MARKET UPDATE – USA COMPARISON – 31 MAY 2013

Still jet-lagged but I have to share.  I stayed with a friend who lives about 35-40 minutes outside a very nice large city which is about the size of Sydney, here in Australia.  he recently bought a gorgeous house of family size, on an acre, on a picturesque lake, with a dock and old established gardens.  There are photos!

I hunted around Sydney for comparable properties in desirable areas that roughly matched my American friend’s new place. I found a few that would compare.  They were priced from $700,000.00 to well over $1,000,000.00.

I keep saying our property market is overpriced, to a ridiculous level, and a correction of monumental proportions just has to happen. Will it be as severe as I’ve now personally seen in the USA?  Probably not but the correction to ‘affordability’ just has to occur or we’ll have our kids living with us forever and ‘mortgage stress’ will become just another major health problem to add to the obesity and diabetes epidemics already stalking us…

The House 20130426_071924 20130426_071805 20130426_071822

 

AFTER my friend spends $50,000.00 on renovations, the whole place will owe him just $225,000.00

 

I rest my case.

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