http://www.news.com.au/business/money/story/0,28323,25500211-5013951,00.html
Should we believe this??
Is this the best time to buy?
Should we believe this??
Is this the best time to buy?
House prices down to 2002 levels: survey
- Thread starter naijacoder
- Start date
Is this the best time to buy?
affordability has certainly improved but is this the right time to buy?
IMO it would depend on the area.
I would have liked to see a price correction or at least a long period of stagnation before buying in an area so that I'm starting with a price advantage.
I'm saying this because a lot of people are now out there buying and pushing prices up.
So if a property was overpriced before and it's price didn't come down it's likely that you'll be paying too much in this market.
Assuming that prices in an area have corrected a bit from their peak,
and you are a first home buyer and you want to take advantage of the FHOG
but can't decide whether to buy or wait, you should think of the possibility of prices going up 20% and staying there for a few years.
It is possible that if you wait you'll end up paying 20% more anyway and later on you won't be getting the FHBG or the stamp duty exemption either.
If it was me I'd want to be in this market but I wouldn't overspend.
I'd buy something I can afford now as well as later when interest rates go up to the 7's and 8's.
And there is no doubt that they will go up so be prepared.
My advise? put a roof over your head.
It will be the best thing you've done in your life but remember, DON'T OVERSPEND
Your first property does not need to be the perfect property.
Get a place you can add value to over time and you can use it as a stepping stone for something bigger and better later on in life.
Good luck
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Interview with a HIA member says it all..
Dont know where there writers and punters are looking but I havnt found one spot in Qld yet that has property at 2002 prices... not even close...If i did id buy a whole suburb if I could afford it.
That's 7 years...thats a big call considering the huge price increases over that period...100% plus in most areas that I look at....
This is no more than typical propaganda from those with a vested interest in pumping up the market..
Housing affordability means absolutely zero if you ask me especially in todays market...
I would have sooner purchased a property in 2002 for $200k @ an interest rate of 10% than pay $450k for the same property today @ 5%..............makes no sense this story if you ask me...its an individual choice at anytime.
cheers
Dont know where there writers and punters are looking but I havnt found one spot in Qld yet that has property at 2002 prices... not even close...If i did id buy a whole suburb if I could afford it.
That's 7 years...thats a big call considering the huge price increases over that period...100% plus in most areas that I look at....
This is no more than typical propaganda from those with a vested interest in pumping up the market..
Housing affordability means absolutely zero if you ask me especially in todays market...
I would have sooner purchased a property in 2002 for $200k @ an interest rate of 10% than pay $450k for the same property today @ 5%..............makes no sense this story if you ask me...its an individual choice at anytime.
cheers
Hi csc, I was going to say exactly what you did.
I've been looking [just came back from Melbourne], went to Launceston last month, & needless to say, I check prices here in Adelaide every week.
Someone tell me, where are the houses @ 2002 levels?
There should be dire punishments for people who publish things with such scant regard to the truth!!
KY
I've been looking [just came back from Melbourne], went to Launceston last month, & needless to say, I check prices here in Adelaide every week.
Someone tell me, where are the houses @ 2002 levels?
There should be dire punishments for people who publish things with such scant regard to the truth!!
KY
It's a dumb article heading. It's supposed to be 'AFFORDABILITY' at 2002 levels isn't it? Which, considering interest rates are at 50 year lows and affordability just at 7 year lows is nothing to brag about.
Wouldn't be many houses about at 2002 prices, even Sydney.
See ya's.
The article says "house affordability" at 2002 levels. This is not the same as "house prices" at 2002 levels.
The article says "house affordability" at 2002 levels. This is not the same as "house prices" at 2002 levels.
If I could find a house in my local area that I could purchase NOW at 2002 levels, I would be killed in the rush
.
