A Travel and vacations forum. TravelBanter

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Go Back   Home » TravelBanter forum » Travel Regions » Australia & New Zealand
Site Map Home Authors List Search Today's Posts Mark Forums Read Web Partners

when will property prices fall?



 
 
Thread Tools Display Modes
  #1  
Old March 27th, 2004, 09:31 AM
maxi
external usenet poster
 
Posts: n/a
Default when will property prices fall?

I wunder when property prices will fall down under?
this cannot go on for ever


  #2  
Old March 27th, 2004, 10:18 AM
A Mate
external usenet poster
 
Posts: n/a
Default when will property prices fall?

Too True.


In Brisbane they have already started to fall. The REIQ won't admit it yet
for a while; but there are five properties 'For Sale' within 200 m of our
home. They've all been on sale since before Christmas (Yes! December 25th,
2003!!). The market is collapsing, tho' it could be 2 or 3 months before
Real Estate Agents acknowledge the fact!!!



"maxi" wrote in message
...
I wunder when property prices will fall down under?
this cannot go on for ever




  #3  
Old March 27th, 2004, 01:26 PM
Raffi Balmanoukian
external usenet poster
 
Posts: n/a
Default when will property prices fall?

I had that discussion with a few Aussies (in different regions of the
country) in 2000 - and again in 2001. Things have gone up a little since
then (and, do I remember correctly, the first time buyer's rebate is now
history?)

We (Canada) are in the midst of a huge surge as well - driven almost
entirely by the cheapest money in living memory and a highly competitive
mortgage market. Australia, OTOH, has some of the highest rates in the
industrialized world (which is part of what is driving up the Australian
dollar), although in real terms (interest less inflation) the numbers aren't
as dramatic. If Aussie rates fall, money will become cheaper; in turn, that
means that buyers can afford a larger mortgage with the same payment; which
in turn drives up property prices.

That said, I agree entirely that the go-go-show can't go on forever (ask the
litany of developers who have crashed on the rocks of economic
history)...but if you could predict WHEN, go to work for the RBA. They'll
have a corner office and a very nice salary for you, since they (and most
other countries' centralized banks) pay a lot of blokes to throw darts at
boards.



in article , A Mate at
wrote on 3/27/04 5:18 AM:

Too True.


In Brisbane they have already started to fall. The REIQ won't admit it yet
for a while; but there are five properties 'For Sale' within 200 m of our
home. They've all been on sale since before Christmas (Yes! December 25th,
2003!!). The market is collapsing, tho' it could be 2 or 3 months before
Real Estate Agents acknowledge the fact!!!



"maxi" wrote in message
...
I wunder when property prices will fall down under?
this cannot go on for ever





  #4  
Old March 27th, 2004, 08:27 PM
Mark H
external usenet poster
 
Posts: n/a
Default when will property prices fall?

Raffi Balmanoukian
a wrote:

I had that discussion with a few Aussies (in different regions of the
country) in 2000 - and again in 2001. Things have gone up a little since
then (and, do I remember correctly, the first time buyer's rebate is now
history?)


No it is still operating.

I am on the Gold Coast and the market is softening here too,
though no real estate people will openly acknowledge it.
What happens in the Sydney market is reflected here
eventually, how long it takes to percolate to this market is
anyones guess.

Home sellers count high cost of greed
By Daniel Dasey
March 28, 2004

Home sellers who turned down hefty auction bids for their
properties last year in the hope of snaring a higher price
have been stung for tens of thousands of dollars by the
slowing property market.

Research shows sellers who were unsuccessful in auctioning
their homes last year are being forced to accept up to 25
per cent less than the highest bid made for their properties
before they were passed in.

Analysts expect the weaker market, which is allowing buyers
in some areas to take their pick of heavily discounted
homes, to continue for up to two years.

"There's no doubt the instances of this occurring have
increased," said Louis Christopher of housing market
research company Australian Property Monitors.

"Demand for housing has dramatically fallen away in 2004.
Sellers are left with a hot potato," he said.

The trend towards lower prices this year is also affecting
private treaty sales.

The Sun-Herald asked Australian Property Monitors to examine
a cross- section of homes that were passed in at auction
last year and later sold for less than the highest bid.

Vendors in suburbs ranging from Woollahra to Merrylands lost
tens of thousands and even hundreds of thousands of dollars
by holding out for more money, only to have the market slip
away from them as interest rates crept up. The research
shows a Bronte home that attracted a top bid of $1.65
million in August was sold last month for $1.255 million - a
reduction of $395,000.

An Ashfield house for which the owners refused a $701,000
bid in November was sold this month for $630,000.

In Cabramatta, a home that was passed in for $470,000 in
December has just been sold for $429,000.

The story is the same for private treaty sales. At Castle
Hill, a home advertised for $679,000 in October sold in
January for $630,000.

Another Castle Hill house was advertised in October for
$919,000 before selling for $800,000, after being passed in
at auction.

At Pennant Hills, a home advertised for $780,000 in November
was discounted to $750,000 in December and to $719,000 in
February. It is now being advertised for $699,000.

Mr Christopher said he believed prices across Sydney were on
average 8 to 10 per cent lower than last year and some
vendors had been caught by the weaker market.

"I have no doubt there are many sellers who weren't prepared
to take the bid at the time thinking it was too low and are
probably now wishing they had done so," he said.

"The bottom line is the market is weaker now than the end of
last year."

Ray White Real Estate director Sam White said while some
areas had made gains, he estimated prices overall in Sydney
had slipped between 5 and 10 per cent. "We're finding it
more difficult to sell properties now than six months ago,"
he said.

Mr White said he believed the real estate climate had
returned to normal.

"For the first time in four or five years, vendors and
buyers are pretty much in equal numbers [and] you need to
work hard to get a sale."

He said he expected to see more robust conditions by 2006.

Macquarie Bank head of property research Rod Cornish said he
expected more volatility in the housing market in the coming
months.

"I don't think there's going to be a massive,
across-the-board house price slump, but certainly it's a
softer market than it was," he said.

This story was found at:
http://www.smh.com.au/articles/2004/...330994118.html

Cheerz Mark.
  #5  
Old March 28th, 2004, 12:26 AM
Roger Martin
external usenet poster
 
Posts: n/a
Default when will property prices fall?

"maxi" wrote in message
...
I wunder when property prices will fall down under?
this cannot go on for ever


The property value cycle is on the way down and there will a lot of bargains
to be had in the next few years as our socially responsible (sic) banks sell
up the owners to recover their funds. The banks will do what they did in the
80s and increase housing rates to their other customers to cover the losses
they incur on their dodgy housing loans. The increases force others into
insolvency and the cycle keeps on going. I remember paying 17% on a
mortgage - god help me.

The other side of the coin is that shares start to look more attractive and
the superannuation investments will start to rise and claw back the capital
losses caused by the housing boom - until housing gets attractive again and
the cycle goes around. Long term its in the government's interests to have
high value for superannuation so reducing the amount of reliance on state
old age pensions (house values being exempt from means testing for
pensions).

The other plus side for renters is that houses are now cheaper than 6 years
ago and often with a/c, pools, etc. Friends are renting a 4 bedroom house
with a pool for $210 a week, I was paying $265 in 1997 for a crappy 3
bedroom.

end rant.
--
www.bribieisland4x4hire.com
VW Kombi Camper Buy Backs
Landcruiser Troopy - Toyota Hilux Crew Cab
Mitsubishi Pajero - Landrover V8 Swag Camper


  #6  
Old March 28th, 2004, 01:28 AM
4000 psi
external usenet poster
 
Posts: n/a
Default when will property prices fall?


"Roger Martin" wrote in message
...
"maxi" wrote in message
...
Friends are renting a 4 bedroom house
with a pool for $210 a week, I was paying $265 in 1997 for a crappy 3
bedroom.


where and how far from the beach are these rental rates possible?


  #7  
Old March 28th, 2004, 04:15 AM
A Mate
external usenet poster
 
Posts: n/a
Default when will property prices fall?

Which Beach????


With apologies to CBA!!



"4000 psi" wrote in message
news:r%[email protected]

"Roger Martin" wrote in message
...
"maxi" wrote in message
...
Friends are renting a 4 bedroom house
with a pool for $210 a week, I was paying $265 in 1997 for a crappy 3
bedroom.


where and how far from the beach are these rental rates possible?




  #8  
Old March 28th, 2004, 10:06 AM
Roger Martin
external usenet poster
 
Posts: n/a
Default when will property prices fall?

"4000 psi" wrote in message
news:r%[email protected]

"Roger Martin" wrote in message
...
"maxi" wrote in message
...
Friends are renting a 4 bedroom house
with a pool for $210 a week, I was paying $265 in 1997 for a crappy 3
bedroom.


where and how far from the beach are these rental rates possible?


Well Bribie Island is about 5 kms wide at the Southern end where the
housing is - so its not far. The one I used to rent is at Woorim - that was
about 100 metres to the beach - 50 metres of which is a park.

The house my friends rent is probably about 2 kms to the nearest beach. Its
brand new - they are the first tenants. The owners work on the coalfields
near Rockhampton and have built the house as an investment plus intend to
retire here.

There are more Real Estate Agents on the Island than there are any other
service - most have websites which can list rentals.

Email me direct if you want anything like a local paper mailed or scanned.

regards


  #9  
Old March 28th, 2004, 02:57 PM
4000 psi
external usenet poster
 
Posts: n/a
Default when will property prices fall?


"Roger Martin" wrote in message
...
"4000 psi" wrote in message
news:r%[email protected]

"Roger Martin" wrote in message
...
"maxi" wrote in message
...
Friends are renting a 4 bedroom house
with a pool for $210 a week, I was paying $265 in 1997 for a crappy 3
bedroom.


where and how far from the beach are these rental rates possible?


Well Bribie Island is about 5 kms wide at the Southern end where the
housing is - so its not far. The one I used to rent is at Woorim - that

was
about 100 metres to the beach - 50 metres of which is a park.

The house my friends rent is probably about 2 kms to the nearest beach.

Its
brand new - they are the first tenants. The owners work on the coalfields
near Rockhampton and have built the house as an investment plus intend to
retire here.

There are more Real Estate Agents on the Island than there are any other
service - most have websites which can list rentals.

Email me direct if you want anything like a local paper mailed or scanned.

regards



the rent your friends are paying is really good for being on Bribie, i
guess, ... is the surfing any good in those parts, do you know?



  #10  
Old March 30th, 2004, 09:33 PM
Roger Martin
external usenet poster
 
Posts: n/a
Default when will property prices fall?

I just had a look through the local newspaper and the rent is about right
with others, there is definitely an oversupply at present - both rentals and
for sales. There are so many empty housing blocks as well, with developers
asking stupid prices - more than existing houses in many instances.

The surf at the Southern end of the island is a bit small - there are sand
bars in Moreton Bay which protect us from the big ocean swells. But a 20
minute drive up the beach to the Northern end gets you into the big swells -
especially at high tides.

The remnants of the last cyclone that hit the North Coast whipped up some
big swells and we had a ball for about a week - I like being able to walk
about 100 metres to surf some big waves.

--
www.bribieisland4x4hire.com
VW Kombi Camper Buy Backs
Landcruiser Troopy - Toyota Hilux Crew Cab
Mitsubishi Pajero - Landrover V8 Swag Camper


 




Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Airline Ticket Consolidators and Bucket Shops FAQ Edward Hasbrouck Air travel 0 April 17th, 2004 12:28 PM
Airline Ticket Consolidators and Bucket Shops FAQ Edward Hasbrouck Air travel 0 February 16th, 2004 11:03 AM
Airline Ticket Consolidators and Bucket Shops FAQ Edward Hasbrouck Air travel 0 January 16th, 2004 10:20 AM
Airline Ticket Consolidators and Bucket Shops FAQ Edward Hasbrouck Air travel 0 December 15th, 2003 10:48 AM
Airline Ticket Consolidators and Bucket Shops FAQ Edward Hasbrouck Air travel 0 October 10th, 2003 09:44 AM


All times are GMT +1. The time now is 09:11 AM.


Powered by vBulletin® Version 3.6.4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
Copyright 2004-2018 TravelBanter.
The comments are property of their posters.