Cool..It seems tourism has suffered a lot on the coast and real estate too as a result, nothing beats the lifestyle though.. I miss walking in the rain forest at Buderim forest park with my kids and swimming under the waterfall..
TZ
Tourism is not doing too weel in general. Queensland suffered badly during the floods but we have done o.k. down here. We bought in 2010 and have just sold for 50% more than we paid, so pretty happy. Hard work to acheive that though. House prices are still falling here despite what your local realtor might tell you, although homes at the cheaper end are starting to move now. Interest rate cuts may be getting first home buyers in again. Still looking $350k plus though.
Ilove houses that’s quite an achievement in the 2012 market, congrats! We sold our 4566 property in April and from an investment perspective glad to be out of there.
TZ
Anyone that bought property anytime in the last 5 or 6 years will have lost money. The hard part is getting people to realize it and accept the new lower price or not sell at all. My home in Buderim is worth $100,000 less than when I bought it 5 years ago. The price drops haven’t been as dramatic as the US but we haven’t bottomed out yet.
llovehouses,
Can I surmize that you had real Cash equity in your home so that a drop of 100k leaves you with a value over your mortgage???
Are Ozzies at this time finding themselves "underwater" vis a vis what they owe and what the property is worth like whats has transpired in the US…
Once our decline started and then feed on itself,,, the US expierenced the "stratigic foreclosure" those who chose to walk from thier homes even though they could afford the MTG payment… the rationale being I owe 500k on this house thats worth now half of that… I can rent for half of my payments and because I am in a state that does not allow defiency judgements ( I am out of here the bank can have it) this was a huge issue in Vegas and Phoenix as well as California.
What is a banks recourse in AU to a borrower that just decides to stop paying and moves say to Georgia to start a RE spruiking company ( Just kidding) but not really…..
In simple terms… not a lot…. Jay, heard vicious rumour we are same town/same place? Can do Monday but not 12 – 3 pm…
Yes Mam will be there…
My daughter lives in Summerlin off of trop and the freeway… let me know a good place… lets catch an adult beverage I am buying … Look forward to meeting you and comparing notes.
JLH
Jay
I am fortunate in that I own my home debt free so not too concerned about values dropping as I’m not selling. Most Aussies will hang on to their homes regardless of the current value apart from the fact that the bank will still usually want what’s owing on it if you walk away.
I would agree that sourcing some people on this forum is a good start
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