VIC Buying house in Indians preferred locality in Eastern Melbourne

Indians are judged by the locality they live in back home

You are not considered successful till you own a house in a well known suburb

I would have migrated, but will still have most of my family back in India tracking me closely

Cheers

 

Dude only refers to a man.

 

I think Mate is gender neutral

 

Given that most Indian migrants live in suburbs like Tarneit, I doubt the relatives back home are really that well versed about "good" suburbs. Show them a picture of a McMansion and they'll be happy enough

 

That would have been possible 20 years back when internet had not penetrated Everyone’s lives in a big way

Now even a person sitting 10,000 miles away is as savvy as a local on the merits of each suburb

Thanks mate

 

I've called a girl dude before

 

So you are the one

 

Status anxiety is a costly hobby.

 

Can’t help it

At least it’s productive to some extent.
It’s not totally money down the drain

Thanks Mate

 

Lots of good advice on here already. While I don't know you or anything, I'm strongly concerned for your financial well being. DO NOT commit to a $1m+ home loan before you've spent a few good months here and are more familiar with things. It's not just the mortgage you'd be paying off, there'd council fees (100%), estate fee (perhaps), bills (gas, power, transport, childcare, car payment (surely you'd be buying a Merc too - status symbol and all, you wouldn't want to park a Camry in GW ), rego, eating out, school fee, excursions, grocery, what not..).

Don't tell us we didn't warn you.

P.s I'm well into the top tax bracket and shudder at the thought of having to pay off a $1.5m+ mortgage.

 

Status anxiety if not managed is an endless pit, first its house, than what cars you drive, then what schools your kids go, where do you vacation etc. etc.

Chasing happiness... derived from 'how others feel about you' is a meaningless pursuit.

 

Will certainly give a hard look at the finances once again, before taking a decision

I had entered most of these these expenses in my calculations

Thanks Mate

 

how much deposit can you pay? if you can buy 1m+ for cash just go for it.

 

Agreed!

By the way I’m posting this from inside my BMW*





*it’s a 1997 model

 

On Financials:
Don't underestimate the true cost of living for a family with kids, you would be surprised at the reality, with prestige factored in monthly cost can easily cross upwards of 6k/mth excluding mortgage/rent.

at 180k package, take home after tax and super won't be greater then 10k/month.
a mortgage of 1.2mn@4% is a repayment of 5.7k/mth
a mortgage of 1.2mn@6% is a repayment of 7.1k/mth

 

That would be an ideal situation

But unfortunately, We have decided not to sell our home in India, so I would have to depend on a loan
The real estate market in India is in a really bad shape due to some recent decisions of the government

At some stage however, I can expect a substantial amount , which can be used to more or less liquidate the entire loan

Thanks Mate

 

If it was only status anxiety, then it would be wrong to buy at a higher price

But if you read the entire thread, you would agree that the decision on Glen Waverley and the likes, is based on other sound reasons and status plays only a very minor role in the entire process
Can Tarneit schools compete with GW primary school ?
Can I reach my Richmond office from Tarneit as fast and comfortably then from GW ?
I may be wrong but Tarneit at least by newspaper reports has a high crime rate and particularly against Indians, who are considered a soft target
I don’t read any such news about GW.
I have some colleagues in GW, and they are quite happy with the security in the suburb

These factors are also very important

Thanks Mate

 

Tell me about it, Demonetisation was a disaster at epic level with absolutely no tangible gain.

A know a guy who bought a property in Mumbai at its peak in a prestigious new development around 2011/12 mostly on loan, five yrs later price of those blocks have fallen at least 25% from his buying cost, plus factor in the IR of 9% over five years he has paid to get a 1% yield after other costs, compound it and voila.

With the current state of economy in India, salary stagnation is very real if you manage to keep the job that is, factor in the headwind of automation with semi skilled and service level jobs as it prime target, joblessness is set to rise in service sector.
It means quite a few years of real price pressure in big city Indian RE.

 

I'm not advising you to buy in Tarneit. I simply stated that I don't think the pressure from "back home" is as great as you claim given that a large number of Indian migrants do live there. It would be considered a below-average suburb in Melbourne

 

I guess it would depend where you live back home . If the OP lived in a better suburb back home it would be considered a step backwards to live in a lower classed suburb even if it is in Melbourne.

It comes down to social pressure I would say and its kinda sad to see OP succumbing to that. If he is really looking for the good schools he can always rent where he wants.