What I think might happen.. if it's anything like what happened in Sydney after the Olympics is that prices will skyrocket.. then drop back down. We had a period of double digit increases in home prices and now the affordability factor is really bad for new home buyers... and this is for apartments. If young people want to get into the market now, they'd have to settle for buying say on a busy road / something fairly old / some suburb that's not so nice... the repossession rates here especially where the blue collar workers live are very high because they are the ones that are the least educated, least able to sustain rising interest rates / cost of living and the ones easily fooled by really dodgy lenders telling them something they "could" afford but when in fact they were well and truely borrowing over their earning ability.
Interest rates here have risen 13 times.. all of them 0.25% increases and in the year and a bit since I bought my villa, it's gone up at least 1.25%.
For me, I skimped on a lot of things.. no name foods, ate not so fancy fish, went out less... in the end, I moved back with my parent's home and going to rent my place out, fortunately to a friend after the other person disappeared from my life.. which was a good thing I guess.. but that's another story.... but now I can really hit my mortgage really really hard before I move out again and not have this massive interest charge. The only downside moving back home is that I added another 20-30mins to my usual 45mins drive to work.... then add the extra petrol cost... it's higher here than it is in Canada and I'm trying every single way to get away with driving my own lease car (fortunately working at a car company has its perks). US$50 of petrol a week in a Yaris automatic is a joke just to get to and from work.
The best shopping here we can go to is HK... no such luxury here to pop down to Seattle for a bit of cheap buys. |
發表於 2008-5-25 14:11
|