penny, page-3

Dear pennyo, I dont think here are promoting that property will continue as it has done over the last period of growth. I and like many do beleive that prices of houses that get sold will fall, and as i have mentioned and as mentioned in the press there have been 40-50% in certain less desirable places in sydney. Even proffessor keen managed to sell his property for more that the $515K (got $526). however, it will not be the wholesale carnage being experienced in the USA as the conditions are totally different

Using spreadsheets etc to work out your buying strategy wont work. If you see a bargin and it is the home for you then you should consider buying. however, if you want to buy rock bottom, then you will need to do a lot of work to find.

As to the $60,000 income, not sure what you were saying but the average mortgage is $300,000, and rates are less than 8% so the interest on an interest only loan is $24,000, dont understand why you inflated it by another 30%. The alternative of renting is only proably a $150 a week less. and yes it is tight trying to budget etc, but then they wouldnt then buy such a property they could only afford much less or rent.

Again goodluck on your quest but my guess is that you will not get what you want. maybe you should get into the building industry to make all those super profits being made.