Smell The Glove
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EARLIER:
Again, meet bunsen burner- the Chickenshit King of Unsubstantiated Posts.
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EARLIER:
Again, meet bunsen burner- the Chickenshit King of Unsubstantiated Posts.
Smell The Glove
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Phillip J Anderson is an economist and director with Economic Indicator Services (EIS). Given you have already quoted forecasting data, why can't others?
Nothing particular new or shocking in this article and continues to suggest that long term there will be a correction. I don't believe the fundamentals for home ownership have changed (Proportion of income), it's just a reflection of where the baby boomers are in their lives. The last 10 years they have been in their peak income bracket, the next stage will be retirement and cashing in on nest eggs. Plenty of opportunities for X&Y to capitalize on the void.
I do agree though that it's incorrect to suggest that any generation is priced out of the market, expectations need to shift. Very few people are going to be able to purchase a place down the road from their parents, that's not how the world works.
http://www.news.com.au/realestate/n...t-as-prices-soar/story-fncq3gat-1226693871245
Gen Y locked out of housing market as prices soar
Fewer than half of Australia's 24 to 35-year-olds are homeowners, with the rate of home ownership crashing from 61 per cent in 1981 to 47 per cent in 2011.
And the proportion of Australians spending more than a third of their income on mortgage repayments has jumped 20 per cent since 2006.
Established house prices have grown an average of 6.7 per cent each year over the past decade, the Australian Institute of Health and Welfare said in a new report yesterday.
I do agree though that it's incorrect to suggest that any generation is priced out of the market, expectations need to shift. Very few people are going to be able to purchase a place down the road from their parents, that's not how the world works.
http://www.news.com.au/realestate/n...t-as-prices-soar/story-fncq3gat-1226693871245
Gen Y locked out of housing market as prices soar
Fewer than half of Australia's 24 to 35-year-olds are homeowners, with the rate of home ownership crashing from 61 per cent in 1981 to 47 per cent in 2011.
And the proportion of Australians spending more than a third of their income on mortgage repayments has jumped 20 per cent since 2006.
Established house prices have grown an average of 6.7 per cent each year over the past decade, the Australian Institute of Health and Welfare said in a new report yesterday.
Smell The Glove
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It's consistent with my claims.
Smell The Glove
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You mean: Its consistent with my bullshit
If ever there was a time to not buy off the plan, surely it's now, regardless of the new grant/price markup. Not according to the top real estate agents though..
http://au.news.yahoo.com/thewest/a/-/newshome/18631153/apartments-in-suburbs-lure-first-buyers/
Apartments in suburbs lure first buyers
New apartments in the suburbs are set to become a hit with first-homebuyers, according to top real estate agents.
<Agent> predicts that entry-level buyers will increasingly choose off-the-plan apartments in a bid to take advantage of the upcoming $10,000 grant for newly built dwellings.
http://au.news.yahoo.com/thewest/a/-/newshome/18631153/apartments-in-suburbs-lure-first-buyers/
Apartments in suburbs lure first buyers
New apartments in the suburbs are set to become a hit with first-homebuyers, according to top real estate agents.
<Agent> predicts that entry-level buyers will increasingly choose off-the-plan apartments in a bid to take advantage of the upcoming $10,000 grant for newly built dwellings.
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Mark Merenda is a top real estate agent? I remember when he kicked goal of the year.
If getting a $10k grant compared to a $3k grant is your motivation for buying a new dwelling then you probably shouldn't be buying at all.
If getting a $10k grant compared to a $3k grant is your motivation for buying a new dwelling then you probably shouldn't be buying at all.
Price movements during construction. If property prices fall 10% over say the 12 to 24 months of construction, you will need to pay the original price, or lose your deposit or in some cases pay the difference between the price you offered and the price they eventually sell for. There were massive problems with the apartments on Leighton Beach, Perth with values coming down 10 to 20% and people losing a lot of money.
Delays in construction. Buildings have been put back from anywhere between 1 to 24+ months. You have locked yourself into a contract so you'll have to have a contingency plan if there are to be delays.
Things like body corporate rates and ammentiy rates are sometimes not known until completion of the building. They have the potential to blow your budget out of the water with you not having anything you can do about it. You may not even be using these ammentities but you still have to pay a whole heap of money for them.
The contract must be declared as a liability from the date you sign it. Potentially affecting loans you apply for during build
A lot of people arent aware the fittings that the apartment ultimately come with are very different to those in the brochures.
Off the plan has a "shiny / new" factor that you are paying a premium for. Think of buying a brand new car that has never left the plot over a demo car
If you're buying it as a rental be aware 80% of the apartments will be hitting the market at the same time. This means unless your apartment is very unique either a potentialy long time before your apartment is rented or having to accept a reduced rate
Expect the price to drop for about 3 years after you settle, not a real issue unless you plan to sell in that time
As you can probably see, im not a fan
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Currently looking at buying a investment property by the end of the year.
In saying that its a investment property, I plan on moving out of my current living situation in about 2 years so I could eventually move into the property I plan on buying.
What are the best websites to compare home loan rates?
Does anyone have any tips/advice?
Do you still get the first home buyers grant if its a investment property?
In saying that its a investment property, I plan on moving out of my current living situation in about 2 years so I could eventually move into the property I plan on buying.
What are the best websites to compare home loan rates?
Does anyone have any tips/advice?
Do you still get the first home buyers grant if its a investment property?
When I brought my first property 5 or 6 years ago you had to live in it for 12 months starting somewhere wuithin the first 12 months of purchase. So you could move in after 11 months and 3 weeks and then live in there for the next 12 months. If you dont, they'll ask for the granty money back down the track.
Not sure if this is still the case or not
Googles your friend
6 months now in WA.
No 1st home buyers for you. Unless you make the move with in 12 months.
May be worth considering depending on purchase price and if you guys get the stamp duty concession over there?
No 1st home buyers for you. Unless you make the move with in 12 months.
May be worth considering depending on purchase price and if you guys get the stamp duty concession over there?
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FHOG and its variants are a load of wank.
If you are eligible to get it and time the market perfectly then it's a win, but purchase decisions should not be built around whether or not you get $7k or $14k or $3k or whatever it is on a given day when you're committing to $300k+ of long term debt.
If you are eligible to get it and time the market perfectly then it's a win, but purchase decisions should not be built around whether or not you get $7k or $14k or $3k or whatever it is on a given day when you're committing to $300k+ of long term debt.
agree it shouldn't be the deciding factor but the stamp duty concession here in WA added to the 7k or 14k adds up to a fair saving.
If your eligible for it, I think it is worth considering and understanding. Buying a property just over the cut off will see you pay a fair amount more for that property than one just under the cut off point. The difference not just the purchase price.
If your eligible for it, I think it is worth considering and understanding. Buying a property just over the cut off will see you pay a fair amount more for that property than one just under the cut off point. The difference not just the purchase price.