House prices to keep falling for years
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Glen48
Money can't buy Poverty
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Well the crash has started in SEQ about 2,5k Houses are for sale, people are walking away from their houses yet 12 mths ago they were sleeping out side the RE office to buy a block of land. A lot are paying the mortgage with bank card or playing the pokies trying to survive. There is a 6 weeks waiting list for advice on what to do, marriages breaking up and all stressed to the max..
Rates default are 5 times higher and the rates only came out in July. The local council is now trying to cut back on spending and cutting jobs.
Gold Coast has the highest rate of foreclosures.
This is just starting and will go one for years.
If you haven't sold don't worry because you can't now as there are no buyers..
Mean while USA debt bill is rising at 400 Billion a month.
Rates default are 5 times higher and the rates only came out in July. The local council is now trying to cut back on spending and cutting jobs.
Gold Coast has the highest rate of foreclosures.
This is just starting and will go one for years.
If you haven't sold don't worry because you can't now as there are no buyers..
Mean while USA debt bill is rising at 400 Billion a month.
Glen48
Money can't buy Poverty
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Things are so bad I am tipping another full 1% on Tuesday.
CommSec economist Savanth Sebastian said the outlook for Australia's housing market was bleak.
"The housing market shows no signs of
recovering and investors are staying away from the housing market in droves," he said.
CommSec economist Savanth Sebastian said the outlook for Australia's housing market was bleak.
"The housing market shows no signs of
recovering and investors are staying away from the housing market in droves," he said.
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I take it your a glass is half miserably empty type of person
A friend of mine's place sold last week in Port Melbourne for $730,000. Nothing special about the place, still were plenty of prospective buyers there and many bidders aswell.
You can check result here;
http://www.realestate.com.au/reales...ort+melbourne+port+melbourne/cjwpor/105213833
Glen48
Money can't buy Poverty
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Your friend should have come to North Lakes QLD he could have got 3 houses for that amount.
My glass is half full as I intend to cash in once house prices collapse to a reasonable price and I see signs that USA is turning around. There will be some great bargains out there in a few years time get cashed up now and wait to pounce.
I sold my place in August and now ready.
My glass is half full as I intend to cash in once house prices collapse to a reasonable price and I see signs that USA is turning around. There will be some great bargains out there in a few years time get cashed up now and wait to pounce.
I sold my place in August and now ready.
How long do you think it will take till we hit the bottom, and what will the bottom be?
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That confirms that there so much stupidity out there. How can you pay that much for that piece of crap, run down ghetto?
WBII
Sean K
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Does anyone else think tere are some conflicting signals out there regarding housing and the economy is general.
One day a report says we're all doomed, the next there's a report saying all's rosie..
Recovery 'imminent' for property market
October 31, 2008 - 5:16PM
The Australian property market is showing signs of recovery, new figures show.
Indicative figures for the September quarter show property values nationally declined by just 0.5 per cent, according to the RP Data-Rismark National Property Values Indices.
In the nine months to September 30, Australian property values have been largely resilient, tapering only 1.4 per cent.
Rismark International managing director Christopher Joye said the disconnect between housing demand and supply will positively impact house prices in the future.
"We need to produce 190,000 homes annually but the supply-side is only currently delivering about 145,000 homes per annum," Mr Joye said.
One day a report says we're all doomed, the next there's a report saying all's rosie..
Recovery 'imminent' for property market
October 31, 2008 - 5:16PM
The Australian property market is showing signs of recovery, new figures show.
Indicative figures for the September quarter show property values nationally declined by just 0.5 per cent, according to the RP Data-Rismark National Property Values Indices.
In the nine months to September 30, Australian property values have been largely resilient, tapering only 1.4 per cent.
Rismark International managing director Christopher Joye said the disconnect between housing demand and supply will positively impact house prices in the future.
"We need to produce 190,000 homes annually but the supply-side is only currently delivering about 145,000 homes per annum," Mr Joye said.
hello,
look out great results here:
http://www.reiv.com.au/news/Economic-uncertainty-causes-house-price-volatility-
a mixed bag, look at those units pepperoni hanging in there strong man,
14.7% for st kilda I hope some of that rubbed off on the unit market
enjoy the day, spend up
thankyou
robots
look out great results here:
http://www.reiv.com.au/news/Economic-uncertainty-causes-house-price-volatility-
a mixed bag, look at those units pepperoni hanging in there strong man,
14.7% for st kilda I hope some of that rubbed off on the unit market
enjoy the day, spend up
thankyou
robots
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Well Enzo has released the September quarterly property figures for Victoria and house prices are down 3.3%.
According to this media report
MELBOURNE'S house values have dropped over the past three months because of the volatile economic climate, the latest data has revealed.
The median price of a house in Melbourne has declined by 3.3 per cent to $435,000, according to the Real Estate Institute of Victoria September quarter median property values report.
But it is the most expensive suburbs that have been hardest hit. Albert Park dropped by a massive 39 per cent, from $1,525,000 to $929,000, followed by Armadale, which fell by 32 per cent from $1,477,000 to $1,005,000.
Canterbury, Elwood and Brighton also recorded drops of at least 20 per cent.
According to this media report
MELBOURNE'S house values have dropped over the past three months because of the volatile economic climate, the latest data has revealed.
The median price of a house in Melbourne has declined by 3.3 per cent to $435,000, according to the Real Estate Institute of Victoria September quarter median property values report.
But it is the most expensive suburbs that have been hardest hit. Albert Park dropped by a massive 39 per cent, from $1,525,000 to $929,000, followed by Armadale, which fell by 32 per cent from $1,477,000 to $1,005,000.
Canterbury, Elwood and Brighton also recorded drops of at least 20 per cent.
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Probably would have sold for $100K more 6 or 8 months ago.
The market may hold up while Rudds bribes kick in , but it will go down, probably another 20% at least, considering it's already down at least 10%.
It's not like the share market, this will take perhaps 12 months to fully play out then it will stay down for a few years or until the economy gets it's act together, so the time to recovery is anyones guess.
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WA bucks trend in new home sales
31st October 2008, 11:00 WST
Sales of new homes in WA grew 19.5 per cent in September, according to the Housing Industry Association, bucking the national trend, which suffered its third monthly fall in a row.
But the HIA noted that the rise, as detailed in the HIA's latest New Home Sales Report, came on the back of weak results in July and August.
New home sales were still down 18 per cent on the September 2008 quarter, 6 per cent lower than a year earlier, the HIA said.
Despite this, HIA executive director WA John Dastlik said the statistics showed there was cause for optimism that the worst of a decline in WA housing may be behind us.
“With interest rates on the way down and a tripling of the First Home Owners Grant for new dwellings, there is a good chance we may finally see a bottoming out in leading housing indicators in WA over the December 2008 quarter,” he said in an announcement.
“The clear signal from leading housing indicators for WA is that new home building activity will remain soft through to the end of 2008 at least.”
“However, we would hope to see a modest recovery in housing starts emerge over the first half of 2009, although it would be insufficient to put the entire 2008/09 financial year in the black,” he said.
Private sector house approvals in WA also increased by 1.6 per cent in August, following a 7.5 per cent rise the previous month.
New home sales also grew in New South Wales, up 4.5 per cent, while sales fell 10.6 per cent in Queensland, 9.7 per cent in South Australia and 9.2 per cent in Victoria.
HIA’s New Home Sales Survey is compiled from a sample of the largest 100 residential builders in Australia and is the first indicator of new home building activity released each month.
ANDREW HOBBS
31st October 2008, 11:00 WST
Sales of new homes in WA grew 19.5 per cent in September, according to the Housing Industry Association, bucking the national trend, which suffered its third monthly fall in a row.
But the HIA noted that the rise, as detailed in the HIA's latest New Home Sales Report, came on the back of weak results in July and August.
New home sales were still down 18 per cent on the September 2008 quarter, 6 per cent lower than a year earlier, the HIA said.
Despite this, HIA executive director WA John Dastlik said the statistics showed there was cause for optimism that the worst of a decline in WA housing may be behind us.
“With interest rates on the way down and a tripling of the First Home Owners Grant for new dwellings, there is a good chance we may finally see a bottoming out in leading housing indicators in WA over the December 2008 quarter,” he said in an announcement.
“The clear signal from leading housing indicators for WA is that new home building activity will remain soft through to the end of 2008 at least.”
“However, we would hope to see a modest recovery in housing starts emerge over the first half of 2009, although it would be insufficient to put the entire 2008/09 financial year in the black,” he said.
Private sector house approvals in WA also increased by 1.6 per cent in August, following a 7.5 per cent rise the previous month.
New home sales also grew in New South Wales, up 4.5 per cent, while sales fell 10.6 per cent in Queensland, 9.7 per cent in South Australia and 9.2 per cent in Victoria.
HIA’s New Home Sales Survey is compiled from a sample of the largest 100 residential builders in Australia and is the first indicator of new home building activity released each month.
ANDREW HOBBS
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A good video story here from the ABC called hooked on debt which looks at mortgage stress in Australia. It sounds like it's better to sell up sooner than later.
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Depends on your timeframe. It's fairly obvious that both sides of the property divide are right - in many (most?) areas, property values will fall in the short term, and in many areas, property values will appreciate over the longer term.
In areas that are close to the CBD, have multiple forms of public transport and are desireable places to live, prices should exceed CPI.
"Panic" is not a fundamental that has a major lasting impact on prices for longer term investors, as it is just another part of the cycle.
Fantastic news! Melbourne down 3.3%. You wanted figures Robots, well there they are, from the great man himself..
-3.3 x $400k = -$13.2k - 8% x say $300k loan = -$37,200. That's a lot of rent.
Panic may not be for long-term real investors, but there are many speculators out there, who have betted on short term returns. It's what happens in a bubble, and they get burned first.
Lead story on the 6pm Brisbane Channel 9 news last night over record numbers of people in mortgage stress across Bris. Reports of people paying their mortgage with their credit cards, living on borrowed time, etc.
Had a quick look at the personal loan and credit card rates before too. No wonder everybody is still going broke, and retail sales, car sales are plummeting.. 12% minimum for a personal loan, and around 12-18% for a credit card. When are those lovely 6% RBA rates coming through to the consumer? They're not, but they are very important if you are in a ship loan of debt -- especially if you've also got a heavy mortgage over your head.
Wow.. those are massive falls in those blue chip areas. Going to reverse with job cuts on the horizon? Possible 10,000 bankers out of a job next year? nope.
-3.3 x $400k = -$13.2k - 8% x say $300k loan = -$37,200. That's a lot of rent.
Panic may not be for long-term real investors, but there are many speculators out there, who have betted on short term returns. It's what happens in a bubble, and they get burned first.
Lead story on the 6pm Brisbane Channel 9 news last night over record numbers of people in mortgage stress across Bris. Reports of people paying their mortgage with their credit cards, living on borrowed time, etc.
Had a quick look at the personal loan and credit card rates before too. No wonder everybody is still going broke, and retail sales, car sales are plummeting.. 12% minimum for a personal loan, and around 12-18% for a credit card. When are those lovely 6% RBA rates coming through to the consumer? They're not, but they are very important if you are in a ship loan of debt -- especially if you've also got a heavy mortgage over your head.
camkawa said:
Wow.. those are massive falls in those blue chip areas. Going to reverse with job cuts on the horizon? Possible 10,000 bankers out of a job next year? nope.
Glen48
Money can't buy Poverty
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All I know is SEQ is in big trouble with the local council worried about rate payers defaulting. USA is still going down and we are just starting, like USA OZ home owners are using bankcard to pay their mortgage or walking away the next growth industry will be boarding up homes and mowing lawns for the banks repo homes.
When USA turns give it 2 yrs and we will be next.
To work out a price take 1 MONTHS rent and x by 150 and you have your price.
My area is the second worst in SE QLD and we have years to go, this will affect all range of house prices.
When USA turns give it 2 yrs and we will be next.
To work out a price take 1 MONTHS rent and x by 150 and you have your price.
My area is the second worst in SE QLD and we have years to go, this will affect all range of house prices.
SEQ did well to bid up the prices to Melbourne, and Sydney levels in the last 5 years, however outside of a few industries, the wages still aren't quite the same to support those prices long-term.
Was about to post that, BCC doing it's best to help the luxury apartment market during these times: http://www.brisbanetimes.com.au/new...pbells-coffersb/2008/10/31/1224956274586.html
Was about to post that, BCC doing it's best to help the luxury apartment market during these times: http://www.brisbanetimes.com.au/new...pbells-coffersb/2008/10/31/1224956274586.html
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I totally agree. I was just responding to the overly pessimistic view expressed earlier that there are no buyers out there in this current market. Any one who bought a few years ago could still sell now and still be in the black.
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