House prices to keep falling for years
- Thread starter Pommiegranite
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Government loves people with property
I know it too well ...any chance they get they milk them on land tax, stamp duties and anything they can think off.
Real Estate investors are very very rich, so why not tax them a little more
and if they dont like it they can sell up, it generate a little cha ching sign $$$ in the govie computers as they collect an extra stamp duties transaction...Such awesome tax law everyone should love
but property double every 7 years so these guys can afford it
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Unless you live in St.Kilda, in that case it goes up around 15% per quarter.
Aye lad.
Saint KilledYa - where the Big Wheel turns ....
Glen48
Money can't buy Poverty
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Did a job today at a Conveyance centre in QLD asked how business was going they told me busy I asked who's buying ...First Home owners ..I guess when its Tax payers money it doesn't matter and we need a new ponzi scheme after Storm
Hi everyone,
With today's announcements about the state of the Western Australia budget and the ONGOING downturn of resources, we got to think about how all this is going to have an IMPACT on key parameters like:
a) Consumer Spending
b) Unemployment rates, with the resource sector retrenching staff all over the shop. Go into a doctor's surgery, a Chinese Restaurant or a Woolsworth, and you will inevitably hear of someone whose boyfriend, husband is retrenched by the resource DOWNTURN. It's not good news.
c) Home Buying/Selling. .
Keep an eye. Meanwhile, Westpac Banking seems to be doing a little run today. I bought for AUD$15.90 3 days ago, today it rose to as high as $17.37 I believe.
Have a great weekend everyone........David Kam.
With today's announcements about the state of the Western Australia budget and the ONGOING downturn of resources, we got to think about how all this is going to have an IMPACT on key parameters like:
a) Consumer Spending
b) Unemployment rates, with the resource sector retrenching staff all over the shop. Go into a doctor's surgery, a Chinese Restaurant or a Woolsworth, and you will inevitably hear of someone whose boyfriend, husband is retrenched by the resource DOWNTURN. It's not good news.
c) Home Buying/Selling. .
Keep an eye. Meanwhile, Westpac Banking seems to be doing a little run today. I bought for AUD$15.90 3 days ago, today it rose to as high as $17.37 I believe.
Have a great weekend everyone........David Kam.
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I find the last part of that article most enlightening.
In particular, the 2008 figure they compare to the median price in Dec 2007 is SEP (the month St Kilda shot up +14.7% according to RE Guru robots) - which gives a way-too-optimistic slant on what the 2008 median price is.
My guess would be that with the recent Oct-Nov RE sales carnage thrown in, that median figure would NOW more likely be down to about $410,000 in Dec 2008 (or -15.5% compared to Dec 2007).
This is more in line with the overall -25% slump in sales (still optimistic IMO) and makes much more sense than the concentration by some on auction clearance rates which are a complete mis-representation of the real state of "real" estate since auctions represent only a tad over 50% of the sales market.
Much worse to come in 2009.
SHAPE OF THE MARKET (IN VICTORIA)
2007 2008
Clearance rate 82.5% 63%
Sales 56,189 42,465
Auctions 29,909 26,600
Median price $485,000 $435,000* (or -10.3% compared to 2007)
SOURCE: REIV (*Compares December 2007 with September 2008)
Chiz,
aj
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The house price crunch infection looks to be spreading across Europe and seems to have sunk the building sector in Spain. Spain depends on UK and German tourists and the 25% plunge in the £ against the € keeps the Brits at home and the Germans are being sunk by their engineering collapse.
The UK reports a further 2.3% house price decline in November, indicating that houses are now falling at a 25% Annual rate. Some see areas of London, particularly apartments, falling up to 50% in value.
The ice cold wind appears to be heading across all of Europe as unemployment rises steeply.
Can Australia escape the trend?
The UK reports a further 2.3% house price decline in November, indicating that houses are now falling at a 25% Annual rate. Some see areas of London, particularly apartments, falling up to 50% in value.
The ice cold wind appears to be heading across all of Europe as unemployment rises steeply.
Can Australia escape the trend?
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We could be seeing the next round of sub prime related write when these loans default. Interesting view, lets hope its not as bad as they make it out ot be. A must watch.
Huge Crash Coming
http://au.youtube.com/watch?v=shYJ_KkbzWg
Huge Crash Coming
http://au.youtube.com/watch?v=shYJ_KkbzWg
A $50k median price fall is great news for ordinary Melbourne residents. But it will only get better in coming years. Housing is becoming much more affordable in every capital city. And so it should, because a roof over your head is a basic human right, and shouldn't be monopolised by slum lords and speculators.
You mean bludgers like council workers, factory hands, mechanics, nurses, firefighters? People who produce valuable goods and services, rather than speculating with borrowed money?
I'm glad these folks have a chance now. Don't blame them, they didn't create the bubble.
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If that's how it's going to be then the recession becomes a depression and may not bottom until 2012-2013. Recovery by 2017-2018. Enough said I think.
hello,
here in melbourne everyone of those professions could buy a house easy in numerous suburbs across the city
hypocrites, on one hand you singing the virtue's of renting and investing and how its oh so good, the road to riches
then, oh prices have come down so I can buy a place in years to come and have a chance, a chance at what?
we stay true to the cause, we dont sell out
thankyou
robots
Yeah, they could've all lived in Melton, or "rack and stacked" in one of your St Kilda slums.
Fortunately, they have more choices now. Falling prices and rents mean a world of opportunity is being opened for ordinary workers and families.
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That's not being hypocritical, it is timing the market. I'd be afraid to see your share portfolio in the last year, especially with the attitude you express in that last line.
hello,
oh the ordinary worker and family, its so tuff
constantly we are being told housing is a crap investment whether its a PPOR or being a legendary specuvestor,
but hang on, you want to buy now
not much opportunity in St Kilda man, we stay true to the cause
thankyou
robots
Glen48
Money can't buy Poverty
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Strange how this World works one could have back packed around the world for 30 yrs come back to OZ save a few grand and own a house outright in 2012-15 , pick up a new car for nix, Buy Shares in BHP for 2 pound 10 and sixpence, gone to bed in St Killed her and listen to your abode growing dollars by the hour, have some ex CEO with a VIP franchise mow your lawn as you watch a new Ponzi scheme unfold on your Plasma TV you picked up at Harveys auction see Global warming is slowing because no one is buying OIL or Power, some thing a lot of others who worked all their life will never do.
what it means is speculator with borrow money lose and the guys with real cash and no debt win
..they grow rich as the expense of the speculators....Speculators creates the bubble they want in on the way up and when sh**t hit the fan they are out, panic starts, it drive price lower and lower
now even if they spec guys want to buy at cheap price they cant because banks wont lend them the cash knowing they have more debt than what their asset worth.
The guys with cash and no debt walk to the bank slowly and quietly borrow and casually offer bargain price and if they dont sell they dont buy knowing they got the upper hand.
Patient is a Virtue when thing run far ahead of itself all you have to do is Wait
House price double very X year and buy now before you price out forever are playing with people
impatient nature and it works on most people but not for the wise guys.
There are a lot of people out there that it's in their best interest the stock market and house price are crashing. They buy heavily in bear market knowing it may go another 10%-20% lower
but it's better than buy them during the bull with the possibility of going 50% - 70% lower
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