800K utter dump, no preoperty bubble here :)

[the troubadour]

Originally Posted by hugose

People seem to forget that Sydney is a top 10 global financial centre. What do you guys suppose prices are like in NY, London, Hong Kong or Tokyo? They're bloody astronomical, higher than they are here.

Sydney is expensive which ever way you look at it.

[the troubadour]

Originally Posted by Ozgal

I think Sydney is slowing, but it is still very competitive.

The Reserve Bank came out on the weekend and said, they probably won't raise interest rates this year. Of course, this does not mean that the banks won't either

No one thinks it will last forever, but... it doesn't look like it's going to be like the states any time soon...thankfully.

To get a bank loan now, you need a hefty deposit. You need savings history, you need to show you can repay the bank. If you borrow 100%, you need mortage insurance. They have just changed a law, if your over 55 you can't borrow so much. I think the banks have woken up, a few years back they were giving loans to just about anyone.

Actually the sooner there is an end to this housing nonsense the better for most. The more it inflates the harder will be the fall.

Australia can probably not rely on immigration amoung other things to keep prices up.

[Samuel,J]

And there's still no rise in interest rates in Australia.

The important things to remember with house values (in Australia and NZ) is

1. the land value can comprise a major part of the price, sometimes all of it. People buy property and then bowl the house, and

2. Houses in neither country are not purposely built to last even a century, unlike houses in Europe.

My aunt lives in a 17thC cottage close to Brompton Ralph in Somerset (it may have even started out a cow shed ) our fourth home was a pimped-out 3 bed Victorian terrace in Solihull, complete with an elevated wooden deck and first floor glass walled gallery.

There simply isn't the performance or durability down here.

[compactspace]

Originally Posted by Samuel,J

And there's still no rise in interest rates in Australia.

The important things to remember with house values (in Australia and NZ) is

1. the land value can comprise a major part of the price, sometimes all of it. People buy property and then bowl the house, and

2. Houses in neither country are not purposely built to last even a century, unlike houses in Europe.

My aunt lives in a 17thC cottage close to Brompton Ralph in Somerset (it may have even started out a cow shed ) our fourth home was a pimped-out 3 bed Victorian terrace in Solihull, complete with an elevated wooden deck and first floor glass walled gallery.

There simply isn't the performance or durability down here.

Only days before I can cash out. I've already taken a bath on the exchange rate... though it's more a heart-wrenching 7% plunge into the Abyss of declining wealth.

(But like Homer Simpson after he dropped his bbq suckling pig, I tell myself 'it's still good!'.)

Australia's capital is concentrated in housing, which is only expensive because of artificial supply constraints and extreme job centralisation. Sydney is hilariously overpriced and people are working themselves to the bone paying gigantic mortgages in the hope of capital gains. So effing glad I'm out. What a cluster**k.