Canberra Buyers freeze...

I did notice a couple of caravans, but didn't see any tents myself. Personally, there is so much development going on all around canberra, I wouldn't sleep out in the cold hoping to get a block at forde. I take my chances and wait. Or rather then buy a block seperately myself, approach a builder and see what blocks they have - I mean you got to build a house on the anyway, may as well get the block direct from the builder. It's not as if the blocks are fabulously cheap or anything.

Well I guess you get crazies everywhere...

http://www.news.com.au/money/proper...-property-market/story-e6frfmd0-1225887797880
 
What a joke, the difference between living 20km from Canberra's centre and 3km from the centre is a 10minute drive at most. I think it is outrageous that there is a lack of supply and prices are so high in a place like Canberra.
What a society we are building:eek:
I speak as someone who owns a property in the ACT, but feel depressed that others are having to spend half a mil to have shelter and security:(
 
I did notice a couple of caravans, but didn't see any tents myself. Personally, there is so much development going on all around canberra, I wouldn't sleep out in the cold hoping to get a block at forde. I take my chances and wait. Or rather then buy a block seperately myself, approach a builder and see what blocks they have - I mean you got to build a house on the anyway, may as well get the block direct from the builder. It's not as if the blocks are fabulously cheap or anything.

Well I guess you get crazies everywhere...

http://www.news.com.au/money/proper...-property-market/story-e6frfmd0-1225887797880

My friends bought a house and land package in Bonner. No dramas in fact they could still pick the design so yeah i agree. Why wait unless you really have an alternate builder in mind. Lots of land out that way too. And lets be honest. Its not a big drive from one side of canberra to the other.
 
Came very close to buying a place in Canberra but in the end chose melbourne and will be moving there soon. Canberra is a disgrace for home ownership
 
My IP is in Canberra so I'm enjoying the growth, but I definitely won't be buying the next place there - way too expensive to get back into.

Canberra is just a sure/safe reliable bet. The income floating around in that small area is amazing and that is what makes it a different kettle of fish to the rest of the country. Also the real estate agents there earn an absolute killing - more than most other places in Oz. There is also a huge "keep up with the Jones'" mentality down there too, people have the salary income and so they go into stupid amounts of debt just to have the trendy house etc.
 
Came very close to buying a place in Canberra but in the end chose melbourne and will be moving there soon. Canberra is a disgrace for home ownership

Pointing out that the current house prices were not always that high, and as i remember that sydney used to be the country,s leader price wise!, i believed some folks i knew that lived there, had the better than the jonses attitude too!
canberra is a thriving little city , safe ,educated,and pre-planed , it keeps most of the bogans out , and thats the way i actually like it!
 
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craigb - no need for personal attacks.

I didn't say "Canberra is a disgrace". I said "Canberra is a disgrace for home ownership". Canberra is a great place to leave and I will be the first to admit that I thought it was horrible when I first came but 3 years later I understand why Canberra is a much loved place to live. It ticks all the boxes for family life and I will be sad to leave. However, i'm not too sure about your "it keeps most of the bogans out" statement ...... :/ But I guess you get them everywhere.

@rugrat,
Most people who bought a home pre boom will have no problem in Canberra. The only problem is for new home owners who want to take a plunge. When you compare what is on offer between cities for that price range then it's a bit rediculous. To own a decent place, you need to have a double income, or a very high income. Read Benn's post above, what he says is true. We have so much space yet so little land to build on and what land we have to build on is so artificially inflated. Take for example Molonglo, 400K minimum for land. My mate is building in Bonner(I think it was there?) so far he's looking at 300+K to build his home and that still hasn't been finalised. Looking at his plan and inclusions vs my plan and inclusions in Melbourne then he's looking at nearly 80K more than me just to build the same area + inclusions. I don't see why that should be.

Have a chat to someone in their 20's who's looking to purchase a place and is on the lookout for places across Australia and not just Canberra and perhaps they will be of the same opinion(or perhaps not!)

Also as recruit2 said, Canberra is a safe bet. Canberra is it's own little financial hub. I think even if the country has a recession Canberra will be fine. Considering people are renting out 2 bedroom apartments for 450/wk lol. There are problems with home ownership and renting due to supply and artificial inflation. Maybe in 5-10 years when I have some dosh I will invest in Canberra, but for an initial place, it's way too hard.
 
Just thought I would let you know that I most definitely didn't buy 'pre-boom'. I have only lived in canberra for the last 4.5yrs, and have only been a home owner for about 2yrs.

I am in my 20's (gen Y).

I am a SAHM, with 3 kids.

I didn't get any 'help' financial or otherwise from anyone, other then my darling husband (DH) - who is actually younger then me.

When we moved to canberra, the rent was consuming 80% of DH's income.

I know what it is to be scared that you will never be able to afford to own a home.

I agree that the price makes it very difficult for people to get into the market, however I don't buy into this attitude of 'it cann't be done' - particularly not as I have managed (against all the odds) to do so.

What I don't understand is how people can afford to rent here, but NOT buy.
Sometimes it just means you have to adjust your thinking and your expectations about what you can own, to be a bit more realistic.

I moved here from a small country town, where DH and I were considering purchasing a 3bed on 1000m2 for $120k. Our PPOR cost about 2.5 times that much, and is a poky little place on a small block. It took a while to accept that if I wanted a place in canberra I would have to adjust my thinking about what was 'reasonable' or not.

I have a sister here who rents. She pays the same in rent for a crappy place as I do on my mortgage. She doesn't beleive she can ever own a home here. (I don't get into it with her) BUT if she were to save even a little each f/n (She will tell you that she cann't save, but I know she buys alcohol every weekend, goes to dance classes once a week, buys lunch and eats takeaway at least twice a week) and do some research, then she could buy her own place. The problem is that she doesn't want to sacrifice anything, and she is very much into that victim mentality.
 
I commend you and your husband!! Great achievement. So you paid roughly 300K for your home? That's a bargain. Hard pressed to find a decent home for 300k nowadays.

What was your reasons for moving to Canberra?

I guess I make it sound impossible, where as with all cases it's not impossible. I guess what I did is a comparison of what I get here for the $$$ and what I get elsewhere. Not taking into account the bubble Canberra lives in though.

We don't have the necessity to stay here and we're still adaptable so it didn't matter where we went as long as we had a job, thus for a new 4 bedroom home, 20kms out from the city or an older home costing most likely more than a new 4 bedroom and still roughly 20km's from civic it was a no brainer
 
Canberra is a great investment area for the reason being it is its on financial hub as stated above, Its a very tight market cause of limited land releases versus demand,
I find the land tax a bit on the steep side if an IP, its not uncommen to pay
$4000pa plus in certin areas and probably more areas than not theses days with the UV's becoming so high.
 

Meh...
You get stupid designs everywhere, and I have actually been in these town houses and seen this design (or one similar) it actually isn't 'that' bad in reality, and it allows for a downstairs toilet - the only other option would have been to take the downstairs loo out altogether.

Crace has some good points, and ALOT of bad. Thus I am not buying / building there (although I was hoping too orginially for a PPOR, it is right next door to my parents suburb).

Honestly, my biggest complaint about ACT, would be that you are unable to fence off your front yard. So much wasted space, when there isn't much space to begin with!!!! I have two dogs and three kids, I would kill for a big fenced off yard - instead I make do with what I have.
 
What I don't understand is how people can afford to rent here, but NOT buy.
Sometimes it just means you have to adjust your thinking and your expectations about what you can own, to be a bit more realistic.


I have a sister here who rents. She pays the same in rent for a crappy place as I do on my mortgage. She doesn't beleive she can ever own a home here. (I don't get into it with her) BUT if she were to save even a little each f/n (She will tell you that she cann't save, but I know she buys alcohol every weekend, goes to dance classes once a week, buys lunch and eats takeaway at least twice a week) and do some research, then she could buy her own place. The problem is that she doesn't want to sacrifice anything, and she is very much into that victim mentality.

Go Canbrrrraaaa!

I understand your frustration with your sister. We have Bro and Sister in Law who pay $470 per WEEK in rent to live inner north in a crappy 3 bed ex govt. and say they can't afford to buy their own home and probably never will!!!

Are you for freakin real?? It drives me nuts! I keep saying just move a little furthur out and buy something.... Oh no we can't possibly live in QBN or Tuggers, its too far out and we like the lifestyle here.. blah blah blah.

Oh well, Horses for courses.... Vent.
 
Go Canbrrrraaaa!

I understand your frustration with your sister. We have Bro and Sister in Law who pay $470 per WEEK in rent to live inner north in a crappy 3 bed ex govt. and say they can't afford to buy their own home and probably never will!!!

Are you for freakin real?? It drives me nuts! I keep saying just move a little furthur out and buy something.... Oh no we can't possibly live in QBN or Tuggers, its too far out and we like the lifestyle here.. blah blah blah.

Oh well, Horses for courses.... Vent.

lol - because QBN and Tugger's are both sssooo far out! It amazes me how canberran's are never willing to travel outside of their immediate surroundings. :rolleyes:

I have a friend who lives in Belconnen, has lived in canberra her whole life and hasn't ever been to tuggeranong! :eek: It's unnatural I tell you!!!
 
lol - because QBN and Tugger's are both sssooo far out! It amazes me how canberran's are never willing to travel outside of their immediate surroundings. :rolleyes:

I have a friend who lives in Belconnen, has lived in canberra her whole life and hasn't ever been to tuggeranong! :eek: It's unnatural I tell you!!!

Rugrat: The thing that gets me is the $470per week. That is a whole lot of cabbage. $24,440 per year :eek::eek::eek:! Why not just buy something and make it your own?
 
I'm renting in Tuggers

our rent is jumping from 420 to 460 lol

lucky we only have 2 weeks left. I don't think tuggers is cheap anymore, unless you go way way further south
 
New in Canberra

I have moved to canberra few months back. I am looking at buying my first IP in Canberra. Had a look at Bonner .......Do you guys think it is good idea to buy anything in Bonner (300 sq land 3bed 1 garage, Brand home and land package ) for about 430. What would be expected rent from that property ? Agent say i should be getting around 450 per week.

Which area would be really good for CG in Canberra
 
A single graduate on say $60k pa and a few years savings should have no trouble buying something like this:

http://www.domain.com.au/Property/For-Sale/House/ACT/Lyons/?adid=2008625733

And even though Mawson is 'unit ghetto', something like this would have been an OK buy
provided the repairs could be done for under (say) $10k. http://www.domain.com.au/Property/Sold/Apartment/ACT/Mawson/?adid=2008538733

But I agree that if you work for Coles etc Canberra's not the greatest for FHBs (it's a bit like a mining town with a 2-tier wage structure), and option Q might be the only answer.
 
Honestly, my biggest complaint about ACT, would be that you are unable to fence off your front yard. So much wasted space, when there isn't much space to begin with!!!! I have two dogs and three kids, I would kill for a big fenced off yard - instead I make do with what I have.

I used to live/own a place in Chifley and the fence thing bugged me as well. So, I worked within the rules, which allow plants in place of a fence. If you mass plant the right variety, you can get a 'green fence' for about the same $ as building one (which you're not allowed to anyway)

If you do it properly, it is actually functional and pleasant to look at... ;) We added a raised garden bed, combination of screening plants and foreground infill plants and reclaimed a huge portion of our yard. Great for privacy as well.

It worked wonderfully for our family!
 
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