''Australian oz housing market holds sub-prime danger''
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''Australian oz housing market holds sub-prime danger''
is a headline from here
http://www.news.com.au/business/story/0,27753,25223797-5013951,00.html
The Sunday Telegraph (Sydney)
March 22, 2009 12:01am
- Australia copying US mistakes
- Bankruptcy risk driven by stimulus
- "First homebuyers most vulnerable"
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chief economist at Morgan Stanley says prices in some oz cities may fall
by 20 %,
''while the value of houses on coastal strips such as the NSW mid-north coast and the Gold Coast could halve.''
This is not suprise if u know cities around the world have seen their property
prices and rental fall by 10 to 20 %,at least.
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Sometimes,the road to hell is paved with good intentions.In this article,
First Home Buyers scheme of Australia aka Oz is a very good example.
Currently,u can get a housing loan there with very low down payment.
This is one of the main cause of current global financial crisis.
Many people get the loan and put themselves in big risks.
A oz professor says so and he alreday sold off his house
First home buyers face sub-prime...
''The University of Western Sydney professor said he had sold his Sydney house because he feared a property crash, but his gloomy view on the market has been backed by other experts. ''
''Gerard Minack, chief economist at Morgan Stanley, said property prices were likely to fall by 20 per cent in some cities, while the value of houses on coastal strips such as the NSW mid-north coast and the Gold Coast could halve.''
How About Singapore CPF grant scheme
SG similiar housing subsidy scheme has been in force for long long time.
,unlike other countries just to boost the GDP figure in this bad time.
SG has not boosted the property market and pick the developers
as winners!!But oz just give 50% more grant if u buy new houses!
wat a fuuk!!
The buy--it--on-bad --time grant will create a bubble.
The first question to ask is---Is it a good time to buy first house?
Nowadays,no job is very secure.Do u think people with so little
saving as down paymeny capable and willling to pay monthly instalment
regularly for 20 years?People have to train their saving habit
to achieve a down payment before they commit to a long term loan.
PM Rudd just want to boost GDP figure and forget the basic.
references---
Prime Minister of Australia - Media Release - Economic Security ...
First Home Buyers scheme
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i bought a coastal home at 1/2 value. beat it.
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Originally posted by Worldlybusinessman:
i bought a coastal home at 1/2 value. beat it.
congra.
can u tell us wat is the minimum down to buy a house for first timer?
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i thot OZ lives in bush??
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If i dont remember wrongly.
the first timer get some grant from govt + minimum 10% downpayment.
I got a friend who bought a private condo in singapore this mth. bank approval 80% loan over 30 years. (750k).
can singapore property price fall over 20% from current price? possible if the economy take more than 2-3 year to recover from now.
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Originally posted by lionnoisy:
congra.
can u tell us wat is the minimum down to buy a house for first timer?
i think its not much. but u want cheap deals depends on what state u are living in and try to get one in a secluded area with no ameninities will get u a good price, that is if got a car and dont mind shopping for necessitites in bulk. usually 200K onwards. It also depends on which plan u take.
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now is a good time to buy. Grab one if u know what u are doing.
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u can own the home for life. its very well worth buyiing if u got yr residency there.
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Sydney remains Australia’s most expensive city, with median house price of AU$529,000 (US$367,735). Median house prices in Melbourne, Perth and Canberra are at AU$435,000 (US$302,259). Hobart has the lowest median house price at AU$320,900 (US$222,923).
Visit this link for conmprehensive information
http://www.australia.gov.au/topics/family-home-and-community/housing-and-property
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Originally posted by reyes:
If i dont remember wrongly.
the first timer get some grant from govt + minimum 10% downpayment.
I got a friend who bought a private condo in singapore this mth. bank approval 80% loan over 30 years. (750k).
can singapore property price fall over 20% from current price? possible if the economy take more than 2-3 year to recover from now.
It my fall but HDB may increase the amount of money u have to pay them when u sell yr flat. Whats the point?
If it falls , it will just be a gimmick to get more people to buy and be trapped. When more people buy the prices will increase and market will recover, then HDB earns more money too,
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Originally posted by angel7030:
i thot OZ lives in bush??
only u live in a bush.
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Originally posted by reyes:
If i dont remember wrongly.
the first timer get some grant from govt + minimum 10% downpayment.
I got a friend who bought a private condo in singapore this mth. bank approval 80% loan over 30 years. (750k).
can singapore property price fall over 20% from current price? possible if the economy take more than 2-3 year to recover from now.
No.Oz gavaman just gave 14,000 if u buy old house and 21,000 for new
house.Oz gavaman just pick developers as winner.
u can read from opening post that this scheme creates a bubble of 28 billion!!
PM Rudd sure have many developers as gold buddies!!
read here
http://www.pm.gov.au/media/release/2008/media_release_0550.cfm
First Home Buyers
First home buyers will be eligible for grants of up to $21,000 under a decisive Rudd Government initiative designed to stimulate housing activity and give first home buyers a better chance in the housing market.
More than 150,000 first home buyers are estimated to benefit from the time-limited scheme.
Under the First Home Owners Boost:
- First home buyers who purchase established homes will have the grant which they are currently entitled to doubled from $7,000 to $14,000; and
- First home buyers who purchase a newly-constructed home will receive an extra $14,000 to take their total grant to $21,000.
First home buyers will be eligible for the First Home Owners Boost from today (14 October, 2008).
All contracts entered into by 30 June, 2009 will be eligible for this new additional assistance.
The Rudd Government will invest around $1.5 billion in the housing market over 2008-09 and 2009-10 through this initiative.
Mortgage rate can kill you
many frens here buy oz $$ for high interest rate.But it is the bad news for
loan borrowers.They have to pay higher rate ,compared with SG HDB or private
home buyers.HDB rate is 2.6% and below 3% for private houses.
Oz is much higher.Sit down can calculate the rate and the inflation etc
Think if the so called higher gross salary,higher tax and interest rate,
worth better welfare and the name of big country!
a 2% point of rate for A$200,000 loan make u pay $333 extra per month
in interest.
a 3 % is $500 pm etc.
Can the higher salary cover the tax and the extra interest rate.
Of course,in life,u cant juts calcualte dollar and cents so details.
But i think u have to know the details before u jump ship.
a 8 to 9 % interest rate,which just happened in 2008,
is no joke.
http://www.loanmarket.com.au/ratewatch.htm
just in additional interest,compared with lower rate in SG!!
http://www.loanmarket.com.au/ratewatch.htm
the 100% loan worry me very much.
daily panel rates update fixed rates (from)* 4.99% variable rates (from)* 5.04% honeymoon (from)* 3.99% maximum lend 100% click here for ratewatch 
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feel free to check current and historic interest rate.
once the market bounce back,the mortgage rate also follows.
Forget the differences between SG and Oz.
Concentrate if u can affford if the rate back to historice high...
Do u have Plan B?
Home Loan Interest Rates. Compare home loan rates | HSBC Australia
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lionnoisy, HDb may be cheaper in the long run but u do not own the home. It is only for 99 years.
Of cos it is cheaper. cos no value. + low sg wages, no welfare will make it the same thing as OZ.
I say they even out but OZ is better as u own the home.
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Wat is the trend of SG property market---heading south lah..
If u want to predict house price,pl also read the whole market--
office,retails,industry.All these are indicators of the heath status of a economy.
No money no talk.A country will run down hill if no income.
Can u tell me why this retails trust lose 97 % in share value in 1 year?
www.centro.com.au
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i salute to PM Rudd aka 747 Rudd to say feww months ago that--
Oz will not go into recession.Recently,he becomes smarter.
Prepare for the pain of recession
KEVIN Rudd admits it is virtually impossible for Australia to avoid slipping into recession.
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talking about mortgage rate,be careful.Is it a norm for the future?
- Rates cut to 3.25pc, hit 45-year lowThe Australian, 3 Feb 2009
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Originally posted by Worldlybusinessman:
only u live in a bush.
last time, americans all lived under George Bush.Living in bush is sometime better than living in a concrete jungle.
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Originally posted by Worldlybusinessman:
It my fall but HDB may increase the amount of money u have to pay them when u sell yr flat. Whats the point?
If it falls , it will just be a gimmick to get more people to buy and be trapped. When more people buy the prices will increase and market will recover, then HDB earns more money too,
whatever, anyhow, what happen, sell or buy, most singaporeans do have a roof above their heads, they should be happy about it. -
u singaporeans, always look in the short term. Pls understand that the way things work in Australia is not the same in Singapore. The govt collects the Taxes for income but does have a min wage. Effectively this money is from the rich and wealthy too but everything else is a free market over there. And it is not the 10th expensive country in the world like Singapore. With 10% GST, somethings like raw food and electronic goods are still cheaper than here. For 400K -700K ( the price of HDBs and condos in Sg) , u can own a home with a garage and backyard for life and for yr children. Cars are cheaper and u dont pay as much as conservancy charges, charges for Tv licence and such over there. The country is not bankrupt, it has raw and natural resources to feed its people. There is farming and agriculture.produces copper but also uranium, gold and silver
The Australian mining industry has already exported more than $370 billion worth of metals, fuels and minerals during the past 20 years
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Originally posted by angel7030:
whatever, anyhow, what happen, sell or buy, most singaporeans do have a roof above their heads, they should be happy about it.grow up silly girl, the last i heard many are still waiting in line for a flat. many are still paying for the loan of their flat. In Australia, u can buy a home anytime, anywhere instantly.
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Originally posted by Worldlybusinessman:
grow up silly girl, the last i heard many are still waiting in line for a flat. many are still paying for the loan of their flat. In Australia, u ca nbuy a home anytime, anywhere instantly.
but i see beggars in sydney asking money from me, and some poor old souls in perth when i visited OZ. Hardly see one in Singapore.Uncle, u might not know you are living in heaven here.
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Originally posted by Worldlybusinessman:
u singaporeans, always look in the short term. Pls understand that the way things work in Australia is not the same in Singapore. The govt collects the Taxes for income but does have a min wage. Effectively this money is from the rich and wealthy too but everything else is a free market over there. And it is not the 10th expensive country in the world like Singapore. With 10% GST, somethings like raw food and electronic goods are still cheaper than here. For 400K -700K ( the price of HDBs and condos in Sg) , u can own a home with a garage and backyard for life and for yr children. Cars are cheaper and u dont pay as much as conservancy charges, charges for Tv licence and such over there.
Me go knock yr head, we also dun hv min wages, and Ozies are buying electronic stuffs here, me drink tookay in pub is more expensive than here. We are expensive becos of our land price, do u know what is a little red dot or not? and even with our high std of living, we are among the top 2 most wanted places that expatriats are willing to come here to build there family, the second being sydney. The Oz are lucky to hv so much natural resources and British support all the way, if not, long long gone case liao, u know how lazy are Ozies or not, same same like lionnoisy, very lazy.
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Originally posted by angel7030:
Me go knock yr head, we also dun hv min wages, and Ozies are buying electronic stuffs here, me drink tookay in pub is more expensive than here. We are expensive becos of our land price, do u know what is a little red dot or not? and even with our high std of living, we are among the top 2 most wanted places that expatriats are willing to come here to build there family, the second being sydney. The Oz are lucky to hv so much natural resources and British support all the way, if not, long long gone case liao, u know how lazy are Ozies or not, same same like lionnoisy, very lazy.
Ozzies buying electronic stuffs here? U must be kidding.
Look at the prices of laptops in ebay oz and they are much cheaper than what u find in singapore sucky Sim Lim square.
No beggars in singapore?. I see lots of them collecting cans and cardboards with no aid being received. The beggars in Oz still receive money from their govt but they beg because they spent it all on alcohol, cigs and drugs. U are really pissing me off little girl. U lack expereince in travelling and still live in school mentality.
To say on more, Australia is a member of united commonwealth nations
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Originally posted by Worldlybusinessman:
Ozzies buying electronic stuffs here? U must be kidding.
Look at the prices of laptops in ebay oz and they are much cheaper than what u find in singapore sucky Sim Lim square.
No beggars in singapore?. I see lots of them collecting cans and cardboards with no aid being received. The beggars in Oz still receive money from their govt but they beg because they spent it all on alcohol, cigs and drugs. U are really pissing me off little girl. U lack expereince in travelling and still live in school mentality.
u never ozies buy 20 digital cameras here ar,...and they buy alot alot of CDs and DVDs too. Those going slim lim are not Ozies, these lazy fatty ozies likes to visit funnan only.Aiyo, even the japanese are buying their own electronic products here.
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Originally posted by Worldlybusinessman:
Ozzies buying electronic stuffs here? U must be kidding.
Look at the prices of laptops in ebay oz and they are much cheaper than what u find in singapore sucky Sim Lim square.
No beggars in singapore?. I see lots of them collecting cans and cardboards with no aid being received. The beggars in Oz still receive money from their govt but they beg because they spent it all on alcohol, cigs and drugs. U are really pissing me off little girl. U lack expereince in travelling and still live in school mentality.
collecting cards and cans are not beggars, and in the news some of these old peoples collecting it are rich old folks who got nothing to do just to get something to work on, it is good to do recycling jobs, me also collect cans for one old uncles whose son is the director of a top organisation.Ozies just dun work due to welfare fund, which the govt is having a headache in removing it, it encouraged many to go jobless,