The cost of a home in your part of the world?

[CamB]

Australia has become an insanely expensive place to buy a home. I have a house in Melbourne, which now has a average home price in the high $600,000s. I'm about to sell my place which is a middle suburban (15km from the city), 4 bedroom home with an inground pool for somewhere between $1-1.1 million.
Australia is ranked at number 3 in the world in house price to income ratios.
Australians are questioning how there children are ever going to be able to afford the dream of home ownership.How is the situation in your part of the world? How much does a home cost?

http://www.abc.net.au/news/2014-06-1...-ratio/5517452

[ro63rto]

Try living in London.
2 bedroom apartments now cost you around £400,000.
There's a conversion down the road. Old Ministry of Defence building. 2 bed with small balcony £450,000.
3 bed £575,000.
A 3 bed house on our road sold for £900,000 a few years ago. Next door is now asking £1.1million for theirs.

[93EXCivic]

I looked at a 2 story 3 bedroom with pool that was in solid shape (needed some redecorating and the kitchen redone as the previous owner was an old lady) for $150,000.

[MarkO]

Huge variation in prices here just in a few miles.

Condo 1 bed on the beach will be around $750 -$1million but you could be paying over $3000 pcm in strata fees on top.
Family homes away from the beach are less, 3-4 bed opposite me is $650k but needs work, on a 1/4 acre plot.

2 bed golf course condo about $550k

I have a friend in Real Estate complaining of the lack of homes in the $10 million range, as they all sold.
You can live near Bruce Willis for $48 million on Parrot Key - how wealthy do you have to be if that is your holiday home!
If you want to be next door to Prince I think that is just $18 million.

[Jeannie]

We did a similar thread in the Mod Corner at WUS a couple of years ago: What can you buy for half a million (USD) and what can you put in the garage with the leftover?

I bought my house in 2011 from an estate trust. It had sat empty for awhile and needed lots of sweat equity. We paid $130K USD. For that, we got an 1800 SF house with a single garage, a 760 SF wired workshop, a barn (which is unusable at this point but still picturesque), 13.58 acres (9-10 of which is wooded), and a pond.

Even for our area, we got a stupid good price. Had the house shown better and not had the cosmetic issues, it would have listed closer to $200k. It's easily worth that now and then some. We've put roughly $30k in it and are nearly done with our upgrades. Maybe another $5k to go.

Elsewhere in my area for $500K (USD), you can live in a 3200+ SF, 4 bedroom executive home with a large lot and a koi pond and put a z06 in your garage:

http://www.realtor.com/realestateand...1_M67621-33120

You can buy 71 acres and build your own:

http://www.realtor.com/realestateand...80-17677?row=2

Or you can preserve a bit of the past in our town's historic district (and drive an Aston Martin Vantage):

http://www.realtor.com/realestateand...1_M62083-83960

Jeannie

[Richmondmike]

I am just in the process of buying a 3 bedroom semi-detached house for £132,500. That's in the North of England. Further South it would cost 3-4 times that amount.

[Jeannie]

You can get a beachfront condo in North Carolina for that same $500k, but you'll need to cough up between $3m - $10m for a large single family home directly on the water.

If you go a road or two inland or are okay with marshfront, condos are very reasonable even for middle income families. It depends what beach, of course, but I know many many people with beach places. And none of them are especially wealthy.

Jeannie

[CanadianStraps]

Southern Ontario is all over the place with prices: Toronto is hyper inflated, as are many outlying areas. I own 3 properties that I live or work in, and also a dozen rental properties. I have a home on Lake Ontario in the city of Hamilton, about a 45min drive to Toronto, that I paid $230k for less than a decade ago. I have invested sweat equity, but the place was not dilapidated by any stretch, it was move-in-and-live ready, but I'm a DIY guy and added many touches over the years. I am looking at getting rid of it and moving to a bigger lot with a bigger structure, and in speaking with some Real Estate advisors they practically get boners over the opportunity to list my current home: the neighbourhood has gone through a lot of improvements over the last 10 or so years, and none of them can fathom the house selling for less than $500k or being on the market for more than a few days. In the last 2 years,ive had 4 people (2 private, 2 agents) walk up and knock on my door asking to buy it. This house on this lot in, say, the Beaches area of Toronto would be $1MM on a good (for the buyer) day.

[tribe125]

The internet tells me that my four-bedroomed house on Romney Marsh (rural Kent, S.E. England) is worth £365,000 (€498,000, $565,000).

[MarkO]

We did a similar thread in the Mod Corner at WUS a couple of years ago: What can you buy for half a million (USD) and what can you put in the garage with the leftover?


Jeannie

I don't think there would be enough left for one of these - unless the house was a complete basket case in an area where you wouldn't want to live.