Julia
In Memoriam
- Joined
- 10 May 2005
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Ah, as I imagined. Thank you, McLovin. The Esplanade at Balmoral was just gorgeous - pretty, convenient, and the sound of lapping water at night.
Ah, as I imagined. Thank you, McLovin. The Esplanade at Balmoral was just gorgeous - pretty, convenient, and the sound of lapping water at night.In Double Bay, a block that size (it looked enormous in the photos!) would probably go for $2.5m+. That size in Balmoral with water views, you could probably go for $5m+
I would consider Epping a pretty middle-class / upper middle-class suburb. Sydney has a median household income of about $1450 per week, while Epping is slightly higher at a median household income of $1683.
It's still a 40 minute commute away from the CBD, so its in the outer ring for professionals who need to commute in. So it's pretty fair to say that Epping was considered an affordable area for new professional families.
Agree with your first points. Now lets see....new professional family on median income in Epping. Gets a 1.1M house with 100K deposit. The P&I repayments on that is 1,237.96 a week at 5% for a 30 yr loan. Affordable?
In Epping (NSW) (State Suburbs), for couple families with two incomes, the median income for those with children was $3,049 and those without children was $2,428.
You'll probably find that number quoted is median equivalised household income, not gross.
Something like this...
http://www.censusdata.abs.gov.au/ce...11/quickstat/SSC10829?opendocument&navpos=220
I did realise that but I don't see a problem since we are using medians everywhere else.
The problem seems to be using that median to determine housing affordability.
Equivalised income is weighted toward how many people are in the household. If there are 10 people in a household and only one works earning $1,400/week then equivalised household income for the household will be $140/week. That's why I'm not sure how you can reach an housing affordability conclusion based on the equivalised median income. I would have thought the gross number is far more useful. Maybe I'm missing something?
The foreign investment boom can be chalked up as another Rudd failure..
How so?
Post GFC, Rudd relaxed foreign ownership rules and they have been further relaxed recently.
In the area I live, prices are booming, most of the buyers are of Indian or Asian descent.
Fair enough.
Does not make them foreigners.
While I believe that foreign ownership is a contributing factor, I find it hard to believe that it is having such a large impact as people have mentioned.
However if it is true then I hope the rest of the country does not follow the Gold Coast......
I hope it all works out for complacent Aussies, because I see agressive buying by overseas buyers in my area.lol
I have no idea. I'm in Qld and have only been to her home once, about five years ago. I had only a cursory impression of the area which I thought was very pleasant - big trees, lovely old homes (if you like that style) and very close to the station.Julia im curious how is this property that different then your cousins one?
http://www.realestateview.com.au/Real-Estate/hillside-crescent-epping/Property-Details-sold-residential-4773215.html
If this one is a 4bedroom on a 1200sqm block in epping and sold for 930k how does your cousin calculate 1.6m for hers?
I have no idea. I'm in Qld and have only been to her home once, about five years ago. I had only a cursory impression of the area which I thought was very pleasant - big trees, lovely old homes (if you like that style) and very close to the station.
I don't know the relative location of the property you quote above so perhaps that's a factor. eg I live in a particular suburb but there are two very different parts of that suburb, one attractive and more expensive and the other, pretty awful.
Just having a look at the actual house you put up, it doesn't have that Federation style character which I know many people like and which is exemplified in my cousin's place. It's just a house, without imo much style or character.
Personally I wouldn't go for either - much prefer something more modern and less labour intensive.
Btw I'm not at all suggesting her $1.6M is realistic. I have no idea. That's why I asked for views from others, as it struck me just from what I can see on realestate.com that her expectations might be on the high side.
Julia im curious how is this property that different then your cousins one?
I actually had a similar thought re my cousin's advertising not showing other than the main bedroom and bathroom.And I'll go out on a limb and say that the fact there is no photo of the bathrooms is quite telling
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