Q: In the next couple of years? I grew up in the generation that saw houses jump from $100,000 to $300,000 in a couple of years (before we were old enough to buy) and so am always anxious feeling like we need to buy one. I want to buy/live coastal in WA where at the moment the price of a 4x2 in Quinns Rocks is still under $400,000 but the next suburb down (mindarie) is much more expensive, so I kinda want to get in before its just too expensive. What do you think? What should we do? We don't even live in Perth at the moment, we live in a mining town and if we dont buy a house we will just keep saving money
A: I'm not in real estate and am not any kind of expert, but I would advise you to buy now wherever you can afford. A situation such as you describe with an affordable suburb near the coast right next to an expensive one is a dream option and it's as good a guarantee as you're going to get that it won't be affordable for much longer. Under $400,000 on the coast is absolutely unheard of along any of the east coast, and interstate migration from over here will guarantee that prices won't stay low or fall in WA. First home buyers everywhere are finding it more and more difficult to buy their first place and in other states are needing to look in less and less desirable locations to get their foot in the housing door. Your first home is by far the most difficult to get in to, but once you've managed it, if it's in a decent location particularly if it's on the coast or some other waterway, you're home and hosed (in a manner of speaking). Even though prices rise at different rates in different locations, over time, the price of your place will increase like in other areas and your increased equity will make it possible for you to trade up if you wish to do so. Go for it now before it's too late.