Too soon to buy?

[Guest ebstar]

Hi all,We've been here just over two months now. We love it here and can't imagine wanting to be anywhere else.With so many opens around,we just had to start looking at a few properties and have found a house we love,in the area we want to live.This house is somewhere we could see ourselves growing old and the kids loved it as much as we did.The property is at the very top of our budget as i am probably not going to be in work untill after xmas.Theres so many things to weigh up and little time as we fear the house will sell.I just thought i would ask if anyone else bought so quickly and kind of food for thought i suppose.Are there any out of the blue bills that we may not have come accross or thought about within the overwhelming emigrating period? Any thoughts?

[Diane]

Yep - we were here two weeks, having trouble finding a nice rental, found one that would do, filled in the paperwork and took it to the agent at an Open he was doing, decided the house he was selling would tick more boxes than the rental, and made an offer there and then. 30 day completion, moved in on the same day our furniture cleared customs! Still here 7 years later....

 

Go for it!

[likesshopping]

Agree with Diane - We bought before we even arrived!! We just knew it was for us.

 

It is feels right - why hold back!? Whats the worst that could happen? you dont like - then you sell!

 

 

 

Sarahx

[Guest guest3462]

Go for it!!! We built our house here while we were still in the UK and we love it!! Just remember that stamp duty here is way more than back home. Allow around $20k for taxes and legal fees.

[JimandBarbinAus]

Hi, been keeping an eye on the market for quite a few months now, get the impression from what ive read that the market has peaked and will correct itself in the next year across australia in general. Looking at it simply, its got to hasnt it? Wages are not in line for buyers to get onto the market so at some point there has to come a correction. Ive read a few articles on tinternet that it will drop by 20 - 30 %in the next 12 months. So if money aint an issue id say buy, but if you want to save 20 - 30% id say hold out. I wish I had a crystal balll!

[Toni]

I remember once being told that you shouldn't pay more than 30% of your salary towards a mortgage. I did a google search on it and it looks like some people think that 30% is too high. Check out this link http://answers.yahoo.com/question/index?qid=20080229094728AA7GC6w - I googled the following words - percentage of salary for mortgage ( hope that doesn't put a damper on the idea)

[Anne B]

Just some more food for thought on house prices (my opinion only - you do whatever you want to do).

 

Property prices have been rising in Australia steadily year on year since after the second world war. Prices have risen very steeply here recently and unlike most other western nations, have not suffered a major price drop, thanks to the First Home Buyers stimulus package. However at the moment they are actually falling. Many people think that the fall that is currently underway will carry on for a while. All the people on here who bought quickly after getting here bought in a rising market, so there was little reason for them to delay buying. It is different now.

 

It's a buyer's market at the moment so don't let the estate agents make you think otherwise. Many people say it is a good time to buy as in the current climate you should be able bargain hard and negotiate the price down to your advantage. However, you may get an even better house for less if you wait - it's a gamble and who knows what is going to happen in the future.

 

Whatever you do, if you are buying at the top of your financial budget then always make sure you can afford the lean times if they come, (ie a rise in interest rates or prolonged illness or losing a job). And be aware that if you buy in a falling market with a big mortgage you run the risk of having negative equity, which isn't great if circumstances force you to sell your house. If you plan to live in the house for years and years then it doesn't matter so much. Good luck (sorry if I sound very gloomy but buying a house in a market that is falling is different to buying in a market that is rising).

 

The chart below shows Australian real house prices (in red) compared to the US.

 

[Lazy Cow]

We are much the same as Diane: bought within weeks still here six years on.

 

BUT a very wonderful family we knew also bought quickly...then sold six months later to return to the UK. The kids were having fun and the husband loved it here but his wife, despite trying very hard, found she could not manage to be without her extended family in the UK. All this within ten months (?) of emigrating.

 

If you don't buy, you might feel regret when your dream house is sold. If you do buy, you might feel regret if this turns out to be your 'honeymoon period' and you decide to return to the UK, losing money in the process.

 

Life doesn't come with guarantees, emigrating was a gamble and I think you know what will work best for your family.

 

Good luck!

LC

[mydearboy]

Hi, been keeping an eye on the market for quite a few months now, get the impression from what ive read that the market has peaked and will correct itself in the next year across australia in general. Looking at it simply, its got to hasnt it? Wages are not in line for buyers to get onto the market so at some point there has to come a correction. Ive read a few articles on tinternet that it will drop by 20 - 30 %in the next 12 months. So if money aint an issue id say buy, but if you want to save 20 - 30% id say hold out. I wish I had a crystal balll!

 

If you believe that then get out the green men and flying oink oinks lol

 

 

Back to the question:- i think its a bad decision to buy so soon, purchasing expences here are very high its a big gamble if after a while u hate the area u once thought was nice, wait at least 6 months if not more is my advice, and remember its all subjective and this is just my opinion.

[csobrien1966]

I have to say buying early is a risk that a lot of people regret later. The job your in and like at the moment could change 6 months down the line which means you could have to go further away to work. Kids do not like the school they are in and after a while want to change.... again more travel.

Please make sure you think it through. On the other hand as all the above posters have said it has worked out for them........RISKY?

Again I agree with Anne B ie it is a buyers market so that is to your advantage, i do not agree that house prices are going to drop 20-30% in the next 12 months. Where i am it is stable due to the expansion going on ie new train extension and the duplication of the expressway. Anything $380k and under the East coast are snapping up as investment properties.

No matter what the market is doing, if you are going to sell and buy in the same market it should not make any real difference. The best advice I can give is if you are going to sell and buy something else is make sure you have a contract on your home 1st because in todays market you are as good as a cash buyer.

[Guest Nicky&Andy]

we brought the first week we were here, my advice , look at new builds as well as older properties

[JimandBarbinAus]

I have to say buying early is a risk that a lot of people regret later. The job your in and like at the moment could change 6 months down the line which means you could have to go further away to work. Kids do not like the school they are in and after a while want to change.... again more travel.

Please make sure you think it through. On the other hand as all the above posters have said it has worked out for them........RISKY?

Again I agree with Anne B ie it is a buyers market so that is to your advantage, i do not agree that house prices are going to drop 20-30% in the next 12 months. Where i am it is stable due to the expansion going on ie new train extension and the duplication of the expressway. Anything $380k and under the East coast are snapping up as investment properties.

No matter what the market is doing, if you are going to sell and buy in the same market it should not make any real difference. The best advice I can give is if you are going to sell and buy something else is make sure you have a contract on your home 1st because in todays market you are as good as a cash buyer.[/QUOT

 

Yes, but I see you work in real estate/estate agent, as the old saying goes never trust an estate agent!!! lol

[sea glimpse]

Its your call but personally I would wait and give yourself time to settle and to research different areas first - there is a lot on offer here! Yes it is a buyers market we have just bought and manged to work the price down so if your gut feeling is to do it than you take the risk - the rental properties in my opinion are generally poor. However be aware that costs associated with buying here are higher than in the UK - stamp duty is payable on all properties and you also have to pay registration fees which are a few thousand too! Good luck and I hope you make the right decision!

[csobrien1966]

Yes, but I see you work in real estate/estate agent, as the old saying goes never trust an estate agent!!! lol

 

A BIT HARSH LOL

 

WE ARE NOT ALL LIKE THAT

[steveliane]

i'd say give it a year then you'll know adelaide a lot better and may have discovered somewhere else you'd like to settle, also don't worry about losing this house you love so much as you are bound to find another one.

[sueoc]

I have to say buying early is a risk that a lot of people regret later. The job your in and like at the moment could change 6 months down the line which means you could have to go further away to work. Kids do not like the school they are in and after a while want to change.... again more travel.

Please make sure you think it through. On the other hand as all the above posters have said it has worked out for them........RISKY?

Again I agree with Anne B ie it is a buyers market so that is to your advantage, i do not agree that house prices are going to drop 20-30% in the next 12 months. Where i am it is stable due to the expansion going on ie new train extension and the duplication of the expressway. Anything $380k and under the East coast are snapping up as investment properties.

No matter what the market is doing, if you are going to sell and buy in the same market it should not make any real difference. The best advice I can give is if you are going to sell and buy something else is make sure you have a contract on your home 1st because in todays market you are as good as a cash buyer.[/QUOT

 

Yes, but I see you work in real estate/estate agent, as the old saying goes never trust an estate agent!!! lol

Sorry,but Chris is a genuine Good Guy.We recently bought a house and met Chris,believe me he is not pushy,is honest and say's it like it is(a rare commodity with Real Estate Agents here)If you tell him you don't like a house he is selling,he accepts this and does not pester you constantly after,as some do.We never bought from him,but he was one of the very best Agents ,and it was a pleasure to meet him.

[Guest smit]

I have to say buying early is a risk that a lot of people regret later. The job your in and like at the moment could change 6 months down the line which means you could have to go further away to work. Kids do not like the school they are in and after a while want to change.... again more travel.

Please make sure you think it through. On the other hand as all the above posters have said it has worked out for them........RISKY?

Again I agree with Anne B ie it is a buyers market so that is to your advantage, i do not agree that house prices are going to drop 20-30% in the next 12 months. Where i am it is stable due to the expansion going on ie new train extension and the duplication of the expressway. Anything $380k and under the East coast are snapping up as investment properties.

No matter what the market is doing, if you are going to sell and buy in the same market it should not make any real difference. The best advice I can give is if you are going to sell and buy something else is make sure you have a contract on your home 1st because in todays market you are as good as a cash buyer.[/QUOT

 

Yes, but I see you work in real estate/estate agent, as the old saying goes never trust an estate agent!!! lol

Perhaps you should re read what Chris has written because according to your statement 'dont trust an agent' you should be buying the first thing you see!!!!!!!!!!!!!!. Hes only saying think hard about jumping in when you first get here!!!!!!!!!

You might think you know the market here , and im presuming you are still in UK , but you know Jack................until youve lived SA.

[JimandBarbinAus]

it was meant as a bit of banter, so serious

[sueoc]

OK.A misunderstanding,that's all.Best Luck mate.

[csobrien1966]

I know it was banter

 

that is why i put lol

 

thanks for the compliments though.

[Guest ebstar]

Thanks for the replies. It's given us lots to discuss. Thanks.x