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Are Australian Houses Affordable For New Migrants?

Is the Aussie housing bubble going to burst? Good news for new migrants and the ‘just arrived’ in Australia, the property market is said to be on the turn….

When we first arrived 6 years ago now, we felt the pressure to buy quick; the market was climbing and the boom in Brisbane was already underway.

Buying in an up-and-coming suburb has served us well as many well established areas were already expensive $1 million AU…..

In a recent survey by Demographia, the Sunshine Coast in Queensland is winner of most unaffordable place to buy a home. Also on the expensive list is the Gold Coast and Sydney.

Whilst the current house prices look good for homeowners, for first time buyers and new migrants they are sure to look a little daunting. $300, 000 used to buy you a decent house now; it is more like $4-500, 000.

However, interest rates are low and there has been an increase to the first time home buyers grant, so houses are currently still being bought and sold. As a permanent resident you can buy a house in Australia and will also be able to apply for this grant.

This is not the first time Australia has been rated in recent years as being an unaffordable place to live. We’ve watched the prices keep climbing and now with the global credit crunch we are wondering if there will be a big fall- Some say it will not come, and so far it hasn’t. Let’s see what the rest of the year has to offer! What do you think?