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Andy the Aussie
October 09, 2010, 18:37
Mortgage pain hurts more in Sydney than in London or New York ....


* Sydney families spend most on mortgage
* Average repayment is $4123 a month
* Dream of homeownership is more distant

http://www.news.com.au/money/property/mortgage-pain-hurts-more-in-sydney-than-in-london-or-new-york/story-e6frfmd0-1225936210782

I only wished I had better invested in property here in the early 90s... :(

Neighbour's places next door and across the street are both on the market (because they want to be not HAVE to be) for over $700K.

JohnnyMac
October 09, 2010, 18:57
Originally posted by Andy the Aussie
Mortgage pain hurts more in Sydney than in London or New York ....


* Sydney families spend most on mortgage
* Average repayment is $4123 a month
* Dream of homeownership is more distant

http://www.news.com.au/money/property/mortgage-pain-hurts-more-in-sydney-than-in-london-or-new-york/story-e6frfmd0-1225936210782

I only wished I had better invested in property here in the early 90s... :(

Neighbour's places next door and across the street are both on the market (because they want to be not HAVE to be) for over $700K.

Living in the Washington, DC metro area, I have been there done that. Then the bubble burst... beware. My townhouse has lost about 25% of its value since I bought it in 2007. I am located just within the DC beltway, so I'm still better off than most that bought at the same time. The outer suburbs are much worse, with homes in some areas losing 50+% of their peak value.

My parents missed the window when they could have unloaded their 1960's split-level 4 BR, 3 BA, w/ double garage for about US$750k. They're OK, however, as they paid off their mortgage a decade or more ago, and unlike some of their neighbors, didn't dip into their equity to pay for depreciating assets like cars and vacations.

JMc

JMc

Shootability
October 09, 2010, 19:21
Originally posted by Andy the Aussie
Mortgage pain hurts more in Sydney than in London or New York ....


* Sydney families spend most on mortgage
* Average repayment is $4123 a month
* Dream of homeownership is more distant

http://www.news.com.au/money/property/mortgage-pain-hurts-more-in-sydney-than-in-london-or-new-york/story-e6frfmd0-1225936210782

I only wished I had better invested in property here in the early 90s... :(

Neighbour's places next door and across the street are both on the market (because they want to be not HAVE to be) for over $700K.

Bubble bubble toil and trouble.

Hootsmon
October 09, 2010, 22:11
Originally posted by solvability


Bubble bubble toil and trouble.

We've been shaking our heads and looking at Sydney, saying "It can't keep going on like that" for two decades plus.

But it keeps going like that. Sydney won't pop until the end of the world.

Andy the Aussie
October 09, 2010, 23:37
We had our "big" down turn in 2008....still going OK now. In 08 my house only increased in value (define that I guess) 5% as opposed to the 9 or so in most other years.

Andy