Jesus!
**wonder what bargains will be had in Wandina etc if this continues.
Price and product mate.
No point listing a place for 535k when it aint worth 480k?
if it is priced right and it is presented well ..... IT WILL SELL. Nuffin wrong with making a "little" profit on property, lets say 30k per transaction?
totally agree with all of the above
BUT theres places up around seacrest and behind in that maze of new subdivisons that were being built with moneys that ppl borrowed to the hilt at the height of the prices ........ LOTS of young crew helped with the handouts , earning top dollar working out at the many mines and suppliers here that all of a sudden found themselves with no work .... they cant even currently get work at gull tarcoola /440 drummonds . young "turbo" (family owner) has got a list 3 ft long of applicants to work at both servos from newly out of work new residents to town that came here from other areas to make there future and reap the mining dollars.
LOL i dont think you got too much to worry about with ya development , plenty of demand for unit rentals i hear.
i own property and land in Geraldton also and regard them as great investments , BUT im am not in a position where i have to sell them to try and clear debts i cannot cover anymore
big difference
It will turn around eventually and in the meantime if there are any repo sales that look like a worthwhile dabble I will keep the chequebook at the ready. The other ones I like are the marriage breakdown situations. House has just gotta sell. LOL. All is fair in love and business I say.
but hey, I live in a different world to the rest of you don't I.....
Will the crash has started:
His best-value tips were houses in Double Bay, where prices fell 35 per cent in the past 12 months, North Avoca, on the central coast, Bellevue Hill, Palm Beach and Seaforth, where values dropped fell between 26 and 28 per cent.
The best-value locations for apartments were Ultimo in inner Sydney, where prices fell 43 per cent, and Avoca Beach, Balmain East, Milsons Point and Mona Vale, where prices fell between 21 and 27 per cent.
However, Mr McGrath said, prices for units, particularly in locations such as Ultimo, would recover more slowly with the first-home owners grant being wound down this year.
Mr McGrath expected rising interest rates and the end of the first-home owners grant to dent, but not reverse, the lower end of the housing market, but the million-dollar-plus homes sector would strengthen in line with the improved economic outlook.
Read the full story in The Australian.
The First Home Bribe drops back next Month , the 0.6% growth figures are rubbery and 3 months out of date all ready, IR expected to rise by .25% next month. If you haven't sold by now it is to late.
Dunn & Bradstreet found that 33 per cent of postcodes had fallen into the "high-risk" category of financial distress, with Victorian suburbs facing the highest risk of defaulting on debts. This is up 30per cent on the same time last year.
"As a country, we have amassed a lot of debt. Each person has $160 of credit for every $100 earned. If unemployment rises or interest rates increase, we will see a significant fallout."
"Between the last recession and now, we have over-borrowed as a nation. Consumer debt has increased 400 per cent and 500per cent for NSW. That is where the risk is."
I'm technically stressed in terms of investment debt then.The definition of mortgage stress is when more than 35 per cent of household income is used to pay the loan....i spose there are other factors, still there would be lots of households where over 50% of household income goes on the mortgage.
The definition of mortgage stress is when more than 35 per cent of household income is used to pay the loan....i spose there are other factors, still there would be lots of households where over 50% of household income goes on the mortgage.
What a stupid definition. I have over 50% of my household income going into a mortgage but I also have more than the average Australian wage left over for beer money.The definition of mortgage stress is when more than 35 per cent of household income is used to pay the loan.
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