House prices to keep falling for years

[robots]

hello,

great evening where i am too, still travelling around Balmoral Slopes taking in the scene's, a lot of pretend token multimillionaire's around

bemmers, benz's etc trying to find Fat Pizza is that near you Mr Burns? heard they got a new shipment of pepperoni in and it is HOT, H O T

life is great

thankyou
robots

 

[MrBurns]

Being a real estate agent I know that prices always go up and will continue to do so.

But the level of doom and gloom around in the press is laughable.

I was a real estate agent for almost 30 years so I know how it works, it will go up again eventually but in the meantime it will crash very hard taking a lot of people with it, trade the BMW on a Kia while you can.

 

[mantronic]

I was a real estate agent for almost 30 years so I know how it works, it will go up again eventually but in the meantime it will crash very hard taking a lot of people with it, trade the BMW on a Kia while you can.

This half might be is a little weak but things will take off next year for sure. Like I said its you guys with your fancy sentences that spread the doom and gloom. Without you guys we would still be in boom times.

 

[chops_a_must]

Being a real estate agent I know that prices always go up and will continue to do so.

How come this sort of blatant ramping doesn't lead to bans on this site?

 

[mantronic]

Being a real estate agent I know that prices always go up and will continue to do so.

But the level of doom and gloom around in the press is laughable.

This is the worst example

"Why real estate spending could make Australia the new Iceland"

http://www.brisbanetimes.com.au/articles/2008/10/19/1224351113115.html

After quoting Redeker, the Telegraph's global business columnist, Ambrose Evans-Pritchard, weighed in with his own commentary: "The immediate problem for Australia's banks is that they gorged on offshore US dollar markets to fund expansion because the interest costs were lower. They were playing on a huge scale with leverage. European banks face much the same problem as dollar liabilities come back to haunt, but Australian lenders have pushed their luck even further."

Gabriel Stein, of Lombard Street Research, weighed in with this, after noting that Australian household debt had reached 177 per cent of gross domestic product, almost a world record: "It is amazing that in the midst of the biggest commodity boom ever seen they have still been unable to get a current account surplus. They have been living beyond their means for 10 years. What worries me is that productivity growth has been very low: they have been coasting after their reforms in the 1990s."

The global financial world is watching the Australian dollar because it holds a key to the great unanswered question of this uncertain era: will the global market punish a currency for its declining interest yield? Or will it reward a currency because of the soundness of its economy? Central banks are acutely interested in the answer.

Evans-Pritchard thinks the early signs are hopeful that the answer is the good one, that nations will be rewarded for having sound economies. But he does not believe Australia can escape the consequences of excess: "Australia has allowed its net foreign liabilities to reach 60 per cent of GDP during a decade-long boom, twice the level of the US. The country will, in effect, have to pay 4 per cent of GDP in the form of rents to foreign asset-holders as the bill for such extravagance falls due."

The bill is falling due. Earlier in the year Australians travelling in Europe would have paid about $1.50 for every euro spent. Today they need $2.10. The Aussie dollar is weak again, despite all the luck of the China boom. This raises a number of awkward questions. Did the lucky country became the greedy country? Did it fail to sufficiently embark on a program of nation-building during the resources boom? Was most of the bonus redistributed as tax cuts, which were spent chasing bigger mortgages, bigger homes, new cars and general consumption, stimulating short-term economic growth but not enough on long-term productivity and higher savings?

During 17 years of unbroken economic expansion and a 10-year commodities boom, it took a lot of people, borrowing a lot of money, taking a lot of unproductive risk, to get to where we are today: a nation with excessive debt and excessive vulnerability to external circumstances barely within our control.

Look at this guy and his fancy suit. No idea!

"October 2008: two weeks ago Redeker repeated his claim that abundant foreign money had been available to Australia and too much of it had been spent on real estate, creating a speculative bubble: "The easy money went straight into real estate - Australia will now have to generate 4 per cent of GDP to meet payments to foreign holders of its assets. This is twice as high as the burden faced by the US."

Easy money will always be around and will always go into property.

 

[MS+Tradesim]

This half might be is a little weak but things will take off next year for sure. Like I said its you guys with your fancy sentences that spread the doom and gloom. Without you guys we would still be in boom times.

No doubt the real estate agents were saying this at the top of the American housing cycle.

 

[mantronic]

No doubt the real estate agents were saying this at the top of the American housing cycle.

The US crash is another media myth. Many areas are still rising. Stock and credit markets have problems dont necessarily effect house prices.

 

[MrBurns]

This half might be is a little weak but things will take off next year for sure. Like I said its you guys with your fancy sentences that spread the doom and gloom. Without you guys we would still be in boom times.

Oh I get it you're really a stand up comic, very very funny.

 

[MS+Tradesim]

The US crash is another media myth. Many areas are still rising. Stock and credit markets have problems dont necessarily effect house prices.

Thanks. That's the best laugh I've had in ages. If you are truly a real estate agent your ramping is negligence at best.

 

[MrBurns]

The US crash is another media myth. Many areas are still rising. Stock and credit markets have problems dont necessarily effect house prices.

See ? that proves it, the nut house DOES have internet access, another axcellent Rudd initiative but they shouldn't actually turn the PC's on, these unfortunates cause havoc in forums around the world.

 

[robots]

How come this sort of blatant ramping doesn't lead to bans on this site?

hello,

throw the multi-nicking in with that too chops, but hey, level playing field fine by me

whats your opinion on it Mr Burns?

what a day

thankyou
robots

 

[mantronic]

All this doom and gloom and yet the market is still strong. Ill bet these experts would call my clients uneducated, illiterate, or both.

http://www.smh.com.au/news/national/in-the-tailspins-of-a-twin-storm/2008/10/17/1223750333653.html

 

[chops_a_must]

hello,

throw the multi-nicking in with that too chops, but hey, level playing field fine by me

whats your opinion on it Mr Burns?

what a day

thankyou
robots

WTF are you talking about?

 

[mantronic]

See ? that proves it, the nut house DOES have internet access, another axcellent Rudd initiative but they shouldn't actually turn the PC's on, these unfortunates cause havoc in forums around the world.

The problem with guys like you is that you think the property market is dictated by "experts". Its not. Its all about who will pay top dollar and its usually a case of "a little bit of knowledege is dangerous" . Look at who the PM is giving handouts to as these are the people that keep things ticking over.

 

[mantronic]

Another one. Where do they find these guys? In the end its about making or losing money and those in property will have the last laugh.

http://www.smh.com.au/news/national...ses-on-property/2008/10/17/1223750333615.html

The number of house sales in Mosman increased 22 per cent in the third quarter this year, compared to the corresponding period last year.

Figures from RP Data show that between the first and last time the properties were listed, they recorded an average drop in price of 5.9 per cent.

"Historically, these areas are underpinned by the financial markets and then you get the other people who draw income from them such as lawyers, bankers and so on," said Robert Simeon, from Richardson & Wrench Mosman. "So some people are being forced to market but we are not seeing carnage. People are saying if we can, we'll weather the storm."

New research by analysts Australian Property Monitors shows real estate agents slashing millions from their initial asking prices for homes in some upmarket areas after only a few weeks or months.

In one case, a real estate agent cut $6.5 million from the original asking price for an eastern suburbs mansion after four months on the market while a five-bedroom house in Wahroonga - initially advertised for $3.5 million in June - is now open to offers around $2.5 million.

RP Data analyst Tim Lawless said affected areas include the northern beaches suburbs such as Manly, Warringah and Pittwater.

"House values there have fallen by 10 per cent and the median is now around $900,000, down from just over $1 million in July last year," he said.

 

[mantronic]

All this doom and gloom and yet the market is still strong. Ill bet these experts would call my clients uneducated, illiterate, or both.

http://www.smh.com.au/news/national/in-the-tailspins-of-a-twin-storm/2008/10/17/1223750333653.html

I have never heard of anyone losing money on property over 5 years and yet these newspapers manage to concoct these little stories.


"But before you start shedding tears for the investment bankers hit by the sharemarket collapse and forced to sell the Mosman homestead in a droopy property market, spare a thought for the clients of Paulette Ghaleb at LJ Hooker Guildford.

"It's not uncommon for us to sell a property for 40 per cent less than what someone bought it for five years ago. I have a lot of people who bought in the 2002 boom period and basically they come back to us asking us for opinions. Nine times out of 10, they are looking at a loss," Ghaleb says."

 

[chops_a_must]

Get to your point Mantronic...

 

[So_Cynical]

The US crash is another media myth. Many areas are still rising. Stock and credit markets have problems dont necessarily effect house prices.

LOL...next you'll be telling us the holocaust never happened.

 

[mantronic]

Get to your point Mantronic...

I didnt think we needed a point with all the off topic and post whoring on here. But the point is property guys end up rich and the rest of you will be begging for coins. I know it sounds harsh but us property guys are just trying to help you guys see the light.

 

[chops_a_must]

I didnt think we needed a point with all the off topic and post whoring on here. But the point is property guys end up rich and the rest of you will be begging for coins. I know it sounds harsh but us property guys are just trying to help you guys see the light.

Lol...

So tell me again how you saying property ALWAYS goes up is not ramping?