After finding this forum and gleaning a ton of good stuff from experienced folk I’ve contacted a couple of brokers for finance and the figures I’ve been given so far are higher than I expected. I should have enough to finance a house and a unit, which will get me going. I like reno work so hope to save on price and do all that myself.
Location is my next challenge. I’ve been looking locally (Canberra and Queanbeyan) but no hope of cf+ there. I like Qld and have been checking out regional centers there. Mackay/Whitsundays looks ok for prices and projected demographics but I’m keeping an eye on the US and their imminent decision on sugar tarrifs as that is the big industry there, apart from tourism.
This will be my first purchase after my dual occ PPOR (1/2 of which was my home and 1/2 rented for 2 years). I’m working o/s now and will head home in May so I’m told I will have pre-approval and can do most of my hunting from here via the net. I’m hoping prices will have stabilised a bit more by then and that there’ll be a few potential CG and CF+ bargains starting to surface.
Anyway, I just thought I’d let you know where I’m up to in the process so far. There’s something about this process that sets the imagination going, don’t you think?
Where overseas are you working? I was working in San Francisco back in 1998 at the height of the tech boom when real estate prices were booming. I was paying heaps in rent for a shitty 2 bed apartment in the surburbs and had no prospect of buying a place.
I thought then that things like that could happen in Australia. We had many migrants coming to the country and the economy was pumping along.
Anyway, that experience of my time overseas gave me the incentive/knowledge to invest in property here. Learn what you can over there.
We are many years behind the States and Europe and having property today will make us the rich of tomorrow. Property prices here are not beyond the average person here compared to Europe etc. But its starting to go that way.
I’m in Sth Korea working as an English teacher. The deal is free rent, free return flight, not bad pay and low cost of living which = high saving potential. I seem to have a fair bit of time on my hands which allows me to spend it on the net as BB here is cheap and is the norm (no-one has modem connections) so I’m zipping all over the sites, less frustrating in that way but more frustrating because I’m not in Australia and can only do so much from here.
We are many years behind the States and Europe and having property today will make us the rich of tomorrow. Property prices here are not beyond the average person here compared to Europe etc. But its starting to go that way.
I totally agree. After spending a few years in England and Europe I’m guessing it’s just a matter of time before Australia follows the trend. We also seem to follow the US by 10 years or so in some trends, so maybe property is no different.
Thanks for your reply.>>We are many years behind the States and Europe and having property today will make us the rich of tomorrow. Property prices here are not beyond the average person here compared to Europe etc. But its starting to go that way.<<
There are two problems with this hypothesis:
1/The UK has the most expensive r/e in europe…but the rate of home ownership is >= the rate of home ownership here in oz. The average slob in the UK is a home owner. In the US homes are more affordable than in oz….relative to average earnings etc. Get away from NY City or LA and r/e is cheap as.
2/Do some research on future demographics…then read “conquer the crash” by Robert Prechter. Researh what happened to r/e prices in the 1930’s. There is a plausible theory that r/e could go into a long term down trend starting around the mid 2010’s.
Finally, do some research on contrarian investing….when everybody is doing the same thing, it’s time to get out!
Happy investing, AHAHAHA[}
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