House prices to keep rising for years

[Bill M]

Sydney's northern beaches have been "belted", with values generally 20 per cent lower than they were a year ago, according to Ray White's Noel Nicholson.

http://www.theaustralian.news.com.au/business/story/0,28124,25087007-5018055,00.html

Hello singlefished, this has all been explained before. Those properties that went down 20% are in the Million $$ bracket far out of my reach and as such I don't evaluate that market. However the 500K and below market is very active and most units are sold very quickly. Right now people can still buy a house in Western Sydney for 300K, according to this next article. Also economists are predicting a 5 to 6% rise in properties in that under 500K bracket.
--------

"Economists say prices will rise by five or six per cent in Sydney suburbs where the median house price is below half-a-million dollars thanks to demand by first-time buyers." http://www.news.com.au/dailytelegraph/story/0,22049,25088378-5013110,00.html

 

[Beej]

Sydney's northern beaches have been "belted", with values generally 20 per cent lower than they were a year ago, according to Ray White's Noel Nicholson.

http://www.theaustralian.news.com.au/business/story/0,28124,25087007-5018055,00.html

*Yawn* - discussed ad nauseum - the doom and gloom articles focus on the top end properties/suburbs (Palm Beach, Vauclause, Point Piper(!!) etc) and the multi-multi million $ properties. That article uses ONE northern beaches example - a Palm Beach property that was supposedly worth $17M 3 years ago (valuation only) but was sold for $12M - wow bargain for all! And you extrapolate that all northern beaches property has "been belted"??

Read the contributions from people here that actually live in and are active in the more general Sydney northern beaches suburb markets, plus look at the median stats for suburbs other than Palm Beach and you can see what is going on more broadly plus in the price ranges of more relevance to most. Even look at the auction results I posted - some strong auction sales just last weekend in Manly, Balgowlah, Seaforth etc etc.

Anyway - everyone is welcome to believe whatever they want to believe, rely on alarmist newspaper articles etc if you like, or to go out and find out for yourself.

Cheers,

Beej

 

[sinner]

Not sure what you heard about Western Sydney, Bill M but I doubt it is reflected in reality.

There is essentially no homes for sale on Domain in WS under 300,000 except for a single 1br place in Blacktown.

If you want an apartment it is a different story, this market is so overdeveloped, there are soooooo many apartments and townhouses (condensed living) offerings on the markets by developers who have bought up this land expecting to make a buck. Doesn't really look like anyone is buying them either.

So, what happens in June when the FHOG dies out? Is Ruddbank gonna spend some more of my money to prop up the industry?

 

[Beej]

Not sure what you heard about Western Sydney, Bill M but I doubt it is reflected in reality.

There is essentially no homes for sale on Domain in WS under 300,000 except for a single 1br place in Blacktown.

Que??? I see 180 houses for sale priced between $200k and $300k in the Penrith/Liverpool and Cantebury/Bankstown area's just from a simple seach:

http://www.domain.com.au/Public/Sea...es=House&from=200000&to=300000&sort=price-asc

(There's the odd unit pops up probably because of incorrect category/listing, but 99% of the those results are houses).

Oh and 331 houses for sale between $200k and $300k if I select the "Western Sydney" search option:

http://www.domain.com.au/Public/Sea...00000&To=300000&PropTypes=H,S,X,T&PTDes=House

Cheers,

Beej

 

[So_Cynical]

Not sure what you heard about Western Sydney, Bill M but I doubt it is reflected in reality.

Bill thinks Western Sydney is Chatswood. :

 

[sinner]

Que??? I see 180 houses for sale priced between $200k and $300k in the Penrith/Liverpool and Cantebury/Bankstown area's just from a simple seach:

http://www.domain.com.au/Public/Sea...es=House&from=200000&to=300000&sort=price-asc

(There's the odd unit pops up probably because of incorrect category/listing, but 99% of the those results are houses).

Oh and 331 houses for sale between $200k and $300k if I select the "Western Sydney" search option:

http://www.domain.com.au/Public/Sea...00000&To=300000&PropTypes=H,S,X,T&PTDes=House

Cheers,

Beej

Sorry Beej, my bad. I plugged in "1br" assuming it would use this as a minimum number of bedrooms, but it apparently means only 1 bedroom! Silly little differences between domain and realestate.com.au I guess.

 

[Bill M]

Not sure what you heard about Western Sydney, Bill M but I doubt it is reflected in reality.

sinner it really pays to actually click on the links provided. For you I repost the original link. Note: 2 bedroom house in Blacktown sold for 290K.

http://www.news.com.au/dailytelegraph/story/0,22049,25088378-5013110,00.html

 

[Bill M]

Bill thinks Western Sydney is Chatswood. :

You now the story with us Northern Beach people.... Anything past Spit Bridge or Roseville Bridge is like going on holidays. Chatswood is ok though because I can park in the Mandarin building for free and do all my Asian grocery shopping there, top spot for an adventure, don't mind buying those cooked Ducks hanging in the windows there.

 

[SBH]

In case anyone missed it... house prices to the mooooooon!



http://smallbusiness.smh.com.au/managing/finance/australia-to-cut-skilled-immigration-909121414.html

Skilled immigration will fall due to the global economic crisis, the Federal Government says.

''I expect the numbers of our program to drop next year ... as a reaction to the economic circumstances,'' Immigration Minister Chris Evans told reporters.

Senator Evans said the size of the cut would be a matter for cabinet.

The government was very aware that labour demand would differ across regions and economic sectors.

''It's not a one size fits all.''

In Britain the government is hardening immigration laws as unemployment rises amid the financial meltdown.

Non-European Union workers migrating to Britain will, from April, have to hold a masters degree and will have to show they earned a salary of at least $44,000 before moving to the UK.

Despite the pressures on immigration, Senator Evans said the Pacific guest worker program would not be reviewed ''at this stage''.

However, he did say the government was reconsidering what occupations should be listed on the commonwealth's critical skills list.

The Construction Forestry Mining Energy Union has already called for construction jobs to be cut from the list.

''The critical skills list is under review and that's one of the things we will look at as the circumstances change,'' Senator Evans said.

 

[Trevor_S]

Read the contributions from people here that actually live in and are active in the more general Sydney northern beaches suburb markets, plus look at the median stats for suburbs other than Palm Beach and you can see what is going on more broadly plus in the price ranges of more relevance to most.

What do you think will happen to the <$500K houses once the Federal Gov't grant runs out in July ? Will the feds continue to artificially prop up prices with a continuation of the FHOG and keep allowing the transfer of dollars to property sellers from the tax payer, or let that market segment find it's own "floor/ceiling" ?

 

[Beej]

What do you think will happen to the <$500K houses once the Federal Gov't grant runs out in July ? Will the feds continue to artificially prop up prices with a continuation of the FHOG and keep allowing the transfer of dollars to property sellers from the tax payer, or let that market segment find it's own "floor/ceiling" ?

Only the "boost" expires in July - FHB grant will still exist at the old $7k/$14k level. Most likely if economy still down the boost will be extended anyway.....

Beej

 

[robots]

hello,

WORD OUT to Kincella with Toorak being recognised as most stylish suburb in Victoria, fantastic news

the walk would of been on today, I see why some agents are trying to list props in Kensington rd as South Yarra, bit cheeky

have an extra wine or scotch and cigar tonite brother

thankyou
robots

 

[robots]

Only the "boost" expires in July - FHB grant will still exist at the old $7k/$14k level. Most likely if economy still down the boost will be extended anyway.....

Beej

hello,

sure has been a lot of hysteria over that Boost beej!, great move from the government

thankyou
robots

 

[kincella]

I dont get it...really, an extra 7000 is holding up the industry....thats not even 1% of a 500k prop....miniscule IMO....think you will need a lot more than a 7000 prop

really means very little to the serious home buyers...they would have been saving the money anyway...

everyone is getting a handout....except me....I have never been lucky enough ...oh sure I will get the 950 or whatever it is...chicken feed

saw a young couple they bought sydney's west...400,000k both had secure jobs...think public service...good incomes....

I would rather bash the banks..getting billions in handouts.....

the grant is also designed to try to keep some builders in work...keep as many jobs as you can....how many on here have a tradie son that might need looking after...

 

[Trevor_S]

everyone is getting a handout....except me....

Which is a worry, to my mind... a piss poor use of tax dollars but that's another debate entirely.

oh sure I will get the 950 or whatever it is...chicken feed

I don't qualify for that one either, so far, 0 to me

I would rather bash the banks..getting billions in handouts.....

I am not bashing anybody, I was asking a question. I don't agree with the FHBG (all it does is transfer tax dollars to property sellers, I would speculate that the removal would save a whole heap of tax, that could be better used elsewhere and see prices go down significantly making them more affordable anyway) but then I don't agree with the vast majority of what the Gov't does and how it does it, so nothing different there either

 

[numbercruncher]

everyone is getting a handout....except me....I have never been lucky enough ...oh sure I will get the 950 or whatever it is...chicken feed

Why would someone with a multi million dollar property portfolio worry about such trivalties ?

 

[sinner]

sinner it really pays to actually click on the links provided. For you I repost the original link. Note: 2 bedroom house in Blacktown sold for 290K.

http://www.news.com.au/dailytelegraph/story/0,22049,25088378-5013110,00.html

It really pays? How much? :

I didn't ignore the article at all, it was an auction so I went to domain to see if your statement was true.

 

[numbercruncher]

Looks like the permabulls demand argument is going to take a bit of a slamming !

Slowing economy forces immigration cutFebruary 23, 2009 - 1:51PM

Australia will cut its annual immigration intake for the first time in eight years due to the slowing economy and weakening demand for labour, Immigration Minister Chris Evans said today.

http://business.theage.com.au/business/slo...90223-8fge.html


Also still looking for some proof about " House prices to keep rising for years " all weve got all year is salesman/spruiker speil .....

 

[knocker]

Looks like the permabulls demand argument is going to take a bit of a slamming !



http://business.theage.com.au/business/slo...90223-8fge.html


Also still looking for some proof about " House prices to keep rising for years " all weve got all year is salesman/spruiker speil .....

About bluddy time. What ijiots let immigrants into a country on the basis they can cut some wood with an electric saw, or cart some bricks around. Even to get in the Uk you need a masters nowdays. Oh well can see the dole ques getting longer already lol

 

[johnnyg]

I dont get it...really, an extra 7000 is holding up the industry....thats not even 1% of a 500k prop....miniscule IMO....think you will need a lot more than a 7000 prop

really means very little to the serious home buyers...they would have been saving the money anyway...

Id have to say from a younger view point (early 20's), based on the number of my friends who have purchased homes in the last 6months that First home buyer incentive increase is actually doing a great job of propping up the real estate market.