House prices to keep falling for years

[theasxgorilla]

In sydneys north at least, there is no such underquoting.

If savy buyers dont report offenders other agents ALWAYS get wind of it and ALWAYS report it, and the underquoters have all been taught their lessons.

It's the way it ought to be. No fun for anybody with such intentional deception. I agree with the others, a sign of desperation. But to extrapolate that to the market as opposed to assuming that this particular real estate shop could have been poorly operated, is a bit presumptuous.

Who were desperate to sell, the vendors or the agents???

 

[CamKawa]

Looks like the media are starting to do a U-turn on migration.

"Budget projections for a big rise in migration would also have to be reviewed"

Source: http://www.news.com.au/business/money/story/0,25479,24447707-5016110,00.html

 

[gfresh]

fantastic 68% clearance rate for melb auctions, once again the strength of RE is prevalent, through all the turmoil and doom and gloom that goes on day to day

Not so pretty up here, Brisbane last week, 32.6% (86 total)
Perth also: 7.7% (13 auctions, only 1 sale!)
Sydney: 49.8%

Melbourne is actually best in the country at the moment.

A SHOCK earnings downgrade from industry leader Stockland Group, issued only two months after its latest full-year result, has sparked fears of a second round of profit warnings from the troubled listed property trust sector as it staggers under the global financial meltdown.

Listed property trusts starting to profit downgrade..

http://business.theage.com.au/business/stockland-downgrade-chills-sector-20081003-4tjr.html?page=1

 

[pepperoni]

Melbourne is actually best in the country at the moment.

Ive said before melb probably will do better due to migration.

Just about the only migrants coming with money and an ability to support house prices are the poms.

Go on to a pom expat forum ... by and large the poms WITH AN INTENTION TO BUY are heading for melb due to its better prices, good climate by pom standards, and beaches (esp geelong way).

You only need a couple of hundred of this type of migrant to give some support to prices.

And I cant argue with their reasoning for heading to melb ... in fact I think the ones that dont do it and stay in the UK are mad!

 

[Mofra]

fantastic 68% clearance rate for melb auctions, once again the strength of RE is prevalent, through all the turmoil and doom and gloom that goes on day to day

2% below a "reasonable" clearance rate. Inner suburbs all above 70%, but some fudged results out there as per REIV's "withdrawn" pile which even their representatives can't quantify ("a variety of reasons" was the best excuse they gave me).

Would hate to be holding anything further away from the CBD

 

[CamKawa]

Melbourne is actually best in the country at the moment.

Says who, the REIV? Enzo re-jigged the clearance rate figures 2-3 weeks ago in order to give a more favourable results. I think we have to be careful when comparing Melbourne to the rest of the country. If Melbourne could export Enzo to NSW who knows how high Western Sydney prices might be now?

 

[CamKawa]

Ive said before melb probably will do better due to migration.

Victoria's migration rate ending March this year was only 1.7%, it's hardly leading the Migration charge, but maybe there's more specuvestors in that than say WA's 2.6%?
Source: http://www.abs.gov.au/ausstats/abs@.nsf/mf/3101.0

Remember Melbourne has one little character that may make all the difference.

 

[gfresh]

lol.. enzo

Says who, the REIV?

RP data.. no more credible I guess, but if we're going to use anything (attached)..

Should be mentioned: Grand Final weekend in Melbourne last weekend, not too many auctions going on.

 

[robots]

hello,

what a hard nut,

yeah great results, the spring season warming up with people not putting the properties on market

sit tight everyone, great how nothing is credible but everything out of others mouth is the word,

thankyou
robots

 

[pepperoni]

Victoria's migration rate ending March this year was only 1.7%, it's hardly leading the Migration charge, but maybe there's more specuvestors in that than say WA's 2.6%?

Its not the rate but quality of migrants.

As I said LOTS of those with (a) MONEY and (b) INTENTION TO BUY seem to be heading straight for melb.

Has everything including big city professional job market but for much less money than syd.

Lots of threads on buying in melb/geelong on the british expat forum.

I said it about 3 months ago ... seems to be the only credible explanation for the huge clearance discrepancy?

 

[Knobby22]

Its not the rate but quality of migrants.

As I said LOTS of those with (a) MONEY and (b) INTENTION TO BUY seem to be heading straight for melb.

Has everything including big city professional job market but for much less money than syd.

Lots of threads on buying in melb/geelong on the british expat forum.

I said it about 3 months ago ... seems to be the only credible explanation for the huge clearance discrepancy?

I agree however if we do go onto recession and unemployment rises, the first thing that will be reduced will be immigration.

 

[Aussiejeff]

Having sort of weathered the last couple of plummets in the share market, the RE Index (XPJ) is now having it's turn to be smashed - down 6.3% across the board today at 1.30pm.... I guess rumours of cuts to immigration must be getting factored in??

Cheers,

aj

 

[Lucky_Country]

Young are going overseas,Temp visas expiring, unhappy migrants going home.
Housing unaffordable unemployment rising, fixed rate mortgages expiring banks tightening lending.
Downtime and a period of consolidation for housing imo.

 

[robots]

hello,

gee amazing the bears colonel Mr Steven Keen is calling for 0% interest rates,

man that would be fantastic, even less to keep a roof over my head,

some people need to rein in there opinions,

thankyou
robots

 

[MrBurns]

hello,

gee amazing the bears colonel Mr Steven Keen is calling for 0% interest rates,

man that would be fantastic, even less to keep a roof over my head,

some people need to rein in there opinions,

thankyou
robots

0% + bank margin 8% + fees 3% = 11%

 

[robots]

hello,

http://www.theage.com.au/national/auction-clearance-rates-healthy-reiv-20081006-4uso.html

the man from Melbourne, life just keeps rollin' on

fantastic

thankyou
robots

 

[skyQuake]

0% + bank margin 8% + fees 3% = 11%

rofl

 

[Mofra]

http://www.theage.com.au/national/auction-clearance-rates-healthy-reiv-20081006-4uso.html

Melbourne recorded the strongest growth in property prices in the June quarter compared to other capital cities, with the median up 4.9% to $451,000, according to the REIV.

The median dropped by 2.1% in Sydney for the second quarter in a row.

Seem to be a few Melbourne property owners feeling ok about the market, Sydney bears/observers avoiding property.

Looks like for all the hundreds of posts of conjecture on this (and other) threads, both groups have been right so far

 

[numbercruncher]

See the final bastion of the Australian RE permabull is going down the gurgler ......

AUSTRALIA has experienced its biggest annual exodus on record with 76,923 people leaving the country permanently in 2007-08, a new report shows.
And it appears the skills crisis is only set to worsen with the report showing almost half of those who left Australia permanently were in skilled jobs.

http://www.news.com.au/travel/story/0,26058,24458448-5014090,00.html

So boring being right all the time !!

 

[robots]

See the final bastion of the Australian RE permabull is going down the gurgler ......




http://www.news.com.au/travel/story/0,26058,24458448-5014090,00.html

So boring being right all the time !!

hello,

what a laugh number,

even more great news for current skilled workers then Number

here we go again lads, BANG BANG on the shock exchange

thankyou
robots