Features: The 1995 two-story split-level home has a two-car garage and supplemental solar power. A rear deck overlooks the secluded back yard
The Belmont Bear said
03:45 PM May 12, 2017
Santa, not sure of the point that you are trying to make as the price of a property is usually driven by supply and demand so the same home will vary in price depending on it's location. For example if you were buying this home in Sydney it would more than likely cost you $1M, in a regional city probably $600K in one of the smaller towns were people have been losing their jobs due to the downturn maybe $450K.
I think you are 100% correct there is going to be a correction in prices at least in our biggest cities as more and more people are being priced out of the market. I would be extremely concerned if I was a first home buyer trying to find somewhere to raise a family in Sydney or Melbourne at the moment. No way would I be borrowing the money being asked for in either of those 2 cities just in case I ended up in financial difficulty which I wouldn't be able to get out of by selling the property after the bubble burst.
Santa said
04:54 PM May 12, 2017
Know what you mean BB, my point is the US with a population of 300 million plus is able to provide affordable housing.
The house depicted in Hyattsville is only 6.5 miles out of Washington DC, 20 minutes.
recently purchased a 3 bedroom in queenstown Tassie for $45000, average in the street is about $70ish. This one just needs a coat of paint and a bit of tidy up.
cheers
blaze
rockylizard said
12:48 PM May 13, 2017
The Belmont Bear wrote:
Santa, not sure of the point that you are trying to make as the price of a property is usually driven by supply and demand so the same home will vary in price depending on it's location. ~~~SNIP
Gday...
For example - location and zoning will have a considerable impact ...
Rosedale is a pastoral and agricultural town 184 kilometres east of Melbourne via the Princes Highway. At the 2006 census, Rosedale had a population of 1,077.
I also agree regarding "affordability". There is going to be a considerable problem when (not if) interest rates rise by a full percentage point.
A very high percentage of both investors and home owners are highly likely to find themselves in 'mortgage stress' - ie had borrowed amounts at low interest and now repayments will be increased. Outcome values will fall.
Imagine buying a house now eg $750,000 - borrowed $500,000 at 5.8% = $720/week for 25 years.
Then interest rate goes to 6.8% $800/week for 25 years.
Cheers - John
Kisha said
01:17 PM May 13, 2017
Santa, I just love that little house and wouldn't change a thing if it were mine, the well weathered worn roof is just awesome, full of old charm and character. I would be in my element there especially on a rainy night .....With a smile Kisha.
adreamer said
02:51 PM May 13, 2017
blaze wrote:
recently purchased a 3 bedroom in queenstown Tassie for $45000, average in the street is about $70ish. This one just needs a coat of paint and a bit of tidy up. cheers blaze
Are you going to live there Blaze?
blaze said
03:42 PM May 13, 2017
adreamer wrote:
blaze wrote:
recently purchased a 3 bedroom in queenstown Tassie for $45000, average in the street is about $70ish. This one just needs a coat of paint and a bit of tidy up. cheers blaze
Are you going to live there Blaze?
Wife works there, worked out a lot cheaper than rentals, if the mine reopens it will double in value or bring a very good return on investment. Will see which way to go in about 10 years
cheers
blaze
The Belmont Bear said
08:55 AM May 14, 2017
Absolutely correct Rocky when we took out the mortgage on our first home interest rates were more like 15 or 16% luckily we opted for a variable rate rather than having the loan fixed at 12%. Those of us old enough have seen interest rates vary greatly over the years depending on a number of factors that were driving the economy at the time. The real concern for those with large mortgages is if rates go up more than they can afford and house prices drop dramatically they wont be able to sell their property for anything like what they paid to get out of trouble. The other thing that really worries me is that young people today don't have the option of buying something cheap and working their way up, even the cheapest end of the market usually means taking out a very large mortgage. Don't rely on the State governments to change anything in a hurry as they are making too much money out of the ever increasing stamp duty revenues that they are getting especially in NSW and Victoria.
Kisha regardless of how charming you believe that little house is would you be prepared to part with over a million $ to live in it especially if you had to borrow the money from a bank to do it ? Way to go Blaze even if things do go belly up you should be reasonably safe with that investment.
-- Edited by The Belmont Bear on Sunday 14th of May 2017 08:58:33 AM
Kisha said
09:26 PM May 15, 2017
Location location is what its about, thats what brings in the $$. When in Kalgoorlie, I live in a old house of that era with old corrugated roof, all the neccessaties, which some would never call luxuries, no dishwasher, no drier, no tv in every room, just pure old world charm, theres 2 old wood stoves to cook on and an electric one, I use the wood stoves, and the old kitchenettes are a beautiful work of art. The laundry which I call (the washhouse) has the original copper and the stick to turn the clothes, no fancy washing machine but an old wringer, concrete troughs and 2 heavy brass plugs. This I cannot put a price on. I wouldn't put it on the market for quids even though there have been may offers to purchase. The location is awesome, no need to even use your car, its, 5 mins walk to Paddy Hannans statue, 5 mins the other way on foot to the railway station, all the shops all close by....Kisha
-- Edited by Kisha on Monday 15th of May 2017 09:29:03 PM
Aus-Kiwi said
09:31 PM May 17, 2017
My bro bought a nice house in Naperville ( near Chicago) 10 years ago . After spending decent money on it . He's lucky to get 3/4 what he paid for it .. it's under a heritage order so things have to be PERFECT or no one is interested.. looks like he's going to lose approx 200k on purchase price !!
Sheffield-er said
11:48 PM May 17, 2017
Hey Blaze, Nearly bought a cute little miner's cottage in Queenstown 15 years ago for $14,000. Prices sure must have gone up. Decided not to buy as the publican said it gets snowed in for a few weeks each Winter.
Cheers, ... Val
-- Edited by Sheffield-er on Wednesday 17th of May 2017 11:51:54 PM
macka17 said
01:10 AM May 18, 2017
Every country has different house prices.
Depends on wage scales and employment figures. Also areas.
U.S.
Down in NC (North Carolina. where son lives with US wife and kids.
New brick 2 story. 5 yrs ago $320\450k.
We bought them a lovely Cedar 4 bed with spa. on 1\2 acre for $67k.
Valued around $145k now.
Brother lives in Canada.
Local houses in Ontario. NEW. we were looking to buy investment.
2 storey
Some I'd live in over this one. Beautiful. all around $400\650k
Same homes here. well OVER 1 mil anywhere.
At outside city prices.
Where we live starts at around 750k and up. 3 in our street sold over $1.5mil.
US. Everything cheaper than here.
Your little Honda 2kva genny's were $970 US when our $ was worth more than theirs.
And we in a little rural. Coastal town in QLD. Not a city.
Spoke to dealer about shipping a couple over to me. Answer.
Honda, and others. Do NOT allow us to ship their goods to Australia.
We on a different pricing scale to most other country's.
You tell me.
Even at our 71 to 74% comparison to them.
I still buy most things cheaper after freight.(71c US to our $1-- 2 days ago).
Aus-Kiwi said
11:20 AM May 18, 2017
You can get them to forward it to you though . There are also forwarding agencies that can do that for you . Keeping under 1k to avoid paying tax .
In the current Australian climate of over inflated house prices it may be of interest to check out prices in this area of the US.
Surprisingly its still possible to buy something reasonable for under $500,000.
I'm convinced the housing market in Australia is in for a major shakeup within the next few years.
https://www.washingtonpost.com/realestate/what-first-time-home-buyers-can-get-for-300000-in-the-washington-area/2017/05/10/2758480c-3298-11e7-9534-00e4656c22aa_story.html?hpid=hp_hp-cards_hp-card-realestate%3Ahomepage%2Fcard
The house below,
Hyattsville, Md. 20785
Price: $300,000. Price per square foot: $258.
4 bedrooms, 3 bathrooms.
Square footage: 1,164. Lot size: 0.32 acre.
Features: The 1995 two-story split-level home has a two-car garage and supplemental solar power. A rear deck overlooks the secluded back yard
I think you are 100% correct there is going to be a correction in prices at least in our biggest cities as more and more people are being priced out of the market. I would be extremely concerned if I was a first home buyer trying to find somewhere to raise a family in Sydney or Melbourne at the moment. No way would I be borrowing the money being asked for in either of those 2 cities just in case I ended up in financial difficulty which I wouldn't be able to get out of by selling the property after the bubble burst.
Know what you mean BB, my point is the US with a population of 300 million plus is able to provide affordable housing.
The house depicted in Hyattsville is only 6.5 miles out of Washington DC, 20 minutes.
We see this sort of nonsense in Oz https://www.domain.com.au/news/unliveable-newport-dump-sells-for-more-than-1-million-at-auction-20170429-gvv9e8/
Unlivable in Melbourne
1.07 million.
cheers
blaze
Gday...
For example - location and zoning will have a considerable impact ...
http://www.realestate.com.au/property-residential+land-vic-rosedale-201740994
Rosedale is a pastoral and agricultural town 184 kilometres east of Melbourne via the Princes Highway. At the 2006 census, Rosedale had a population of 1,077.
I also agree regarding "affordability". There is going to be a considerable problem when (not if) interest rates rise by a full percentage point.
A very high percentage of both investors and home owners are highly likely to find themselves in 'mortgage stress' - ie had borrowed amounts at low interest and now repayments will be increased. Outcome
values will fall.
Imagine buying a house now eg $750,000 - borrowed $500,000 at 5.8% = $720/week for 25 years.
Then interest rate goes to 6.8% $800/week for 25 years.
Cheers - John
Santa, I just love that little house and wouldn't change a thing if it were mine, the well weathered worn roof is just awesome, full of old charm and character. I would be in my element there especially on a rainy night .....With a smile Kisha.
Are you going to live there Blaze?
Wife works there, worked out a lot cheaper than rentals, if the mine reopens it will double in value or bring a very good return on investment. Will see which way to go in about 10 years
cheers
blaze
Absolutely correct Rocky when we took out the mortgage on our first home interest rates were more like 15 or 16% luckily we opted for a variable rate rather than having the loan fixed at 12%. Those of us old enough have seen interest rates vary greatly over the years depending on a number of factors that were driving the economy at the time. The real concern for those with large mortgages is if rates go up more than they can afford and house prices drop dramatically they wont be able to sell their property for anything like what they paid to get out of trouble. The other thing that really worries me is that young people today don't have the option of buying something cheap and working their way up, even the cheapest end of the market usually means taking out a very large mortgage. Don't rely on the State governments to change anything in a hurry as they are making too much money out of the ever increasing stamp duty revenues that they are getting especially in NSW and Victoria.
Kisha regardless of how charming you believe that little house is would you be prepared to part with over a million $ to live in it especially if you had to borrow the money from a bank to do it ? Way to go Blaze even if things do go belly up you should be reasonably safe with that investment.
-- Edited by The Belmont Bear on Sunday 14th of May 2017 08:58:33 AM
Location location is what its about, thats what brings in the $$. When in Kalgoorlie, I live in a old house of that era with old corrugated roof, all the neccessaties, which some would never call luxuries, no dishwasher, no drier, no tv in every room, just pure old world charm, theres 2 old wood stoves to cook on and an electric one, I use the wood stoves, and the old kitchenettes are a beautiful work of art. The laundry which I call (the washhouse) has the original copper and the stick to turn the clothes, no fancy washing machine but an old wringer, concrete troughs and 2 heavy brass plugs. This I cannot put a price on. I wouldn't put it on the market for quids even though there have been may offers to purchase. The location is awesome, no need to even use your car, its, 5 mins walk to Paddy Hannans statue, 5 mins the other way on foot to the railway station, all the shops all close by....Kisha
-- Edited by Kisha on Monday 15th of May 2017 09:29:03 PM
Hey Blaze, Nearly bought a cute little miner's cottage in Queenstown 15 years ago for $14,000. Prices sure must have gone up. Decided not to buy as the publican said it gets snowed in for a few weeks each Winter.
Cheers,
... Val
-- Edited by Sheffield-er on Wednesday 17th of May 2017 11:51:54 PM
Depends on wage scales and employment figures. Also areas.
U.S.
Down in NC (North Carolina. where son lives with US wife and kids.
New brick 2 story. 5 yrs ago $320\450k.
We bought them a lovely Cedar 4 bed with spa. on 1\2 acre for $67k.
Valued around $145k now.
Brother lives in Canada.
Local houses in Ontario. NEW. we were looking to buy investment.
2 storey
Some I'd live in over this one. Beautiful. all around $400\650k
Same homes here. well OVER 1 mil anywhere.
At outside city prices.
Where we live starts at around 750k and up. 3 in our street sold over $1.5mil.
US. Everything cheaper than here.
Your little Honda 2kva genny's were $970 US when our $ was worth more than theirs.
And we in a little rural. Coastal town in QLD. Not a city.
Spoke to dealer about shipping a couple over to me. Answer.
Honda, and others. Do NOT allow us to ship their goods to Australia.
We on a different pricing scale to most other country's.
You tell me.
Even at our 71 to 74% comparison to them.
I still buy most things cheaper after freight.(71c US to our $1-- 2 days ago).