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Home loans made clear

Canberra Housing Prices, as good as it gets?

By eblue 16 March 2010 88

Housing prices in Canberra continue to soar, as evident today by the sale of a three bedroom house in Canberra’s inner North for almost $700,000. This begs the question – will Canberra’s property prices become affordable to the hundreds of first home buyers in the region? If not, how can this be achieved?

In the short term, its anyone’s guess as to whether prices will fall or continue to rise. What is certain is that $700,000 can buy you a two bedroom ocean front property on the NSW north coast; a beautiful three bedroom unit on Melbourne’s North Bank Yarra, or a high level, two bedroom unit overlooking the Brisbane river and a stone’s throw to the CBD.

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Canberra Housing Prices, as good as it gets?
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Clown Killer 10:26 am 19 May 10

And you lot thought Canberra was expensive!

Whilst $1.3m might seem like a lot consider the return. I wouldn’t be surprised if the 10% quoted was after costs like property management, insurance and maintenence. You’d get half a dozen mine workers in at $3000 a week ($500 per person per week is pretty standard for Port Hedland) and laugh all the way to the bank.

BimboGeek 10:00 am 19 May 10

merlin bodega said :

People talk about home ownership when they mean secure housing. What is it with this country that it’s impossible to get a lease longer than 12 months and landlords can throw you out any time they feel like it?

Kill all the property managers! (No not literally!! Just put them in a cupboard or give them great jobs as bus drivers or something.)

My modest townhouse is rented privately, suits me perfectly, hosts my business, and I intend to stay there for 5-10 years. My landlord wants me to stay in his house for a long, long time and treat it with care as if it was my own house.

By renting privately to the “right person” rather than through a property manager to some cashed up chump, he’s secure that his house is being cared for, I’m secure that I don’t have to lose my house (and business) soon, I take care of the simple repairs, he takes care of the plumbing and other stuff I can’t do, and he doesn’t raise the rent whenever property managers decide they deserve more money.

Most landlords and most renters would be happy with this kind of arrangement. If anything is killing housing in Canberra it’s property managers!

Clown Killer 9:14 am 19 May 10

Looking at the price of houses in Canberra, I just about fell over. What are the prices like if one paid cash for the property they want

No different. If I’m selling a house for $650,000 I’m still going to get my $650k whether you pay for it with a bank cheque or a wheel barrow full of cash – although if it was payment in cash I’d slug you an additional 10% to count it and for the inconvenience.

    johnboy 9:22 am 19 May 10

    To say nothing of the watch lists you’d end up on once the red flags went up.

feebee1965 4:14 am 19 May 10

Looking at the price of houses in Canberra, I just about fell over. What are the prices like if one paid cash for the property they want .

2604 10:18 pm 29 Mar 10

DeadlySchnauzer said :

And something to make you cry… the $1.33m for 13 Yapunyah was after it last sold in 2005 for $430k.

$1.33m to live in a dive like O’Connor? LOL. Fools and their money are soon parted.

If you want a way to stop yourself ever accumulating any real wealth, splashing out on a bigger and better primary residence every few years is a great way to go about it.

DeadlySchnauzer 3:19 pm 29 Mar 10

And this is for pretty much original houses with only kitchen/bathroom renovations! Admittedly both those million plus O’Connor sales were houses with nice panoramic views… that’s always been something that makes Canberra buyers froth at the mouth because its relatively rare to find in the inner city suburbs.

And something to make you cry… the $1.33m for 13 Yapunyah was after it last sold in 2005 for $430k.

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