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House prices to keep rising for years

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Beej said:
Hah!! New Jersey suburbs is NOT New York City!!! It's in a different STATE!!!! No-one in NYC wants to live in New Jersey......

You either are having us on big time and/or you have never been to NYC!

Cheers,

Beej
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lol you missed the point AGAIN beej

COMMUTABLE to MANHATTAN . manhattan not a big enough business district ?

oh i suppose not when you compare it to sydney hey

i think i might go get a deckchair now and watch home and away for more up to date real estate news
 

OK so that house was $499k US?? = $600k AU. Too easy - how about this one (attached, from http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007930624). It;s got 4 bedrooms, 2 bathrooms, DLUG. Cranebrook (western SYDNEY - not some second rate town in the boonies either, 45 mins on freeway to CBD), asking price $580k, could probably get for $550k. Took me 2 mins to find this - there are dozens more...... You have no idea about the market here.

Cheers,

Beej
 

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wayneL said:
It's 50 squares and about 45 minutes drive to Houston CBD according to google maps
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around 450 m2 I think

I know a lot around and under that price, 45 min to major city and next to beach, but don't want everyone cutting my grass:
 
lol . oh we talking about negotiatians now .ok that one for 499 i,d prolly get for 400 or maybe less seeing as times are hard in the US .... lol

have a great day guys , as always a great thread

better get back to nursing my wounds on 2 shorts i misjudged
 
Beej said:
asking price $580k, could probably get for $550k.
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Not likely: "Offers Over $580,000"

Whenever I've enquired on properties advertised as such, they wont even take what is advertised..........when they say over they normally mean it.........at least until they get desperate

cheers
 
Not too bad actually, if you could get it for 550.

That compares very favourably to the dross selling for around 450-500k in Perth when I left in '07.
 
MACCA350 said:
Not likely: "Offers Over $580,000"

Whenever I've enquired on properties advertised as such, they wont even take what is advertised..........when they say over they normally mean it.........at least until they get desperate

cheers
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Maybe - but regardless it's still the same price in $AU as the one posted by WayneL/Nun. Which was the point.... QED! Ie, a nice big house about 45mins from the CBD via freeway costs about the same in Houston (4th largest city in the US) as it does in Sydney (Australia's largest city). And they had a house price crash! Kind of smashes the whole relative affordability BS doesn't it when you compare like with like?

Cheers,

Beej
 
Beej said:
Hah!! New Jersey suburbs is NOT New York City!!! It's in a different STATE!!!! No-one in NYC wants to live in New Jersey......

You either are having us on big time and/or you have never been to NYC!

Cheers,

Beej
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Beej,

You'd better have another look at the border between NYC and Joisey. Most of NYC suburbs are in New Jersey. "West New York City" is in New Jersey State.

Take a look at Washington DC, it has suburbs in Virginia and Maryland. There are several US cities with suburbs in the next state!

Now tell me again about Jersey?
 

I'm not saying it's not near NYC, I'm just stating the following facts:

1) the 5 boroughs that comprise NYC do NOT include any in New Jersey state - NYC is in New York state only.

2) No-one who lives in NYC considers NJ suburbs a part of the city - they would go way out into Brooklyn or Queens first! Most New Yorkers don't even consider anything off Manhattan to be NYC. Hence you cannot use NJ suburbs as realistic examples of NYC real estate prices! It's like using Woolongong to say Sydney houses are cheap!

Cheers,

Beej
 

Nonsense.

Wollongong is much further from Sydney than Jersey.
 

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here is just one reason the US are 'out of this world'....

Tears as Romell Broom's executioners fail to find vein
By staff writers
NEWS.com.au
September 16, 2009 09:14am
Text size

Romell Broom's execution has been put off for a week / AP
Executioners unable to find vein
Try for two hours before giving up
Killer now faces death next week instead
EXECUTIONERS spent more than two hours trying to find a vein in which to inject a lethal dose to a convicted US killer before giving up.

Romell Broom was sentenced to death in an Ohio jail for the rape and murder of 14-year-old girl Tryna Middleton in Cleveland in 1984.

The state of Ohio reintroduced the death penalty in 1999, and Broom today became the first inmate since that date to have his execution stayed by the governor.

Another attempt to take Broom’s life will be made in a week.

Onlookers claim Broom appeared to be sobbing after one of many attempts by the execution team to access his veins.

http://www.news.com.au/story/0,27574,26080906-401,00.html
 
wayneL said:
Nonsense.

Wollongong is much further from Sydney than Jersey.
Click to expand...

Last word on this specific topic from me; it's not about the exact physical distances, it's about how the people that reside/work/rent/buy property perceive the market. NYC is extremely high density - Manhattan burrough itself has a population of 1.6M-1.7M people living in ~60 square kms. If you look at the whole actual "island" (which includes The Bronx) the population is over 3M in 170 square kms (wikipedia: http://en.wikipedia.org/wiki/Manhattan). Manhattan is actually the most densely populated area of the US, but also one of the wealthiest (if not the wealthiest). A further 4.5M+ people live in the other official NYC Burroughs (Brooklyn, Staten Island, Queens). In this sort of environment, living in the suburbs of New Jersey for a New Yorker IS like living in Wollongong is to a Sydney-sider. That's how they - the people that actually buy/sell this property rather than just talk about it - perceive things.

That's the market. When looking at property prices anywhere you need to at least have a cursory understanding of factors that drive that local market.

Cheers,

Beej
 
Perhaps he/she was, however reverse equity loans are for PPOR only and the majority of retiress currently are not self-funding and own only their own home (at least, this was the scenario 12 months ago). It will become a growing phenomenon.
 

Hi kincella,

I wasnt having a go at you, I was just wanting to know if you had considered how it would affect you if negative gearing were abolished.

To answer your question, I purchased my first house earlier this year. First Home Owners Grant had nothing to do with why I bought, I bought because I believed it was a good price and because I had saved enough for a decent deposit (20%). My mortgage repayments are about the same as renting, but when you include stamp duty, rates and body corporate fees, it works out a fair bit more expensive. Have I done the right thing by buying earlier this year? Only time will tell. Similar properties in my area are selling for $30K more than I paid, so maybe I did the right thing. One thing I can say for now though: lifestyle wise, living in your own place sure beats the hell out of renting.

I have a friend in Shanghai, over there they can claim a tax deduction on their primary place of residence too. I would love for that to occur here, but I won't hold my breath waiting for it to happen.
 
GAV...I did not read your post as having a go at me at all....I recall you being a fhb....so just interested in how you feel about it now....
and you have found the 'wow' factor of living in your own home...
the stamp duty is a one off, its not a recurring expense....
just enjoy living in your own home....dont worry about the prices around you at such an early stage.....do a check in a couple of years time...
you have done the right thing.....
as for your question to me....I will always find a way to profitably invest in properties....I have 30 or more years of self funded retirement to look forward to....both annual income and capital growth.....
its a very serious matter...I dont take it lightly.....but I do sleep easy at night...in fact I only work part time....now...due to a very lucky investment...took me 5 years to find it....a very specific project....
how lucky can I be......and I expect to be able to find another little gem again, similar to that one...
cheers
 
Congrats Gav.

Just remember that once your rates and interest are less than renting, then you are winning every year!

And that is without considering any capital gains, which are tax free!
 
If one of the property experts could help me out.

When buying a place off the plan in VIC is the stamp duty payable after the contract is signed (Sep 2009) or after settlement date (Expected Sep 2010). Also I know the developer and not me works out the stamp duty amount but does anyone know how it is calculated?

Any help would be appreciated
 
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