for 2 bedrooms? Tell 'em they're dreaming!
Crazy thing is, they'll probably get that, or close to it. It's always what the market will pay that determines the price of houses. The Sell Price. If they're listing at that price, they're likely confident they'll get it, or near enough. Or even above list price!
I just can't imagine the mortgages required these days! Scary and depressing.
It's not the market that sets the price but the bankers... People generally spend what they qualify for on a mortgage, that being determined by how much of a mortgage payment you can make...
If mortgage standards were to tighten or interest rates to go up, watch the price drop... The average house price generally goes for that the average person can get for a mortgage... Pretty simple really.
It's not the market that sets the price but the bankers... People generally spend what they qualify for on a mortgage, that being determined by how much of a mortgage payment you can make...
If mortgage standards were to tighten or interest rates to go up, watch the price drop... The average house price generally goes for that the average person can get for a mortgage... Pretty simple really.
Well australia already has the highest interest rates in the developed world.
Lending standars have changed to, not based on the equity of the house, but on the ability of the borrower to come up with the cash over the life of the loan.
Whats really going to bring house prices down is if we get a sudden unemployment problem, which we don't have at the moment.
Well australia already has the highest interest rates in the developed world.
Lending standars have changed to, not based on the equity of the house, but on the ability of the borrower to come up with the cash over the life of the loan. Whats really going to bring house prices down is if we get a sudden unemployment problem, which we don't have at the moment.
I don't see a problem, new Chinese immigrants wanting to move to Oz, there's new immigrants everywhere...
however aggressive land speculation and "house flipping" doesn't help; some of their customers do that?
I don't like it when foreign investors out bid local residents for homes and land,
making most properties unaffordable in the city someone grows up in.
Vancouver is kind of like that now.
If you are living here, I don't have a problem. High earners in China buying up Australian homes, just makes it that bit harder for those struggling to be cashed up and purchase homes in the city they live.
There is a housing shortage supply. They can't build quick enough (especially in Melbourne, where there has been a a mini population boom).
Geez, I may be wrong, but I don't think prices are like that even in Southern California, one of the most expensive places in the US. $200,000 where I live gets you a 4 bedroom house in the nicest part of town.
Geez, I may be wrong, but I don't think prices are like that even in Southern California, one of the most expensive places in the US. $200,000 where I live gets you a 4 bedroom house in the nicest part of town.
A two bedroom apartment in Sydney $600-$700,000 easily. I wanna be able to buy in US!
Geez, I may be wrong, but I don't think prices are like that even in Southern California, one of the most expensive places in the US.
I tend to agree. Even San Diego seems cheaper than what we've been hearing out of Sydney and Melbourne as far as real estate. Of course there are very posh, very expensive areas in Southern California but there seems to be far more affordable areas for regular people, from what we noticed in SD. We did a fair bit of looking there last year. We thought SD was even better value than Perth.
California's property taxes are quite high though.
Geez, I may be wrong, but I don't think prices are like that even in Southern California, one of the most expensive places in the US. $200,000 where I live gets you a 4 bedroom house in the nicest part of town.
You can't get that in Canada unless perhaps you mean Winnipeg or the Maritimes.
Most cities in Canada the average home price exceeds $300,000.
That should be a big deal, considering the Canadian, Australian and American dollar are all roughly par now.
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$1.5m for 2 bedrooms? Tell 'em they're dreaming!
