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  • Profile photo of deadcatdeadcat
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    @deadcat
    Join Date: 2007
    Post Count: 13

    Raceview is quite a dump. It's very dry, dusty, and ugly.

    The only positive is that it isn't too far from Ipswitch – but I don't know if that is enough to provide any capital growth.

    Profile photo of deadcatdeadcat
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    @deadcat
    Join Date: 2007
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    Boshy, it's all good I'm not worried. :)

    Interest rates are going up, and are likely to keep going up. That will put pressure on existing mortgage owners. Combined with the economic problems in the US, with possible flow on effects to China (and then us!), I'm quite content to just sit back, save money, and see where the economy goes.

    As a side point, I'm actually considering leaving Brisbane, as I feel house prices have completely disconnected from fundamental values. The only question is where to go? Auckland perhaps? somewhere in Europe?

    Profile photo of deadcatdeadcat
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    @deadcat
    Join Date: 2007
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    blogs wrote:
    Yep typo-in my original post I guestimate dthey were on $45k so = $90k, then using the 7 times rule came up with $630. Im not say its not hard to save a deposit but the opportunity is sure there-like I said a lot of people stay at home now till their mid to late 20's. If they are unable to save a deposit in a situation where many still are not paying board or food bills etc then they have no one to blame but themsleves. As to other complaining perhaps they need to look at where they are wanting to buy-forget inner city-hardley anyone can afford there anyway, again most of the 'oldies' bought in the burbs as that what they could afford. Still plenty of brand new 3 bedders in the burbs for under $350k, on a 10% deposit between 2 people thats only $17.5k-chicken feed….

    Which "burbs" are those. Brand new 3 bedder for under $350k in Brisbane?

    Where?

    Also, we are not on $90k (we are on less). We are most certainly paying rent and food bills.

    The hard part comes in once you take kids into account. Health wise, the best time to have kids is in your 20's. My wife and I want to do that… so we won't have 2 full incomes once that happens. We need to keep that in mind when we buy something.

    Profile photo of deadcatdeadcat
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    @deadcat
    Join Date: 2007
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    Tyson, I am doing exactly that.

    My wife and I have a strict budget. We have a growing share portfolio, and we add extra to our savings account each week.

    I understand hard work is needed to save a deposit, but some posters on this forum really need to get it through their thick skulls that it is bloody hard to buy a house at the moment, and it's a hell of a lot harder than it was when the baby boomers were young (I would rather buy a house that is 2x my income at 17% rates, than the current conditions of 7x income at 8%).

    Profile photo of deadcatdeadcat
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    @deadcat
    Join Date: 2007
    Post Count: 13

    You must be very out of touch. Anyone with a job in the city certainly wouldn't be driving to work, or they would go broke (seen parking costs lately?).

    Plenty of GenY people (myself included), moved out of home at 18. What do you say to us?

    Profile photo of deadcatdeadcat
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    @deadcat
    Join Date: 2007
    Post Count: 13

    You people do realise that there are several factors preventing genY from saving 20% deposit (like their parents)?

    – a 'dump' now is at least $250k (based on Brisbane prices)
    – that means a saving of $50k is required to get that 20%
    – house prices have risen much faster than wages, making it harder to save the deposit
    – the 'cheaper' fringe areas are now much further away, and don't have good infrastructure or public transport

    The way some posters talk they make it sound like every genY family comes home in a brand new car, watches tv on their 235" plasma screen, holidays at 5 star French resorts, bathes in chocolate, and then complains that they can't afford to buy that nice 345 bedroom castle with water views.

    Contrast this (of course) to the baby boomers, who: worked 25 hours a day for 10 years to save a 20% deposit. Once they got a loan, they had to walk 50 miles home from work (through snow) to their new house on the outskirts of town. Once home, they sat around on borrowed milk crates staring at the wall (couldn't afford a TV), and eating dirt.

    Damn that generation Y, they just don't understand how easy they have it! *shakes fist

    Profile photo of deadcatdeadcat
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    @deadcat
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    I've already shopped at Orion, and know about all the plans thanks :)

    Plenty of info about the area here: http://www.greaterspringfield.com.au/

    Profile photo of deadcatdeadcat
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    @deadcat
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    Looks like this purchase has fallen through.

    The lender (St George) will not let me go through another valuer. I challenged the valuer with a comparative valuation report from the agent. He checked out the other properties, but will not budge.

    The other lenders offering the same loan type (100%, rate at or under 7.55) all use the same valuer in that area.

    The seller will not budge on price.

    It looks like I will have to go back on the house hunt now.

    Profile photo of deadcatdeadcat
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    @deadcat
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    My broker has tried another lender, but they use the same valuer, so he is trying some other lenders.

    The valuer is having a look at a recent sales report from the agent, but I doubt that will get the value up enough.

    That said… perhaps the Springfield/Camira area is overvalued ?

    Profile photo of deadcatdeadcat
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    @deadcat
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    I talked to a property investor friend, and now feel much better about it :)

    I have decided to go through with it after all.

    As mentioned above (and by my friend) the purchase price of the previous owners means nothing.

    It was just a case of cold feet :)

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