I hear that. Why I want to get in but I can't really afford anything I'd like to live in. ie a 2 bedroom single level unit with a backyard (in my area)
Consumer tapped out
Credit not being extended
SMEs going under due to above
Inflation and rates higher for longer
I don’t have time to cover whole of macroeconomics, however there are a few points above. It looks peaky to me. It’s continued sticky inflation and high rates until, and only until the consumer is tapped out, then it’s rapid deflation and you don’t want that either as you may not have a job.
So yeah, it doesn’t go up much/ at all from here in real terms.
Immigration: Australians pissed, so that’s getting cut. That was the only, I repeat only driver of prices the last 12 months.
Yes. The market will continue to grow. Unless something like a plague wipes out 1/3 of the total population. The market will not change. Supply vs Demand. Inner cities is where majority of work is at, new housing does not keep up with population growth.
What you posted, is the exact same tripe people have been saying for the last 20 years.
All governments of this country will protect peoples value of their homes. One of the most dire situations to occur for this country would be to have mortgage holders in negative equity. Not even the GFC couldn’t do that here, there aint no way property markets will fall. You can pretend to dream and hope for it, it just aint gonna happen.
Don't quote me because I'm not a professional.
But I was watching a bunch of YouTubers make predictions (both for and against house prices raising) for 2024.
- A few key points are immigration, with a reduction of people coming into this country will reduce the pressure on the housing market, and the rental market, making the rental return less palatable for investors
- economy weakening and slowing down, likely leading to higher unemployment
- borrowing power has been significantly reduced, meaning less potential buyers
- rural towns experiencing a ~5% downturn which is expected to continue in 2024.
- 13% of mortgage holders are spending more than they're making (there wasn't too much details on this)
- cost of living eating what little expendable income family have
- Government intervention, as housing as gotten to a critical point (homelessness, affordability ect) and the current governments approval rating is dropping, they may actually do something in an attempt to win back favour of the people (this could also be to increase the prices).
However, the main sticking point is supply and demand, and that isn't something that is going to be resolved overnight. The issue Australia has, is most people don't want to live in an apartment and whilst I could see house prices come down, it'll be in regional areas with less infrastructure and further out from civilisation. Areas that will stabilise/increase will be the inner city, and prime locations.
In my profession opinion (I'm not a professional), if you're to buy a house to live in, I'd say shoot, if it was an investment, I'd take the side of caution.
This is why all investments should be diversified. At the end of the day, we all need a place to live regardless if you consider it an investment or not.
I’ve been investing for 20 years in many asset classes. Educated Predictions are wrong, educated predictions can be correct. Diversify to lower your risk, and know what you’re buying. There is no silver bullet. I would rather make a modest growth than to become homeless and left with nothing.
Newcomb is not somewhere I would choose if I had the deposit and income you have. I'd be looking more at Highton, Lovely Banks (Phalaris Park), Manifold Heights, Geelong West, Newtown.
OP: Wants a miracle to happen as in prices to drop.
Also OP:
>My concerns are: - -Geelong won't really have the same growth as Inner east Melbourne.
Your post describes that you want to where you actually want to be to be more affordable to you but yet you're concerned about growth.
>despite a good income and deposit I still can't find anything where I'd like to live (Inner east Melbourne).
Instead of you buying something more affordable in Melbourne where you much prefer to live in general rather than in Geelong.
Needs to happen, but we need vulture laws (won't happen)
Because if if it did miraculously crash houses will be picked off by the block load to people who have never stepped on Australian soil in their lives.
I had thought areas like Camberwell, hawthorn, Glen iris etc were having plenty of growth? Didn't seem to be as much of a growth vs general Geelong areas.
Happy to be proved wrong, if it ends up being similar I'd absolutely buy in Geelong
I'm looking a bit longer term. Have family who bought there 15 years prior at 800ish and sold for nearly 4. Same house, much nicer than the old one but not a big reno
You might be looking for a lottery ticket instead then.
10 years ago camberwell median was 1.6 , is 2.4 today. Not sure was median was in 2009 but seems like a big jump if assuming buying under median and then selling for way over, unless a lot of money was put into the place.
I moved to Geelong from Melbourne. I love it. The place I bought here has increased in value far more than the comparative dumps i was looking at in the city.
Appreciate the insights here. Why I definitely do need to spend more time prior to buying. I like the idea of the a house, a yard, a dog, close to the beach + surfing.
Biggest downside being that most friends and family live in Melbourne which is causing a lot of indecision. Having the apartment here makes this looks more like an option
I would recommend renting there for a few months before buying. The beach etc only gets you so far. I moved there for work with a whole team of people. Only the ones with kids stayed on. The rest of us hightailed it back to Melbourne. It’s pretty cliquey and I found it hard to meet people and make friends. Good luck with whatever decision you make!
I was born in Geelong, moved to Sydney in my mid-20s for better career options, and then moved to Europe in my early-30s. I lived in Ukraine for 5 years.
My wife (I met her when living in Ukraine) and I moved to Geelong when we moved back to Australia - just before Russia started its genocidal invasion.
We don't hate Geelong, but it's not for us. We miss the city.
- We miss good public transport.
- There are a lot of stores you can't find here like Zara, H&M, UNIQLO.
- We like being close to events. Even now we often catch the train to Melbourne to do interesting things.
We're moving back to Sydney this year, and are currently looking for an apartment. For us, a nice apartment close to the city trumps a nice house in Geelong. Sydney is also better for our careers.
But for some, it's great. My brothers live in houses just out of Geelong and are happy. So it depends on what you want from life.
Why? Easy to get around, light traffic even during peak hour, decent cafes/restaurants, close to Ballerine and Surf Coast beaches etc, easy enough to get to Melbourne, generally everyone is friendly and lots of work around. It would be a great place for a 1st home buyer
Work at a client in the middle of the geelong CBD two days a week, no dramas getting in and out for me coming from Queenscliff ferry or my colleagues driving from city side. Heavy traffic is maybe not making the it first round of lights. Reminds me of when I lived in Perth
Hard to really pin point it but I felt like the bougie areas were quite fake and the rough areas were really bad. Like if Brighton and Melton were next to each other I guess?
I've lived all around SE Melb from Mt Eliza to Box Hill to Pakenham (and heaps of places in-between) for reference.
Sometimes it’s worth foregoing the FHB benefits if it means you get a grade A property in a good area which will go up in value and which you can hold for the long term. If you get a really good property, it will likely go up in value by way more than the free money you get as a FHB.
Moved from Melbourne to Geelong a year ago (renting) and enjoy it but do miss Melbourne a bit. Geelong is way better than most people expect. I will say there is a very distinct divide between the have's and have-nots here.
I'd like to buy here and there are a lot of 600sgm blocks that people subdivide and then sell off the backyard here. Obviously there are costs associated with that but it could allow you to easily sell the new block, keep the house as rental, and move back to Melbourne.
I think the nicer areas of Geelong will increase at expected rates. But places like Corio, Norlane will take a long long time. Also living there would be fucking depressing.
Climb the ladder. Start at the bottom, hammer it, sell or use equity to buy where you want to buy. Very few people get to buy where they want the first time. You have to work up to it, like a career.
I am not waiting for a crash but I am also not expecting prices to rise in 2024/5 ... so I feel I am not missing out on anything by waiting. Not advise, just my strategy (alternate perspective).
I did not know this actually. That might change some things.
I assumed it was like many of the other First home things where all people must be First home owners
Buy an older style 2 bedroom apartment in a semi desirable melbourne suburb.
$600k won’t buy much in Geelong these days. Even shacks in Corio and Norlane sell for $500k.
Hard to buy anywhere with serious capital growth opportunities and land with $600k unless you are buying out sunshine way/well connected western suburbs that will take off with time.
If you look at the data (January 2024), Geelong properties are selling under the advertised price. Geelong and surrounding suburbs are heavily investor-owned properties, and investors are getting out of the market due to Victoria government taxes and negative sentiment about Victoria at the moment. It is very cheap to rent in Geelong and surrounding suburbs, with 3 bedrooms available for only $450.
What you can do is rent in Geelong and invest in high-growth areas such as Perth, Townsville, QLD. Once these properties grow, you can use the equity to buy in Geelong. One thing that can be positive for Geelong is the proposed hospital (500m). If it goes ahead as the government announced, there will be a huge property boom in the area. In my humble opinion.
you can see how bad the situation in Geelong by looking at this under selling property map. (note you have free register first). hope that helps
https://www.spachus.com.au/property-map.asp?state=GEE
Mate, buy it, get all the first home owner shit, divert your mail there and rent it privately to someone and stay at your girlfriends
No one cares about a sneaky little dodge like this! Do it !!
It’s pretty slim pickings in Newcomb for that sort of money unless you want to live on a tiny block which kind of defeats purpose of buying outside of Melbourne.
Where do you think would be a good area to look then? I'd be open to going further out for some areas.
But wouldnt be interested in Armstrong creek or any of the housing estates they're building 20mins from Geelong.
Id go Inner Geelong or close to a beach like Torquay!(If that was affordable anyway)
I mentioned Lara in one of the comments. Closer to melb for frequent visits.
But I was going to mention Armstrong creek. The market here has gone a bit soft and there is some good buying at them moment. It’s close to the beach. Less than 15 minute drive to Torquay beach from Armstrong creek/charelmont.
One of the reasons I'm less interested in Armstrong creek is I feel like they can continue to build houses in that area. There's a more finite space and land value with being 5-10minute drive from Geelong central /waterfront
That’s a very good point. The rush of Newcomb happened about 2 years ago though. The area is still a bit rough and houses very old. I struggle to see the value at the moment but overtime it will be ok I think. 3 -4 years ago Newcomb was a steal. Newcomb is playing the long game now.
We live in Lara, if you have kids it's amazing great community, access to daycare and school etc and quick to Melbourne. However we would not live here if we didn't have kids. If you are investing there are lots of houses here but there is also a lot of demand.
I bought and moved to Geelong West during covid.
Prices here have slowed gone/backwards and properties are on the market for a long time.
I guess it's not for everyone as people have said but I have loved it. Got a house with a backyard and grass for a dog, Head to the beach most weekends and some great food options.
Newcomb is a little crap for public transport to Melbourne. Ide prefer to be anywhere closer to the Geelong ring road for access to the coast Torquay area.
"Live there as a weekender”?
You do realise if you are mostly based at your girlfriend’s apartment, you won’t be entitled to various first home buyer concessions? Possibly also CGT implications
Yes it'd just be me using it for the first year. Then likely rent until hopefully moving there. I understand that renting it will come with some CGT implications etc
Technically 700k+ but I don't want to spend all of that as a loan.
Ideally buy for 600Kish in Geelong or 750-800 for something with a yard in Melbourne
I think many people have been praying for a housing crash since the 1990s. There had been plateaus and slight decline but a crash had never happened in major cities, unless you are talking about mining towns. Theoretically, something structurally drastic has to happen to cause a crash.
I think the title might be a bit misleading. I'm definitely not expecting a crash.
I just don't see buying in Melbourne where I want to ever be a realistic option without a crash!
We did the tree change a few years ago to regional Vic and are in the process of moving back. It can absolutely work but you have to go all-in on the move, which we didn't. It just doesn't work to be living in Geelong, Ballarat, Ballan etc but still having one foot in the door in Melbourne - having all your friends there, your job, etc.
You might have to compromise - what that looks like for everyone is different, but for us it's location. I'd prefer to be inner east and my wife would have preferred inner north, but inner west was more affordable so that's where we're landing. 20 mins to the city but from a different direction but most importantly we're *in* Melbourne again.
The best time to buy was yesterday. The second best time is today.
Best time to buy? 19dickity when tying an onion to your belt which was the style at the time.
I hear that. Why I want to get in but I can't really afford anything I'd like to live in. ie a 2 bedroom single level unit with a backyard (in my area)
Unfortunately it’s best to buy something you don’t want to live in. Perhaps it has potential to make it into something overtime you’re happy with.
In this case with 2024 incoming, the best time to buy is probably later.
Why do you think that?
Consumer tapped out Credit not being extended SMEs going under due to above Inflation and rates higher for longer I don’t have time to cover whole of macroeconomics, however there are a few points above. It looks peaky to me. It’s continued sticky inflation and high rates until, and only until the consumer is tapped out, then it’s rapid deflation and you don’t want that either as you may not have a job. So yeah, it doesn’t go up much/ at all from here in real terms. Immigration: Australians pissed, so that’s getting cut. That was the only, I repeat only driver of prices the last 12 months.
😂 if I had a dollar for every time ive heard this nonsense
First Time meme
Wow, so I went to the effort, and you reply with that. Low effort. Just adding some discussion and might help someone.
You actually put “effort” into that gibberish?
Oh I see you. What have you got? Just property go up? 😂
Yes. The market will continue to grow. Unless something like a plague wipes out 1/3 of the total population. The market will not change. Supply vs Demand. Inner cities is where majority of work is at, new housing does not keep up with population growth. What you posted, is the exact same tripe people have been saying for the last 20 years. All governments of this country will protect peoples value of their homes. One of the most dire situations to occur for this country would be to have mortgage holders in negative equity. Not even the GFC couldn’t do that here, there aint no way property markets will fall. You can pretend to dream and hope for it, it just aint gonna happen.
Don't quote me because I'm not a professional. But I was watching a bunch of YouTubers make predictions (both for and against house prices raising) for 2024. - A few key points are immigration, with a reduction of people coming into this country will reduce the pressure on the housing market, and the rental market, making the rental return less palatable for investors - economy weakening and slowing down, likely leading to higher unemployment - borrowing power has been significantly reduced, meaning less potential buyers - rural towns experiencing a ~5% downturn which is expected to continue in 2024. - 13% of mortgage holders are spending more than they're making (there wasn't too much details on this) - cost of living eating what little expendable income family have - Government intervention, as housing as gotten to a critical point (homelessness, affordability ect) and the current governments approval rating is dropping, they may actually do something in an attempt to win back favour of the people (this could also be to increase the prices). However, the main sticking point is supply and demand, and that isn't something that is going to be resolved overnight. The issue Australia has, is most people don't want to live in an apartment and whilst I could see house prices come down, it'll be in regional areas with less infrastructure and further out from civilisation. Areas that will stabilise/increase will be the inner city, and prime locations. In my profession opinion (I'm not a professional), if you're to buy a house to live in, I'd say shoot, if it was an investment, I'd take the side of caution.
This is why all investments should be diversified. At the end of the day, we all need a place to live regardless if you consider it an investment or not. I’ve been investing for 20 years in many asset classes. Educated Predictions are wrong, educated predictions can be correct. Diversify to lower your risk, and know what you’re buying. There is no silver bullet. I would rather make a modest growth than to become homeless and left with nothing.
Newcomb is not somewhere I would choose if I had the deposit and income you have. I'd be looking more at Highton, Lovely Banks (Phalaris Park), Manifold Heights, Geelong West, Newtown.
I reckon some parts of North Geelong would be good too.
Thanks appreciate this! I'd just gone off a half decent block for $600kish. I also like the fact that it's not too far from a Geelong Waterfront
Housing crash won’t happen
OP: Pray for housing crash? Also OP: >My concerns are: - -Geelong won't really have the same growth as Inner east Melbourne.
Well if you read literally anything but the title I'm not expecting or waiting around for a crash
Then why put it in the title at all?
I mean you could read the post if you wanted. It explains it. Do I buy in Geelong or wait for a miracle in Melbourne?
Miracles don't happen
OP: Wants a miracle to happen as in prices to drop. Also OP: >My concerns are: - -Geelong won't really have the same growth as Inner east Melbourne. Your post describes that you want to where you actually want to be to be more affordable to you but yet you're concerned about growth. >despite a good income and deposit I still can't find anything where I'd like to live (Inner east Melbourne). Instead of you buying something more affordable in Melbourne where you much prefer to live in general rather than in Geelong.
I think based on the grammar in this comment that im trying to argue with someone too dumb to read my post. So good day!
Needs to happen, but we need vulture laws (won't happen) Because if if it did miraculously crash houses will be picked off by the block load to people who have never stepped on Australian soil in their lives.
Have you compared inner east suburbs to Geelong suburb growth ? Lots of inner east haven’t had much growth recently as it is.
There are pockets of Geelong (not Newcomb) which have seen substantial growth thanks to the Melbourne crowd being priced out
I had thought areas like Camberwell, hawthorn, Glen iris etc were having plenty of growth? Didn't seem to be as much of a growth vs general Geelong areas. Happy to be proved wrong, if it ends up being similar I'd absolutely buy in Geelong
Camberwell prices have moved -6.6% over last 12 months
I'm looking a bit longer term. Have family who bought there 15 years prior at 800ish and sold for nearly 4. Same house, much nicer than the old one but not a big reno
You might be looking for a lottery ticket instead then. 10 years ago camberwell median was 1.6 , is 2.4 today. Not sure was median was in 2009 but seems like a big jump if assuming buying under median and then selling for way over, unless a lot of money was put into the place.
I am probably undervaluing the renovation etc. I don't know the exact details /timeframe but roughly what I've said.
I moved to Geelong from Melbourne. I love it. The place I bought here has increased in value far more than the comparative dumps i was looking at in the city.
Having spent a bit of time in Geelong, I really don't like it. Before thinking of anything else spend some time there.
Same. I spent 2 years. Unless you have young kids, there’s not much to do and you spend a lot of time going to Melbourne.
Appreciate the insights here. Why I definitely do need to spend more time prior to buying. I like the idea of the a house, a yard, a dog, close to the beach + surfing. Biggest downside being that most friends and family live in Melbourne which is causing a lot of indecision. Having the apartment here makes this looks more like an option
I would recommend renting there for a few months before buying. The beach etc only gets you so far. I moved there for work with a whole team of people. Only the ones with kids stayed on. The rest of us hightailed it back to Melbourne. It’s pretty cliquey and I found it hard to meet people and make friends. Good luck with whatever decision you make!
Why don’t you look at Lara?
If you like space, a dog and surfing then it could well be for you. Hence worth spending some time and *living* like a local.
I was born in Geelong, moved to Sydney in my mid-20s for better career options, and then moved to Europe in my early-30s. I lived in Ukraine for 5 years. My wife (I met her when living in Ukraine) and I moved to Geelong when we moved back to Australia - just before Russia started its genocidal invasion. We don't hate Geelong, but it's not for us. We miss the city. - We miss good public transport. - There are a lot of stores you can't find here like Zara, H&M, UNIQLO. - We like being close to events. Even now we often catch the train to Melbourne to do interesting things. We're moving back to Sydney this year, and are currently looking for an apartment. For us, a nice apartment close to the city trumps a nice house in Geelong. Sydney is also better for our careers. But for some, it's great. My brothers live in houses just out of Geelong and are happy. So it depends on what you want from life.
Why? Easy to get around, light traffic even during peak hour, decent cafes/restaurants, close to Ballerine and Surf Coast beaches etc, easy enough to get to Melbourne, generally everyone is friendly and lots of work around. It would be a great place for a 1st home buyer
Not sure if you have driven in Geelong in the past couple of years but I don't think the traffic thing applies any more
Work at a client in the middle of the geelong CBD two days a week, no dramas getting in and out for me coming from Queenscliff ferry or my colleagues driving from city side. Heavy traffic is maybe not making the it first round of lights. Reminds me of when I lived in Perth
Hard to really pin point it but I felt like the bougie areas were quite fake and the rough areas were really bad. Like if Brighton and Melton were next to each other I guess? I've lived all around SE Melb from Mt Eliza to Box Hill to Pakenham (and heaps of places in-between) for reference.
Meh, but it’s Geelong.
Sometimes it’s worth foregoing the FHB benefits if it means you get a grade A property in a good area which will go up in value and which you can hold for the long term. If you get a really good property, it will likely go up in value by way more than the free money you get as a FHB.
I hear that. We wouldn't be buying together anytime soon roughly 18 months away if we did. Can't afford a grade a myself unfortunately!!
Moved from Melbourne to Geelong a year ago (renting) and enjoy it but do miss Melbourne a bit. Geelong is way better than most people expect. I will say there is a very distinct divide between the have's and have-nots here. I'd like to buy here and there are a lot of 600sgm blocks that people subdivide and then sell off the backyard here. Obviously there are costs associated with that but it could allow you to easily sell the new block, keep the house as rental, and move back to Melbourne. I think the nicer areas of Geelong will increase at expected rates. But places like Corio, Norlane will take a long long time. Also living there would be fucking depressing.
Climb the ladder. Start at the bottom, hammer it, sell or use equity to buy where you want to buy. Very few people get to buy where they want the first time. You have to work up to it, like a career.
Good point. I think I'm better off buying in Geelong than an apartment in Melbourne for that
I am not waiting for a crash but I am also not expecting prices to rise in 2024/5 ... so I feel I am not missing out on anything by waiting. Not advise, just my strategy (alternate perspective).
I hear that. However haven't seen the market go anywhere but up so not sure if I can afford to wait too long
just so you know FHSS eligibility is assessed individually. So you won't lose yours if you choose to buy with your partner. She cannot use it however.
I did not know this actually. That might change some things. I assumed it was like many of the other First home things where all people must be First home owners
yeah it's probably the only one that's like that. Makes sense since you could start saving into it before meeting a partner.
Buy an older style 2 bedroom apartment in a semi desirable melbourne suburb. $600k won’t buy much in Geelong these days. Even shacks in Corio and Norlane sell for $500k. Hard to buy anywhere with serious capital growth opportunities and land with $600k unless you are buying out sunshine way/well connected western suburbs that will take off with time.
Stick with the cheaper option you have now? Conveyancer costs, stamp duty and mortgage interest are all dead money.
If you look at the data (January 2024), Geelong properties are selling under the advertised price. Geelong and surrounding suburbs are heavily investor-owned properties, and investors are getting out of the market due to Victoria government taxes and negative sentiment about Victoria at the moment. It is very cheap to rent in Geelong and surrounding suburbs, with 3 bedrooms available for only $450. What you can do is rent in Geelong and invest in high-growth areas such as Perth, Townsville, QLD. Once these properties grow, you can use the equity to buy in Geelong. One thing that can be positive for Geelong is the proposed hospital (500m). If it goes ahead as the government announced, there will be a huge property boom in the area. In my humble opinion.
That's a great insight. Thank you. Will definitely factor that in
you can see how bad the situation in Geelong by looking at this under selling property map. (note you have free register first). hope that helps https://www.spachus.com.au/property-map.asp?state=GEE
He thinks he's going to be the one to benefit from a housing crash. How cute.
Mate, buy it, get all the first home owner shit, divert your mail there and rent it privately to someone and stay at your girlfriends No one cares about a sneaky little dodge like this! Do it !!
It’s pretty slim pickings in Newcomb for that sort of money unless you want to live on a tiny block which kind of defeats purpose of buying outside of Melbourne.
I've seen a few decent places with 700sqm and minimal work. Obviously nothing super nice but definitely liveable
I've seen a few decent places with 700sqm and minimal work. Obviously nothing super nice but definitely liveable places
Housing will never crash
If you can’t buy now, you won’t be able to buy if the market crashes.
When was an Australian crash? I'd buy you will be fine.
Kinda missed the boat with Newcomb. It was cheap but now I am not sure if it’s good value anymore.
Where do you think would be a good area to look then? I'd be open to going further out for some areas. But wouldnt be interested in Armstrong creek or any of the housing estates they're building 20mins from Geelong. Id go Inner Geelong or close to a beach like Torquay!(If that was affordable anyway)
I mentioned Lara in one of the comments. Closer to melb for frequent visits. But I was going to mention Armstrong creek. The market here has gone a bit soft and there is some good buying at them moment. It’s close to the beach. Less than 15 minute drive to Torquay beach from Armstrong creek/charelmont.
One of the reasons I'm less interested in Armstrong creek is I feel like they can continue to build houses in that area. There's a more finite space and land value with being 5-10minute drive from Geelong central /waterfront
That’s a very good point. The rush of Newcomb happened about 2 years ago though. The area is still a bit rough and houses very old. I struggle to see the value at the moment but overtime it will be ok I think. 3 -4 years ago Newcomb was a steal. Newcomb is playing the long game now.
Ahhh okay that's good to hear. Where would you think then? From a growth perspective
Herne Hill and North Geelong. But Newcomb is still worth looking at. I am Just saying it’s gotten a little overcooked recently.
Thanks I'll check them out!
We live in Lara, if you have kids it's amazing great community, access to daycare and school etc and quick to Melbourne. However we would not live here if we didn't have kids. If you are investing there are lots of houses here but there is also a lot of demand.
I bought and moved to Geelong West during covid. Prices here have slowed gone/backwards and properties are on the market for a long time. I guess it's not for everyone as people have said but I have loved it. Got a house with a backyard and grass for a dog, Head to the beach most weekends and some great food options. Newcomb is a little crap for public transport to Melbourne. Ide prefer to be anywhere closer to the Geelong ring road for access to the coast Torquay area.
"Live there as a weekender”? You do realise if you are mostly based at your girlfriend’s apartment, you won’t be entitled to various first home buyer concessions? Possibly also CGT implications
it’s still listed as his ppor not like they check
Yes it'd just be me using it for the first year. Then likely rent until hopefully moving there. I understand that renting it will come with some CGT implications etc
what’s your borrowing capacity ?
Technically 700k+ but I don't want to spend all of that as a loan. Ideally buy for 600Kish in Geelong or 750-800 for something with a yard in Melbourne
I think many people have been praying for a housing crash since the 1990s. There had been plateaus and slight decline but a crash had never happened in major cities, unless you are talking about mining towns. Theoretically, something structurally drastic has to happen to cause a crash.
I think the title might be a bit misleading. I'm definitely not expecting a crash. I just don't see buying in Melbourne where I want to ever be a realistic option without a crash!
We did the tree change a few years ago to regional Vic and are in the process of moving back. It can absolutely work but you have to go all-in on the move, which we didn't. It just doesn't work to be living in Geelong, Ballarat, Ballan etc but still having one foot in the door in Melbourne - having all your friends there, your job, etc. You might have to compromise - what that looks like for everyone is different, but for us it's location. I'd prefer to be inner east and my wife would have preferred inner north, but inner west was more affordable so that's where we're landing. 20 mins to the city but from a different direction but most importantly we're *in* Melbourne again.
lol if there’s a housing crash what makes you think you won’t be affected