Ever since getting the PR, a lot of friends have been encouraging us to get a property here. Interest rate has been cut by 4% in the last 5 months, with the official cash rate down to its lowest level in 45 years at 3.25%
We are still skeptical if this is the right time to buy. The job security issue is on everyone's lips. The economy doesn't look like it's going to pick up anytime soon, and future rate cuts seems highly possible as well.
It is true that the First Home Owner Grant is pretty attractive. This money will definitely help with the initial 20% deposit.
It's funny that properties here are negatively geared. That means when you buy a property and rent it out, the rental income is not enough to service the mortgage. You still need to top it up with cash.
According to the Today show this morning, there are suburbs across Australia popping out where the monthly cost of rental outstrips the monthly mortgage repayment.
In Sydney metro, it is cheaper to buy than rent at Rosehill, Regents Park and Haymarket.
Click here if you want to find out the rest of the suburbs in NSW.
I'm hoping the property prices to continue falling, and the government to extend the First Home Owner Grant to end of the year or something.
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