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House Price Crash Forum


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About pepto

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  1. Just bringing this one back to life...the housing market here in Brisbane is going absolutely insane, likely 10% increases over a 6 month period in some suburbs within 10km of the city. I bought in September but I have friends now looking to buy and are struggling. Look at this place about 8km from the city for approx. 530k GBP. Basically a 2 bedroom shack with asbestos walls and ceilings. And you have to remember that Brisbane isn't a 'big' city with a lot going on...it's crazy. https://www.realestate.com.au/sold/property-house-qld-tarragindi-136140586 Still a long way behind
  2. Just to bring this one back from the dead... I was really close to buying a place here in Oz recently. Signed a contract in early March before the corona virus seemed to be a major global issue and then pulled the plug 2 weeks later on the finance clause. I managed to get a 2.19% fixed mortgage for 3 years but would have been spending 28% of take home salary on the mortgage (30 years!) and worst case scenario would have had less than 10k pounds in the bank as a cusion if things went FUBAR. In the end the uncertainty caused me to back out...the market is at an all time high and undo
  3. Not sure about them being Chinese but we are certainly seeing a bit of mini boom in the Brisbane suburbs that I am looking at (mostly within 10kms North or West of the CBD). Lots of houses selling in less than a week for $25-50k over the asking price and the feedback from the agents is that while there are a lot of families trying to buy at this lower 'entry level price' of around AUD700k/ GBP 390k (which seems unbelievable for a city the size of Brisbane...how did we ever get here?) investors are now flooding back into the market because the cash rate is so low they are better off putting the
  4. https://www.businessinsider.com.au/chinese-buyers-are-getting-ready-to-flock-back-into-australias-cheap-property-market-with-one-city-emerging-as-their-clear-favourite-2019-9 Apparently the devalued AUD is making Australian houses 11% cheaper for Chinese investors and so they are going to flock back into the market. I think that this is a bit hyperbolic...certainly in the business I work in I have seen Chinese companies really struggling to get cash out of the country.
  5. Yep, I am in Brisbane and life is pretty good. My sister moved over to Sydney 3 years ago and loves it compared to London. She rents in Double Bay, lives right by the beach and has been lucky to find a great job earning over GBP 60k. I think that when she gets a bit older and tries to settle down the realisation that she will only be able to afford to buy somewhere way out in the Western suburbs where life is a lot different and the commute to work will be hell. I think that this is likely the case for most families that move over from the UK...but for many the sunshine and swimming pool
  6. I agree with all that you say here. To address your last paragraph, in my case, working as a supplier to the oil and gas industry my options in the UK were Aberdeen (no thanks, even grayer, wetter and depressing than Wales where I am from) or where I was based in London (way too expensive and we had to have 2 salaries to afford rent on a one bed flat in Ealing). Moving over here effectively doubled my salary and we have been able to start a family and live in a 3 bed house with an easy commute to the city. Lots of Brits have the same experiences in other industries but wherea
  7. And here is more bad news for the economy...0% inflation. Increased the risk of a rate cut now? https://www.abc.net.au/news/2019-04-24/inflation-rate-of-zero-not-as-good-as-it-sounds/11043100
  8. Happy Easter all. Just an update from my side about the house I was trying to buy. After the property had been in the market for 6 months I made an offer $50k below the new 'discounted' asking price and was refused. Over the next month I gradually increased up to my maximum of $20k higher than that and had had the agent calling me every day trying to squeeze me a bit more. I held tight and after checking today I can see that the property has been taken off the market. Things are still falling here in Brisbane and I feel that even though nice houses in extremely sought after areas are
  9. Yes, it is very expensive over here. I would say that other than housing the general cost of living is similar to London. Also right about the commute...most Aussie's don't want to live so near the city, want a large block of land with lots of outdoor space and a pool etc. and don't mind travelling for an hour to get to work. They are quite happy to live their mundane lifestyle in their own back yard with trips to Bunnings (think B&Q) and the nearest Westfield shopping mall for their weekly (non) cultural fix and social interaction. Brisbane is actually a very beautiful city and
  10. I now have pre approval for the mortgage and the estate agent hasn't had any offers in the last 6 weeks...but it seems that the Australian economy is imploding at a faster and faster rate. I mean even with all the Brexit madness going on the pound is still at a 12 month high because everyday there is more shit news about the economy. With that said we have been online looking at houses and have been to see about 6 other places in the last 2 weeks and everything in our price range is absolutely terrible. Even though I have been waiting for this moment for so long I don't think we can
  11. Been with the same company for 8 years (3 years in the UK and now 5 years over here). We are a major supplier to the oil and gas industry and I am the most senior sales person at the moment with possibilities to become management in the next 5-10 years. The industry is looking good and we are in a strong position so I feel relatively secure. Salary is very good too and I get an annual bonus on top of that. I know what you mean about jobs though, my wife hasn't worked since we left the UK (we have had 2 kids in that time) but I think that the search will be hard. We were in Ade
  12. Population growth? Inner Brisbane population has grown by 2% a year since then and the majority of new housing would have been apartments near the city and townhouses. Well, nothing over here seems like fair value, I cannot imagine how it is in Sydney. I initially set a max budget of $550k but then found that we would need to be 25km out of the city and have a very long commute.
  13. Yes, it is a pity but Brisbane hasn't seen anywhere near the price increases that Sydney an Melbourne have and so falls would be less- Plus, the asking price is 'only' 18% higher than what it sold for in Feb 2007 and so it has already fallen from peak. That is what I will keep telling myself as I make the offer anyway... Spent hours more looking online at different places today and after about a year of viewing houses this really is the only one that we like the layout of that is anywhere close to our price range.
  14. This is the suburb data- https://www.propertyobserver.com.au/finding/location/suburb-data/4561-windsor-qld.html Average house price is around $800k...and would likely be free standing on a block of land at least double (400-600m2 vs 200 for the one I am looking at). None of the houses that I have seen selling recently under a million would have the internal space though. Initially she didn't want to buy anywhere because of how expensive things are but now she is fed up of renting and really wants to get our own place. This house will suit us for years, I would
  15. I am in a bit of a bind at the moment...maybe some of the posters in this thread could chime in? Been reading on here from probably around 2007 and since then have moved from Japan back to London and then out to Adelaide and eventually up to Brisbane where we currently live. I have been waiting for 'the big one' for years and while prices are falling steadily in Sydney and Melbourne up here the market is more stagnant than anything. There are still lots of town houses around here being snapped up for $600-650k but we are seeing prices come down a bit and property on the market for lo
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