VIC Werribee Werribee!

I wouldn't call property cheap in the area, but can certainly understand melbournesky's point of view. Unless the government acts to change foreign investment and potentially immigration, then house prices close to major cities will keep going up. If there's a bit of a crash, it will only affect the high end prices (multi million homes)... soon it will be a real challenge to get anything under $300k (even well outside the city / country houses). Construction costs themselves won't change much due to the labor / material components so I think it's a reality we're going to have to face - because I can't see the government saying no to foreign investment.

 

Actually China government already limit each person can only transfer 50 k US dollar every year. Otherwise, I reckon the property price should increase much more than now...

 

Thanks for the info Fiona- I wonder how people get around it, as I've been dealing with a number of Chinese owners who have paid cash for $500k plus houses. New builds of course, not established.

 

Chinese buyers in wezza? wow

 

No worries either few person transfer to 1 account or business to business trading account transfer.

 

Yes, because Altona , newport, Williams Landing already up the price. So the next should be hoppers crossing and Werribee. I bough my IP in hoppers crossing.

 

Harpley Estate, Riverwalk... new areas of Werribee. But they're certainly here.

 

Most definitely. Every open I've been to has had them. I have spoken to some and a few barely spoke English, they're surely there.

 

Yeap! Here you go

 

Retail is already suffering heavily due to expensive property prices and it's meant to be their peak period over Christmas. You can now buy a $30 t-shirt and pay it over four instalments. Unless people stop using utilities and eating, I really don't think there's scope for prices to go much higher.

What are you on about - you don't consider the USA a developed country? They have houses for half the price in areas of far more economic activity and importance than say Melbourne. The average house price in Australia is approaching 700k now. You can get a house with land in pretty much every city in the US for that price with the exception of San Francisco (the actual city, surrounding areas like Oakland are cheaper) and parts of New York (specifically Manhattan and Brooklyn).

Australian property and especially middle of nowhere outer suburbs property is very overpriced by international standards.

 

Yeah all the Asians and Chinese wanna go to Detroit and hang out near the projects
They do MBAs in Michigan too

 

Lol I see what you did there.

 

As Cimbom mentioned australia house price approching 700k and melbourne particularly the median is around 817k .

Melbourne sky has the point here as he was referring to werribee being 30km away from melbourne cbd where You can still buy a house on a good size block for 5~600k in major cities of the developed country . the second thing, melbourne sky was comparing australia major cities against major city in Asia (not US) and again I agree with melbourne sky, Australia property still cheaper compared to major city in Asia especially if you look at property price against wages ratio between the two.

IMO comparing Australia with any other countries including US is useless because at the end of the day it comes down to supply and demand .

Have a look at US real estate website the supply is massive! so again we are not comparing apple with apple .

Erorxxx

 

Another attractive incentive that we have here in Australian properties are freehold and not leasehold. There will be more overseas investors flocking into the market which they will never have in their hometown. That means, the demand will only go north.

 

There are always ways to go around any rule in Asia/China. The rule can only slow down but cannot stop the flow.

 

Actually, oversea investors are not allowed to buy second hand house. The option either buy off the plan or new apartment. So whoever shows in the auction day, they are new immigrants.

 

A widespread misconception. The can, with permission from FIRB, and many do.

 

Not for investment, will get big fine from it.10%- 25% of the house market value.

 

"A parliamentary inquiry last year heard that the FIRB had not prosecuted a single case since 2006, which many argue renders the guidelines essentially ineffective."
The facts about foreign buyers - realestate.com.au
The neat trick foreign buyers use to skirt FIRB real estate laws
And of course foreign investors who acquire temporary visa can buy established dwellings as an investment, provided they add to the existing stock (i.e. knock down fibro shack and build townhouses, subdivision, etc).

 

so? what is the international standard of property price? you cannot quote prices in a single country to back up your argument and talk about international standards in the same sentence. you are only trying to twist the statistics in your favour.