considering california is bankrupt and the highest taxing state IN THE WORLD, i would say it needs to be cheap.
perth market dead
- Thread starter cyborg
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considering california is bankrupt and the highest taxing state IN THE WORLD, i would say it needs to be cheap.
The California budget is now in surplus. A cup of coffee or lunch is significantly cheaper than anything you will find in Perth or Darwin, even after taxes and tips. Hiring a tradesman or builder is actually affordable. $15 -$20 an hour gets you a good plumber or electrician. Pity about the smog, property taxes and the bad roads though.
Seriously, as you may have noticed from the financial markets, the US recession is well and truly over. Manhattan apartment prices have doubled since the dark days of late 2008 and early 2009. Outside the housing market, even that old Lazarus Detroit is showing signs of life!
Nevertheless, I prefer living in Australia. But I will be damned if I will pay cheap-end Beverly Hills prices for a place in Kardinya or Mirrabooka. There is no comparison.
After inflation, the median prices of most Perth or Darwin suburbs are not likely to double in the next decade. The low end of the Perth market will do much better than the general median - without a doubt, the bottom quintile is definitely going to outperform. Investors who buy cheap-end development sites will do OK provide they are thrifty.
So houses cost the same as here but you get paid 1/4 as much money? sounds awesome.
Tradesmen get a very raw deal in the USA. Even in the oil or mining industries, you almost never hear of a US mechanic or machine operator earning more than a doctor or a pilot. Australia is much more egalitarian in that regard.
I can concur.
When we lived in L.A, there was an endless stream of maintenance guys at one apartment complex we stayed at (older building).
I got to know the foreman pretty well, because I kept running into him almost every day.
I told him I was pretty handy with a hammer and a screw driver, and asked if he had any labouring work, and what the rates were.
He was on $15p/h as the foreman, and the labourers (almost completely made up of Mexicans who spoke next to no English) were on $10 per hour I think from memory....it may have been less.
I'd wager the Worksafe and holiday pay etc requirements were a bit basic too.
I know for most industries over there you start off with one or two weeks annual leave, and it builds up to 4 weeks after 4 years service.
A lot is cheap to buy.
But, I guess a lot of whether it sounds good would depend on where you live.
A tradie probably couldn't afford to live in a house in the middle-class or above areas in most of L.A, based on the pay rates I mentioned earlier..
It would be apartment living, or in a house in a far less desirable area with a commute attached to it.
This would apply to many of the larger cities as well, I'd wager.
I know that many of the nurses who my wife worked with lived well out of the area, and had to commute. They lived in decent neighborhoods for the most part, affordability was the issue of course.
As another eg; the same scenario is apparent in Santa Barbara; the cops, teachers, nurses, shop assistants, labourers, etc have to live out of the town and commute to there.
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Really dont know why Perth is getting compared to the US so much in this thread two completely different countries dont know many Aussies quitting there jobs to start a new life in US but the reverse is happening on the daily it all comes down to supply and demand and there are people all over the world moving to Aus especially WA and Perth.
Foreigners who have immigrated buying houses on the beach for $450-550K and getting double digit incomes is a dream even if it means being an hour away from the city it still has some more run in it!!! And Morley is only one suburb do your same research on suburbs like Midland Belmont or Rivervale and you'll get a good idea of what is really going on.
Regards R
Foreigners who have immigrated buying houses on the beach for $450-550K and getting double digit incomes is a dream even if it means being an hour away from the city it still has some more run in it!!! And Morley is only one suburb do your same research on suburbs like Midland Belmont or Rivervale and you'll get a good idea of what is really going on.
Regards R
Agreed. Living an hour from work is a dream to some people from Europe. My old boss use to drive for an hour and a half each way to work on the motorways in the UK, but is quite happy to live an hour away in the hills on acreage.
Try and get a CMA now, the agents are guessing as prices are moving and recent data apparently takes a while to show up
Umm what's a CMA?
Comparative Market Analysis? (Valuation?)
i disagree with this, not that it matters i guess.
market started picking up around jan 2012, i think by june/july it was a pretty fair/balanced market for both buyers and sellers.
later 2012 started seeing it become a sellers market and since jan it has been pretty bad for buyers.
I just relisted a property for rent on friday, agent thought I was being way too bullish on the askign rent, started going on about 'give it 2 weeks and we can look at dropping the rent'. anyway close to 1,000 internet hits by saturday afternoon and the place rented on monday. I have moved rent on this one from $280pw just before xmas to $350pw now.
just a villa in central mandurah. nothing much has been built down there for a few years so rents are going ballistic. it's a 6% gross yield now which is getting a bit out of kilter... if it returned to the traditional 5% it would push cap value up 20% which gives an indication on where values are heading IMO
