story of an immigrant

  1. 14 Posts.
    I have been renting for the past 9 years.
    (2002)
    Started as an international student, Rent per week $100, Couldnt afford to buy a house. Shifted houses about 3 times.

    (2005)
    First Job, Rent $130, Couldnt afford to buy a house, not enough deposit. Still paying of student Loans.
    shifted house about 2 times.

    (2008)
    Rent $200 Saved up for the deposit, Couldnt buy a house because house prices were too expensive.
    Housing on the outer suburbs was affordable But extreme travel overhead to the city.
    Takes me average 1.5 hours Oneway travel. By car 40mins(but usually 1.5hrs aswell due to traffic jam in the mornings, am talking abt the western suburbs in Melbourne) Also by car Fuel/parking/costs 100$ per week. So it didnt make sense to buy a house just to save $60 at the expense of longer travel time plus Intrest etc...
    Spent the deposit on getting a car.
    shifted house about 2 times.

    (2010)
    Rent $350, the huge jump in rent is because i got married and need a place of my own. deposit not enough for anything, all eaten by other ever increasing expenses. The only way i can save up deposit and afford repayments is going back to a student life style. which will be difficult at this stage.

    (2011)
    Rent $410, Leaving current house in search of a cheaper house. I doubt i will goto the outer suburbs as the cost to benefit isnt favorable. BTW the house is still in market and the agent has been dropping 20$ off the rent every week. I have offered to pay $350 as there are so many other better properties for that amount.

    I am neither a property Bull or a bear or one or the other in any suit. stating the fact as i have seen it, that there is an increasing number of rental properties. The good old times where i can take the keys from the agent to go and inspect houses has come again. The good houses usually have a few Applications and the overpriced ones keep getting listed again and again.

    My point being if people are buying houses and hoping people like me will keep paying ever increasing rent, then it will come down to purely what i can afford. If there is a better deal then i will jump.

    Some might raise the question that you will be locked in for 12 months: Its true but most people who are renting/ are curretnly renting usually dont extend their contracts to a yearly basis after the first year it goes on a monthly basis.
 
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