Buy in Sydney Australia?

[EconProf]

I spent a month in Australia and New Zealand last year and decided it was the one area I would chose to live in outside the U.S. The people are great, property laws and courts decent, and the economy capitalist, so they will do fine in the long run.
Barnaby33 may be right about their stage in the bubble-popping cycle, and certainly knows their market from living there. I’d be more focused on the long run and have faith that their people and government will make for a bright future.
The Aussie’s dollar fall of about 30% makes their prices even more attractive now than one year ago. And yes, if you believe the US$ will fall in the years ahead, then Australian real estate should do well as a currency play.

[patientrenter]

I think barnaby gave some good advice here. Give yourself an 18-month timeout from your movement to buy in Oz, or at least 12 months if you’re impatient.

I realize it’s hard to resist a lower price than you’re used to, but think also about the absolute price you’d be paying. If you can’t see it being likely that you would be able and happy to pay that much cash for the same home at some time in the next 10 years or so, then the price is probably still too high. Otherwise you’re relying on the “greater fool” theory or you’re planning to never retire or do many other things with your future earnings.

[patientrenter]

I think barnaby gave some good advice here. Give yourself an 18-month timeout from your movement to buy in Oz, or at least 12 months if you’re impatient.

I realize it’s hard to resist a lower price than you’re used to, but think also about the absolute price you’d be paying. If you can’t see it being likely that you would be able and happy to pay that much cash for the same home at some time in the next 10 years or so, then the price is probably still too high. Otherwise you’re relying on the “greater fool” theory or you’re planning to never retire or do many other things with your future earnings.

[patientrenter]

I think barnaby gave some good advice here. Give yourself an 18-month timeout from your movement to buy in Oz, or at least 12 months if you’re impatient.

I realize it’s hard to resist a lower price than you’re used to, but think also about the absolute price you’d be paying. If you can’t see it being likely that you would be able and happy to pay that much cash for the same home at some time in the next 10 years or so, then the price is probably still too high. Otherwise you’re relying on the “greater fool” theory or you’re planning to never retire or do many other things with your future earnings.

[patientrenter]

I think barnaby gave some good advice here. Give yourself an 18-month timeout from your movement to buy in Oz, or at least 12 months if you’re impatient.

I realize it’s hard to resist a lower price than you’re used to, but think also about the absolute price you’d be paying. If you can’t see it being likely that you would be able and happy to pay that much cash for the same home at some time in the next 10 years or so, then the price is probably still too high. Otherwise you’re relying on the “greater fool” theory or you’re planning to never retire or do many other things with your future earnings.

[patientrenter]

I think barnaby gave some good advice here. Give yourself an 18-month timeout from your movement to buy in Oz, or at least 12 months if you’re impatient.

I realize it’s hard to resist a lower price than you’re used to, but think also about the absolute price you’d be paying. If you can’t see it being likely that you would be able and happy to pay that much cash for the same home at some time in the next 10 years or so, then the price is probably still too high. Otherwise you’re relying on the “greater fool” theory or you’re planning to never retire or do many other things with your future earnings.

[fredo4]

I wouldn’t buy anywhere where I haven’t rented in the same town for at least 6 months first. I know the temptation is great to buy and settle quickly in a new city, but it’s a big mistake IMO.

We moved to S.D. from L.A. a couple of years ago and were planning on buying a house right away. I am so glad we waited. Not only will we be able to buy a way better house than we originally could have because of declining prices, but we now know that we’ll never buy in the area that we were originally looking to buy. Now that we live here we’ve seen much better places that we’d like to live.

[fredo4]

I wouldn’t buy anywhere where I haven’t rented in the same town for at least 6 months first. I know the temptation is great to buy and settle quickly in a new city, but it’s a big mistake IMO.

We moved to S.D. from L.A. a couple of years ago and were planning on buying a house right away. I am so glad we waited. Not only will we be able to buy a way better house than we originally could have because of declining prices, but we now know that we’ll never buy in the area that we were originally looking to buy. Now that we live here we’ve seen much better places that we’d like to live.

[fredo4]

I wouldn’t buy anywhere where I haven’t rented in the same town for at least 6 months first. I know the temptation is great to buy and settle quickly in a new city, but it’s a big mistake IMO.

We moved to S.D. from L.A. a couple of years ago and were planning on buying a house right away. I am so glad we waited. Not only will we be able to buy a way better house than we originally could have because of declining prices, but we now know that we’ll never buy in the area that we were originally looking to buy. Now that we live here we’ve seen much better places that we’d like to live.

[fredo4]

I wouldn’t buy anywhere where I haven’t rented in the same town for at least 6 months first. I know the temptation is great to buy and settle quickly in a new city, but it’s a big mistake IMO.

We moved to S.D. from L.A. a couple of years ago and were planning on buying a house right away. I am so glad we waited. Not only will we be able to buy a way better house than we originally could have because of declining prices, but we now know that we’ll never buy in the area that we were originally looking to buy. Now that we live here we’ve seen much better places that we’d like to live.

[fredo4]

I wouldn’t buy anywhere where I haven’t rented in the same town for at least 6 months first. I know the temptation is great to buy and settle quickly in a new city, but it’s a big mistake IMO.

We moved to S.D. from L.A. a couple of years ago and were planning on buying a house right away. I am so glad we waited. Not only will we be able to buy a way better house than we originally could have because of declining prices, but we now know that we’ll never buy in the area that we were originally looking to buy. Now that we live here we’ve seen much better places that we’d like to live.

[barnaby33]

Still after my comments last night at least I can sympathize with the OP desires to buy. Manly is nice. (Shameless plug) I liked Bondi better!

If I remember correctly and this is something I’m not real sure of, and exchange rate of 1.5 AUD : 1 USD is pretty average historically. Nominal prices in OZ are much higher. Its only since the US went on its latest leverage binge that the AUD strengthened significantly. If it gets closer to 2:1 then I would consider jumping in for currency arbitrage investment reasons as much as real pricing in AUD terms. Of course it would still have to be at least a reasonable deal (of which there aren’t any yet) in AUD terms.

Josh

[barnaby33]

Still after my comments last night at least I can sympathize with the OP desires to buy. Manly is nice. (Shameless plug) I liked Bondi better!

If I remember correctly and this is something I’m not real sure of, and exchange rate of 1.5 AUD : 1 USD is pretty average historically. Nominal prices in OZ are much higher. Its only since the US went on its latest leverage binge that the AUD strengthened significantly. If it gets closer to 2:1 then I would consider jumping in for currency arbitrage investment reasons as much as real pricing in AUD terms. Of course it would still have to be at least a reasonable deal (of which there aren’t any yet) in AUD terms.

Josh

[barnaby33]

Still after my comments last night at least I can sympathize with the OP desires to buy. Manly is nice. (Shameless plug) I liked Bondi better!

If I remember correctly and this is something I’m not real sure of, and exchange rate of 1.5 AUD : 1 USD is pretty average historically. Nominal prices in OZ are much higher. Its only since the US went on its latest leverage binge that the AUD strengthened significantly. If it gets closer to 2:1 then I would consider jumping in for currency arbitrage investment reasons as much as real pricing in AUD terms. Of course it would still have to be at least a reasonable deal (of which there aren’t any yet) in AUD terms.

Josh

[barnaby33]

Still after my comments last night at least I can sympathize with the OP desires to buy. Manly is nice. (Shameless plug) I liked Bondi better!

If I remember correctly and this is something I’m not real sure of, and exchange rate of 1.5 AUD : 1 USD is pretty average historically. Nominal prices in OZ are much higher. Its only since the US went on its latest leverage binge that the AUD strengthened significantly. If it gets closer to 2:1 then I would consider jumping in for currency arbitrage investment reasons as much as real pricing in AUD terms. Of course it would still have to be at least a reasonable deal (of which there aren’t any yet) in AUD terms.

Josh

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