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| International Housing Affordability Survey | |
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| Topic Started: Aug 11 2007, 11:50:48 PM (626 Views) | |
| Jaffas | Aug 13 2007, 04:45:58 PM Post #21 |
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True Blue Mate
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I did an "investing in real estate" sort of course quite a few years back, and they said historically, house prices rarely fall. EVER. It almost always levels out, and then rises again. Of course, their interest was investing in property, so they're gunna say that.. but I havn't found anything that proves them wrong yet. According to the 30% rule, we're over-stretched just paying the rent here. We're really lucky we're about 20 minutes from the city - there is public transport at the door - and it's the cheapest rent in Adelaide. The downside of that is that the place should be condemned, and a few years ago, a place in this condition wouldn't be worth $70 per week. We pay double that. We want to leave when the lease runs out (BADLY!) but we won't get anything at this price again. The worst part is that it makes saving money almost impossible, or even taking courses and getting some education. I'm a great saver. I've prided myself on that all my adult life. We are very frugal people, and homecook almost all our meals (except the occasional take-away), don't drink softdrink, don't go to the movies or out anywhere that isn't free, we take the bus instead of drive, and put on scarves and hats instead of turning on the heating. Our biggest expense is rent then food. Before we came here, I was absolutely certain that at least one of us could afford to go to TAFE. Marty had to drop-out half way through the year because we simply couldn't afford the fees. Marty's brother in the US is looking at starting a course next year. I'll be very interested to see how much it costs him and if he can also pay the rent & eat. He's on his own - but he has the moral support of his family there. Apologies for the long post. :p |
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Manda from Victoria, Australia Marty from Michigan, United States Together we're in Stawell, Victoria  See what we're up to: Our Old Miners Cottage - A blog for our house | |
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| Squashy | Aug 14 2007, 12:31:11 AM Post #22 |
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True Blue Mate
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Hmm ... I'm a bit skeptical ... There was something in the original housing report (I'm too lazy to look up the exact quote) that said that these sort of solutions - solutions where the gov't bails out low income families - generally don't help many people. Instead, a few *lucky* families are assisted and the gov't gets to look good in the press, but it doesn't really solve the root of the problems. It's like putting a bucket under a leak instead of fixing it! Obviously, the report is only one resource, but I thought what was said about gov't controlling land releases makes a lot of sense. It seems like basic economics to me ... there isn't enough supply - and NOT because the land isn't there, but because there is too much bureaucracy involved! But anyway ... It is really worth mentioning that the housing situation in the States is not perfect either and there are at least of few of us who are financially better off here in Australia! Anyway ... that's enough from me this evening! 
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| Jennifer | |
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| TerritorianTori | Aug 14 2007, 01:42:15 AM Post #23 |
It couldn't happen here
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All very good points, Jen... and just to be clear, I don't think government bailouts are a "solution" as such either. But it helps. Hopefully helps someone, anyway. :(( |
 South Texas to the Northern Territory - since 2004 I'm a huge fan of... Angry Video Game Nerd | The Big Bang Theory | Doctor Who | Pet Shop Boys | Yanks Down Under ~ Americans living in Australia Avatar by Sketch Shop Boys I don't do Facebook, sorry. | |
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| surfermomkelly | Aug 14 2007, 08:36:24 AM Post #24 |
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True Blue Mate
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I AGREE THE market is bad in the US too. Our house was worth about 180,000 more about 16 months ago. Its taking a dio big time here and then with the stock market etc. We've been really lucky in the RE dept over the years , but I see people buying houses around us for lots of money and wonder how the heck they are doing it with the high mortgages and all. |
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| Squashy | Aug 14 2007, 08:39:46 PM Post #25 |
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True Blue Mate
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Oh - I agree! The gov't needs to come up with some long term and short term solutions!!!! |
| Jennifer | |
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| Jaffas | Aug 14 2007, 09:39:35 PM Post #26 |
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True Blue Mate
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Marty was saying today that here in SA, they're planning on making some new properties under $250,000 and available only to those under a certain income bracket. It sounds promising, but then I have to ask - how far away are these homes from any services? I can't see it being close - since most nearby land has already been developed. |
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Manda from Victoria, Australia Marty from Michigan, United States Together we're in Stawell, Victoria See what we're up to: Our Old Miners Cottage - A blog for our house | |
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| Angie | Aug 15 2007, 01:30:04 PM Post #27 |
True Blue Mate
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Has anyone ever looked into those government programs where you go out and help do the labour on the new houses as part of your down payment? |
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| Jaffas | Aug 15 2007, 02:18:05 PM Post #28 |
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True Blue Mate
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Not heard of that one, but I wanted to add something about the $250,000 homes thing here in SA. Marty and I don't understand what we read yesterday - it says something about low income people getting "first bid" on those homes, as well as a special "bidding period".. does that mean that after the "poor people" have had a bid, then it'll be passed over to everyone else?? It didn't make any sense. They seem more concerned about letting low income earners get a bid in on these homes, but not actually about making sure they get them for a decent price? The 2 bedroom place up the road started at $250,000 - so sure.. anyone could make a bid at that price. It's when it reached over $400,000 that things got really silly. |
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Manda from Victoria, Australia Marty from Michigan, United States Together we're in Stawell, Victoria See what we're up to: Our Old Miners Cottage - A blog for our house | |
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| Dev | Aug 15 2007, 05:49:43 PM Post #29 |
"No day but today."
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You forgot to mention the bit about promising their first born child as collateral. |
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Devon ----------------------- "What a shame that bitter irony has no nutritional value." 
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| rhimb | Aug 15 2007, 07:34:56 PM Post #30 |
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True Blue Mate
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Angie - I heard about that deal where you help build the house when I was watching Backyard Blitz a few weeks ago. They made over the yard of a woman who did that program. It is basically a whole neighborhood where everyone in the neighborhood helped build each other's homes for a minimum of 20 hours/week. Participants forgo a cash deposit in exchange for their physical labour and over a year, these people build their homes and those of their neighbours. I got this info from the Backyard Blitz website: Group Self Build Group Self Build is an owner builder program that provides home ownership opportunities to people who are willing to commit their time and energy to building their homes and the homes of others in groups of 12 families. Group Self Build is managed by the Department of Human Services and sponsored by the Victorian Property Fund. This has been an innovative and successful Government program that has housed over 700 Victorian families in new 3 and 4 bedroom brick veneer homes. Group Self Build essentially currently only operates in Victoria. For more information about this and other housing initiatives, contact the Housing Department in your State. VIC: Group Self Build: www.dhs.vic.gov.au - follow menu thru to Office of Housing; phone 1800 134 872 NSW: Web: www.housing.nsw.gov.au; phone (02) 8753 8181 QLD: Web: www.housing.qld.gov.au/initiatives/affordable; phone (07) 3238 3995 SA: Web: www.chcsa.org.au; phone (08) 8362 1022 WA: Web: www.dhw.wa.gov.au; phone (08) 9222 4533 NT: Web: www.territoryhousing.nt.gov.au/dcdsca; phone (08) 8999 8814 ACT: Web: www.dhcs.act.gov.au; phone (02) 6207 1500 TAS: Web: www.dhhs.tas.gov.au/services; phone (03) 6233 4777 |
| Rhianna | |
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| i<3sydney | Aug 25 2007, 03:25:01 AM Post #31 |
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True Blue Mate
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ok so can i ask you guys something straight out and i'd appreciate honest opinions if a couple were to start out in aus, both recently finished school but not using their degrees and having little savings (and i mean little) and working not so professional jobs.. would it be fair to say that they will never be able to afford a house and would probably be life long renters? |
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| i<3sydney | Aug 25 2007, 03:25:59 AM Post #32 |
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True Blue Mate
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ps this hypothetical couple lives in sydney. and they wouldn't want to live super far away like way out west and neither of them drive :p |
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| TerritorianTori | Aug 25 2007, 04:27:28 AM Post #33 |
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It couldn't happen here
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I don't think anyone can answer that question. Your hypothetical couple's situation could change, they could win the $200K on Deal or No Deal, the stock market could crash and meteors could plummet to the earth... in other words, who knows what the future may hold.  I know it's hard to read this stuff and still believe you'll ever be able to afford a place of your own... I think about it a lot too... but then I remember reading a blog about a couple who just bought their first home in Sydney. It took them TEN YEARS to save up, but they still did it. We'll do it too. One day. |
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South Texas to the Northern Territory - since 2004 I'm a huge fan of... Angry Video Game Nerd | The Big Bang Theory | Doctor Who | Pet Shop Boys | Yanks Down Under ~ Americans living in Australia Avatar by Sketch Shop Boys I don't do Facebook, sorry. | |
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| incognito | Aug 25 2007, 10:33:01 AM Post #34 |
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Chatterbox
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i honestly think this is a possible scenario. not trying to be harsh, but sydney is extremely expensive esp if you want to live closer in. a lot of the articles in the press lately stress that the younger generations may indeed be stuck renting forever... but it's always a good idea to take media reports with a grain of salt. both my husband and i make decent money and we will not move to sydney b/c housing is so out of reach in our opinion. however if you were willing to try to buy a small unit, or perhaps live farther out (or both), you could probably start to climb the property ladder over the years. sometimes you have to take baby steps to reach your destination... and most people who have ever bought a home will attest to the fact that there is always compromise involved with your purchase. there is always a chance too that one or both of you will end up in some sort of career/job where you make very good money thus changing your financial situation. and many will agree that where there is a will, there is often a way. you may need to work really hard to achieve that goal, but in theory nothing is impossible! lots to think about but plenty of time to plan! |
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| Jaffas | Aug 25 2007, 05:39:34 PM Post #35 |
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True Blue Mate
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Marty and I can't answer your hypothetical - but we can tell you how things have gone for us. We're not in Sydney, but I imagine it's a matter of scale - ie: scale up the city, the pay a bit, scale up the cost of housing too, and you've got Sydney. lol Purchasing a home of just about any kind would be hard for us here. We don't have degrees or anything (I would consider using those if you want good money faster), and work 'general' jobs. They're not full-time, though. If you can both find full-time work at good money, renting will be easier. We've got lucky, finding an apartment (despite its big issues) fairly close to the city here in Adelaide for the price that we did. (It's half of apartment starting prices in the city) Luck is always a factor you can't count on.. but it's around. As for buying, we don't have a chance right now. I know that if we both put our dreams aside, got full-time work in anything, and lived as frugally as we do now, chances are that we could afford a deposit on a cheap apartment in the city somewhere, sometime in a year or two. Also - friends of ours who are in a similar situation to us (everything except they came from Malaysia instead of the US), have told us that they are glad they chose Adelaide to move to, because their savings have gone further than if they'd lived in Sydney or Melbourne. Then again, if we all had have chosen Sydney or Melbourne, we may have had more luck finding jobs (with good pay) than any of us have had here in Adelaide. :p It's complicated, of course.. isn't everything. Marty (the American in our relationship - who has had a difficult time finding work here), suggests getting a job before moving if at all possible, or you'll lose your savings very quickly. He's basing that on our experience though - which haven't been what we were hoping for. Still, live and learn! :# |
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Manda from Victoria, Australia Marty from Michigan, United States Together we're in Stawell, Victoria See what we're up to: Our Old Miners Cottage - A blog for our house | |
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7:04 PM May 19