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go to say - after 3 interest rate rises this weekend results remained extremely strong.
I went to two auctions and each one went 120 k (around 15 percent) above the 'reserve'.
It really is the case that 1 million bucks will get you a moderately comfortable home (unless you are more that 30km from the cbd).
Our inner urban areas look like they are becoming like London or Manhatten - WIthin a few years at this growth rate many more people may start living in surrounding country towns and making the commute rather than having such large mortgages.
I'm sure the recent rises have a lot to do with migrants and foreigners - I call it the "Indian & Asian phenominum"
For example, it seems many cashed up, hard working Indians are flocking to Melbourne compared to other aussie cities. Why? Can anybody please explain what is making Melbourne so much more attractive than other aussie city's.
Also rich Asian foreigners (many with kids studying in Melbourne schools) from China, Singapore, Hong Kong are snapping up Melbourne property as part of their investment portfolios.
God bless 'em!
I have seen quite a large number of Chinese and Indians in Werribee/Hoppers Crossing. Table 4, p.26 of the first attached paper shows Wyndham to be the highest growth area for Chinese from 1996 to 2006. Not all Chinese/Indian migrants are wealthy and can afford to buy in Toorak.they won't buy in Frankston, and for that matter, Werribee/Hoppers etc...
I have seen quite a large number of Chinese and Indians in Werribee/Hoppers Crossing. Table 4, p.26 of the first attached paper shows Wyndham to be the highest growth area for Chinese from 1996 to 2006. Not all Chinese/Indian migrants are wealthy and can afford to buy in Toorak.
Will be interesting to know what percentages of the recent migrants are wealthy and what percentages have average incomes. Is there anywhere on the web to obtain such statistics?
Have learnt recently from news that Chinese jobseekers in Australia face substantial racial discrimination: http://www.theage.com.au/national/a...cist-when-its-time-to-hire-20090617-chvu.html
Quoting from the second attached paper, typical problems faced by recent Chinese immigrants: "A common feature of migration is that people may not be able to continue to work in their original profession. The Chinese immigrants and their partners generally have a higher level of education compared to the rest of the Hurstville population. This is likely to be the result of the immigration criteria, with the majority of Chinese arriving under the ‘special skills’ immigration rule. Overseas qualifications may not be recognized in Australia, however, and highly educated respondents may not have been able to find jobs in Sydney equivalent to their occupation at home."
Of course, there are Chinese and Indian immigrants who arrive in Australia with deep pockets but I don't think they constitute the majority. For the majority, it will take some time for them to settle and to build their careers and wealth.
Believe me, at the moment the only jobs Aussies seem guaranteed to do are tradie jobs. And these will be the next to go within the next 10 years. Watch for the migrant tradie who will undercut just to get the job.
Times in Australia are a changing and if you can't adapt you will be a dinosaur.
Is this in carlton, southbank, CBD, south yarra, brighton, kew, balwyn, box hill or doncaster?I've just purchased another property hopefully will be targeted at mainland chinese again.