I'm absolutely confused about whether to buy or not at the moment.
I've saved what I could to cover borowing costs and most probably will be looking to buy somewhere in the brisbane area - somewhere like sunnybank.
My problem is that everyone is talking about the "impending debt crisis", the future "rental crisis", a hike in interest rates, etc.
I just want to do the right thing with my hard-earned money - I don't want to speculate on quick gains, but I don't want to be paying more than 35% of my income on house repayments for years and just sitting at home doing nothing because I can't afford to do anything else.
On the other hand people are saying Brisbane has good "fundamentals" with the fastest growing inward migration in Australia, etc.
I'm single, earn $80,000 per year (but only have savings of $15,000 - to cover borrowing costs):
Can anyone advise me whether I should purchase a property now or wait a while and continue renting at $175 (and soon to increase) per week until perhaps I have a partner in a few years and we can do it together without too much financial strain? Or will housing in Brisbane be SO expensive that even two people can't afford a place?
Any help is appreciated, thanks!
I've saved what I could to cover borowing costs and most probably will be looking to buy somewhere in the brisbane area - somewhere like sunnybank.
My problem is that everyone is talking about the "impending debt crisis", the future "rental crisis", a hike in interest rates, etc.
I just want to do the right thing with my hard-earned money - I don't want to speculate on quick gains, but I don't want to be paying more than 35% of my income on house repayments for years and just sitting at home doing nothing because I can't afford to do anything else.
On the other hand people are saying Brisbane has good "fundamentals" with the fastest growing inward migration in Australia, etc.
I'm single, earn $80,000 per year (but only have savings of $15,000 - to cover borrowing costs):
Can anyone advise me whether I should purchase a property now or wait a while and continue renting at $175 (and soon to increase) per week until perhaps I have a partner in a few years and we can do it together without too much financial strain? Or will housing in Brisbane be SO expensive that even two people can't afford a place?
Any help is appreciated, thanks!