If you had a choice?

[RiverRaider]

The second choice. 
I know far too many people who are "house poor" they make good money but bought the mega
dream house and have no spending money.  If this place cuts into the car hobby it will also limit other spending.

[Fred]

I say go with #1. If you've got your heart set on it)
At the rapid rate real estate prices are rising you need to take advantage while you still can. You may never get another opportunity. Prices are going through the roof and what you can get for your money today......you won't be able to get for the same money tomorrow.

[440]

The rapid rising real estate prices aren't really in our favor and there's no telling if they will continue to rise. Our state hasn't had much growth over the years and it could either be a great decision or a bad one pending the real estate market in the coming years. This property is twice the average so as an investment/return it's probably not the smartest short term option. From what I can tell value for money is second to none but will stress us financially for about 6 months untill we sell, move interstate, and settle.

If only there was a crystal ball to look into the future a few years to see which way the path travels.

[Fred]

If only there was a crystal ball to look into the future a few years to see which way the path travels.

If there were..........we'd all be better off!  


Which State? (if I may be so bold as to ask)

[Tilar]

The rapid rising real estate prices aren't really in our favor and there's no telling if they will continue to rise. Our state hasn't had much growth over the years and it could either be a great decision or a bad one pending the real estate market in the coming years. This property is twice the average so as an investment/return it's probably not the smartest short term option. From what I can tell value for money is second to none but will stress us financially for about 6 months untill we sell, move interstate, and settle.

Our real estate is way up. I bought two houses back in 2012 and 2013 and could easily double my money on them now. A really small house next door to my residence was appraised at 42,500 4 years ago and sold for 82,000 a couple months ago and it's not half the size of any of my houses and it sits on a really small lot... It's nuts.

[Fred]

It's the same here in Melbourne. People living in the inner suburbs are raking in the dollars no matter the state of the property for sale. It's all about land value.

[440]

We'd be moving from SA to VIC. Even here in SA a property (shack) on the esplanade was a 700k knock down and rebuild situation.

The sad part is we looked at buying a house in Victoria a few years before the boom, we would have doubled our money now in the same time period had we bought that place then.

[Fred]

But you'd only double your money if you sell and skip town......move to a third world country. Otherwise it's been my experience that when you sell one property to buy another, the new property generally costs as much if not more.

Even so Vic is a great place to be. (as no doubt your wife can attest)  It certainly is our (the Mrs. and I) favourite State. Wouldn't live anywhere else.
Hope all goes well for you.  

And if you lose your ducks..........there are plenty more to be had. They're here all year round and rarely fly the coop.

[Fred]

See, I told you................

[Paul G]

I say a lot depends on your age. If you are young you have time to reach out for that dream house. Being poor when you are young is doable knowing your earning potential will eventually rise and take you out of that self inflicted poverty.

If you have more years behind you than in front, a different story. Being house poor in middle age or older will suck bad.