I've already shown this APM data .............................................. views to see it, that's not my problem!
Hardly blinkered... what you're missing is the fact that volumes are significantly lower year-on-year yet you keep oin citing clearance rates like this is the be-all-end-all and everybody else is wrong. Pulling up the occasional example of a property that does well at auction to demonstrate your point, well, that just means your summarising the market by the results of a single property.... Everybody knows that not all properties are suited to auction and the properties that are and have something special to offer will return a good price regardless of market sentiment.
In other words, as I am .................................... How else do you explain $2.8M for the 2 bedder on Bondi Beach?
Where does greater turnover in auction sales = the market has bottomed come from? Look at Harvey Norman quarterly figures, turnover is up yet profit is down
Could greater turnover in auction sales = lower vendor expectations be argued more correctly?
Also, that Bondi place..... Niiiiice
"what is arguably one of the worlds most spectacular viewpoints"
Can't believe you have the balls to use this property in particular to your arguement.... 'nuff said
That is a silly question - it's the property perma..........................................of the Sydney housing market.
You already know that the property market is in decline and the economy, well...... yet you're keen to advocate that now is a great time to buy and get into the market.
Yes, I agree that in the long term, property is always going to be a good investment, but timing is key to maximising your returns especially in a market that moves as slowly as property. And again, no I don't think we're going to see 40% as some people like to cite.
I think it is highly irresponsible to be advertising "now is the time" when many of these young FHB's or existing homeowners could be unemployed this time next year.
That's a serious and false allegation. Please find ..............................................................out of the forum as quickly as possible..
Perhaps Lieing was a poor choice of words so apologies for that, but comments like
"...I'd almost think we were in a booming R/E market" (of recent posting) and
"Sydney has already had it's bust and prices have been flat since 2004 and unlikely to drop by substantial amounts" (from pages and pages back
somewhere in here) are completely false statements and are stated with the intent of achieving what end? You tell me...
There is no factual evidence that we have reached the end of the downturn and have currently entered a boom phase, but there's plenty of fact stating that we are still sliding down hill and no end is in sight...
See the following definition for spruik. Certainly not explicitly defined as talking up any individual property....
http://en.wiktionary.org/wiki/spruik
LOL - this is really funny! Just sounds to me like you are upset that you may be losing the argument?
Hardly..... just tired of trying to make one-eyed-perma-bulls understand the bigger picture with the declining economy. This is what will fundamentally drive prices in the short term and I don't think that can be denied.
Low rates and FHB stimulus are neither nothing new, or unsustainable.
FHB stimulus has been around .............................. right now in Sydney.
ABC is the only mainstream media outlet that I have seen that has actually warned of the possibility that if things continue to decline then many of the newly enticed FHB's may end up with unemployment issues, negative equity, interest rates rising from their 60 year lows.... well, it's be almost like watching the effect that all the margin calls had on the stock market last year wouldn't it! (yet it would be painfully slow and protracted....)
If the economy does not start to show signs of recovery by the end of 2009/early 2010, then yes I would agree that the current property upturn could halt. However, if economic recovery does begin, then right now may be seen when we look back as the point in time where the market had bottomed and started to turn, due to all the factors you correctly list working as intended. Re heading into a future inflationary environment - well that can only cause property prices in absolute terms to head one way - up.
It could also be seen as the biggest Government promoted suckers rally in history. If the IMF didn't even see the crisis coming, how much confidence do you have in our Government seeing a clear path out of this mess? I have none since our Government cannot control the external influences that have so drastically played their part in bringing our booming economy down.