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pepto

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  1. 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 their money into a house and betting on some growth there. I don't normally believe a word that agents are saying but I have been keeping an eye in these markets for nearly a year now and track asking and selling prices and I am definitely seeing prices go up...I guess as the RBA keep dropping the base rate we will continue to see this happening. Unless the economy completely craps itself, unemployment goes up, consumer spending continues to drop and then who knows what will happen?
  2. 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.
  3. 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 are enough to make it worthwhile. Not very fond of Sydney at all myself I found it to be a bit grotty and very over priced. Brisbane might be a bit quiet for some used to bigger cities but it has a beautiful CBD with loads of parks and pretty much everything you need as far as entertainment gies. As long as you can afford to live reasonably close then happy days!
  4. 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 whereas I feel quite stable in my job (at least for the next 10-20 years) because Australia actually has a gas shortage for domestic usage, those who come over as plumbers, electricians, builders etc. will really be up a creek with no paddle as construction continues to wane.
  5. 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
  6. 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 still selling quickly and at high prices buyers now have a lot more choice and any houses with slight issues are hanging around a lot longer. I asked the bank to check if their valuation report had changed at all for the property I was looking at (as the original report was more than the new revised asking price) and they dropped it by $40k...this is over 3 months or so. Interesting to see where we go from here with the election coming up soon.
  7. 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 if you can afford to live within say 10km of the CBD there are lots of pretty suburbs with a bit of a neighbourhood feel to them and with decent public transport. The key is that you need to be close to the city to get anything like this and even though prices here are cheaper than Sydney and Melbourne you still don't get a lot for your money. I lucked out when I cam over here and more than doubled my salary and so am doing alright. I know a few other couples where only 1 is working though and it seems that if the household income is less than AUD 100k (GBP 55k) then things can get very tight...just like London.
  8. 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 wait any longer and I am going to make a lowball offer to start. I have my upper limit but will not even allow myself to get that high. If they balk at the low offer I will go a little higher but will have to have the will to walk away and not get carried away.
  9. 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 Adelaide for a few years and that is even worse for jobs...
  10. 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.
  11. 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.
  12. 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 not likely sell it or move as it has plenty of space for us and the 2 kids, is in good school catchment areas and is a good short commute to work. I think I will put an offer in tomorrow subject to finance which should be sorted in a week or so. Fingers crossed!
  13. 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 longer. With all of the moving around we haven't had a chance to buy but now with my 40th birthday looming we are fed up of renting and really want to buy a place. We have found a semi-detached 2 story house on a small block that is less than 5km from the city and close to good transport links. It sold 12 years ago for $550k and the owner is now asking $650k...not such a big jump considering what has happened in the property market over here. Mortgage payments would be just a little more than we are paying in rent but our savings would pretty much be gone. We have found a place that isn't crazy expensive (for inner city Australia) that we really like (most places here have shocking floor plan and layout- master bedroom coming directly off the living room???) but I am worried that we are just at the start of significant falls as the Australian economy continues to weaken. My current lease is up in 2 months and I am reluctant to sign up for another year (and $30k in rent), but at the same time I am uneasy about taking out a big loan and having hardly any savings...something that seems the norm over here where everyone is leveraged to the hilt. I do have a relatively high paying job and the missus will be able to bring is a small income once the kids are in school in 3 years, helping us pay the house off in 20 years and allowing us to rebuild savings. What say you HPC? Finally time to buy or wait another year with the expectation of further falls but the issue of finding something that ticks all of our boxes?
  14. https://amp.nine.com.au/article/bdb8952d-62b1-42fe-a8a0-2cf443596649 Once again everything in Australia is a bit different eh?
  15. https://www.corelogic.com.au/auction-results Brisbane (36%) and Canberra (39%) are also surprisingly low.
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