With the Australian property market coming off its biggest boom and huge prices being asked everywhere for property,it just made me wonder how many people around this place are renting and how many are paying off/own their homes.
I'll start the ball rolling:
I bought my house 18 months ago (when I was 21,now 23), so the bank still owns a fair percentige of it, but the way way land prices have gone around here it's almost in my favour (how much I owe verses how much it's worth).
Bought just over a year ago but moved in on July 1st.
The guy wouldn't settle until that day cause he had already sold a house that year & would have to pay shit loads of tax otherwise.
It was all good for us.
We were then able to save a heap more money to start renovating.
Now all we do is renovate on the weekend, but it has slowed down a little Now as the next thing is to go double storey & we are holding off until we get some more dough.
It feels like I come to work for a relax though.
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Phase 4 Head, Twin Overhead Cam.......
600 Horsepower Through The Wheels.........
She's Meanness Put To Music
and This Bitch Is Born To Run........
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Bought a house 7 years ago, then sold it last year to move back to Melbourne. Basically worked out that every cent I payed off in repayments we got back in profit. So it was like 6 years of rent free living and a big fat cheque in the end. Very much a good deal.
We are now renting again and waiting to see what happens with the market over the next couple of years. I'm thinking there will be a few houses sold cheap as the owners have over capitalised and have to bail.
REnt.. i work close to the CBD and prices are massive for a one man band to pay off...
cut a deal with my parents though, i have to pay out one brother his share of their house and i can have that when they move to the country in the next few years.. Still doesn't solve all my problems though as it is a good 20 mins each way from my workplace and i hate travelling to work (across town at that).. That'll add over an hour to my work day..
A mate in the game assures me land value in Brisbane is coming down so i might buy a little shack as an investment property...
Looking at the market,IF intrest rates go up again, there will be a lot of ppl who will have to sell to pay the banks what they owe, When this happens it should be a good time to buy. In the area we want we will be looking at around $400k - $500k SurryHills Melbourne.
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Me and my brother just bought a house towards the end of last year. After renting for a good 10 months before buying, it feels so good to know that the money is actually going towards OUR mortgage, rather than somebody else's!!!
The only thing is we wish we got in earlier, cause it seems like the property values are now settling down.
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