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I've certainly noticed when looking around at properties here in the Eastern suburbs of Melbourne that people are going crazy in the $350 – $540 FHB market….we pulled up to one inspection and I thought "Pink" must have been appearing such was the mass of cars….
Whether the FHB is extended or not extended the "rush" at this level should hopefully ease a little….the current June deadline is a real estate agents/marketers dream at the moment….nothing like the pressure of a "DEAL" about to expire to really get things heated up.
If they do extend the FHB deal suddenly the pressure to "buy now or miss out forvever" will ease a little…well you'd hope so anyway.
Well thanks again for all the posts…it actually is great to get a lot of different opinions…
I guess 3 factors come into the equation as well for us:
*Our first child is on the way…country town offers easier lifestyle with family nearby , cheaper living costs and travel needs etc….our own home (that we can setup as a base) is preferable to renting.
* If we move back to Melbourne it is unlikely we would return to our current home.
* We want to free up some "working" time to focus on other purposes.However at this point I'm thinking:
* Try to keep both homes in Melbourne….it is a valuable resource that can bring in around $1220 a fortnight income.
* Save furiosuly until end of year when decision needs to be made…(at present we've got 2 incomes)
* Get the smallest mortgage possible when the time comes to make the move…while still finding a comfortable/practical home…which is actually a strong argument for the country – a new 4 bed 2 bath home can be had for around $300GThanks again for all the replies…love the food for thought!!
Thanks for all the feedback – much appreciated!
Yes – the idea of keeping the two properties in Melbourne is certainly appealing – Melbourne seems like a market that in the long term will always be in demand…and in the short term it also brings in a steady income stream.
My only concern is that if we end up with a large mortgage on the new home we purchase and live in we miss out on some of the potential tax savings that can be made if a mortgage is instead on an investment property…
I don't fully understand this…but I think there are benefits in things like depreciation and being able to claim mortgage expenses as tax deductible items?
Anyway thanks again for the feedback…a significant amount of money is involved for us so we want to play our cards right!
