House prices to keep rising for years

robots · 26 September 2009

hello,

oh yeah, oh yeah:

http://www.reiv.com.au/home/inside.asp?ID=162&nav1=652&nav2=162

MASSIVE 83%, great day, just amazing well done

fantastic job by all involved and keep up the good work

thankyou
professor robots

MACCA350 · 26 September 2009

robots said:
hello,

oh yeah, oh yeah:

http://www.reiv.com.au/home/inside.asp?ID=162&nav1=652&nav2=162

MASSIVE 83%, great day, just amazing well done

fantastic job by all involved and keep up the good work

thankyou
professor robots

TOTAL AUCTIONS
This week: 106
Last Week: 796

BradK · 27 September 2009

LOL Macca,

Keeping the ba$tards honest

kincella · 27 September 2009

brad and macca....what are you on about ??? the auction clearance rates have been around over 80% consistently for the past few months....whether there are 300 or 900 properties for sale......
AFL grand final weekend, is almost equivalent to Good Friday or Christmas Day......no one is interested in buying properties on those days.....they are doing something else far more important....
hence the number of properties listed for auction is way down on the weekends near those dates....and way below the norm....
its school holiday time here so again...people take the kids on holiday...
wait and see how many are listed for auction next weekend.....or it may be the weekend after...before things get back to normal
only about 10 weekends before christmas...so lets see what sort of frenzy that brings
oh, and did you know there are as many private sales as there are auctions on any given weekend...

robots · 27 September 2009

hello,

and the result for last week (19/09/09) on those 796 auctions:

81%

paradise brothers, spot on Kincella, been over 80% for months now and the christmas frenzy coming on strong, awesome

oh sorry, not good for the kids, the community, blah blah blah

thankyou
professor robots

MrBurns · 27 September 2009

robots said:
oh sorry, not good for the kids, the community, blah blah blah

thankyou
professor robots

Dont you worry about the kids robots as long as you've got equity

Pity this retarded system gives a free house to Denis Ferguson and lets decent families go homeless.

Oh and ............thank you

trainspotter · 27 September 2009

robots said:
hello,

this one's on "houses", yes "houses"

thanks for clarifying that the banks want RESIDENTIAL for security

residential, not developers finance, land bankers, commercial trusts just plain old vanilla residential property

havent all these FHG's been buying with no deposit?

another busted, bully boys

thankyou
professor robots

It appears you are starting to believe your own stuff and nonsense.

http://www.hotspotting.com.au/index.php?act=viewArticle&productId=232

http://sl.farmonline.com.au/news/na...banks-tighten-home-lending-rules/1421554.aspx

The First Home Owners Grant IS the deposit. Banks have tightened their lending criteria and this is INCLUSIVE of the residential property market. Some banks are also requiring a minimum of 6 months saving history as well. Just keeping it real.

robots · 27 September 2009

hello,

so a FHG is buying a house for 300k, 400k or 500k and rocking up with a deposit of 14k (as you state the grant is the deposit)?

not to tight there,

and hasnt all the activity been in this sector over the past 12mths? you know keeping it all going

and loan amounts have increased for fhg's

thankyou
professor robots

cutz · 27 September 2009

Here's an interesting article on what's fuelling our bubble, http://www.crikey.com.au/2009/09/21/the-role-of-foreign-buyers-in-the-ever-inflating-housing-bubble/

trainspotter · 27 September 2009

Banks generally have a lending criteria of 95% LVR with LMI attached. Therefore a $300,000 home will require a 5% or $15,000 deposit up front. PLUS FEES of another ten grand or so. FHG at $14,000 forms part of the deposit but banks are now insisting on some sort of savings history as well. Small part of the equation. There are also debt servicability ratios and uncommitted income requirements to make the loan stand up. ANZ increased their LVR to 90% and decreased commissions to brokers as well. LMI is knocking back a lot of clientelle that would have walked through easily 2 years ago.

FHB's have formed a large portion of the marketplace in the last 12 month's but I notice the people selling (the second and third tier) are not jumping into home ownership as quickly as they used to. This does not mean they are out of the market place completely. Could mean they are just lurking in the background waiting for the right opportunity to come along.

Have you also noticed that a lot of TV shows about houses (hot property and Burkes backyard etc) have been replaced with "Reality" TV shows. Generally when the airwaves are choking with home improvement shows then property is bubbling along nicely.

kincella · 27 September 2009

geez ...whats with the attacks.....Robots is correct....

and, Robots reference was to one of your own posts trainspotter, regarding commercial property, for which the bank wanted further security by way of residential property...as in houses.
here it is...
"Commercial venture ?? Pffffffffffffffft !! Had 40% cash deposit to build commercial warehouses 2 x 300m2 each zoned light industrial. NAB requested more green title RESIDENTIAL property for security. Definite credit tightening IMO. "

I believe the banks no longer just accept the grant as a deposit....must be further 5% of proven savings over 6 months.....
so if the kids are after a 400k loan...they need savings of 20,000, plus they use the grant....14000 on an established home...and to add a further hurdle....the banks have been giving lower valuations....so the kids have to make up a further deposit,
eg sale price 400 k....bank valuation 360k lvr 342000...5% saving x 360k = 18000...so the kids need 400-360= 40k + 18k saving = 58000 deposit..
grant 14,000, savings 18000= 32000....further 26000 required

robots · 27 September 2009

hello,

many comment how investors have been away from the market but throw them in the mix for the demand as well,

numerous properties i have watched over the past 6 mths have come back on as rentals, they got out of the shonk market

many probably buying with cash

Satanoperca in his market segment is noticing this as well

no managers, no boards telling them they look after the shareholders, no issue

thankyou
professor robots

MrBurns · 27 September 2009

trainspotter said:
Banks generally have a lending criteria of 95% LVR with LMI attached. Therefore a $300,000 home will require a 5% or $15,000 deposit up front. PLUS FEES of another ten grand or so. FHG at $14,000 forms part of the deposit but banks are now insisting on some sort of savings history as well. .

Only $15,000 deposit to buy a $300,000 home ??????????

Why am I thinking "disaster just waiting to happen" ?

MACCA350 · 27 September 2009

If the housing market was doing so well why would builders be increasing their discounts...........surely if they were doing so well they'd be reducing discounts.

Effective as of yesterday Henley(VIC) have doubled their discount on many of their homes. Double story discount has gone from $15k to $30k with $50k worth of 'luxury' upgrades for free(previously cost $3k).

We had been looking at Henley's Empire, our contact called us yesterday and said to take $18k off the quote. Currently looking at the major builders comparing price, size and inclusions Henley are out front. I'd expect the others will be upping their discounts to keep up. We're also looking at the Marriot from Porter Davis and a few other builders(Burbank & Metricon), but they need to up the ante.

That's what we've found in our travels anyway

cheers

trainspotter · 27 September 2009

No attacks here .... pointing out the facts. Banks have tightend their lending criteria. Plain and simple. Housing and commercial likewise.

robots · 27 September 2009

hello,

not much tightening there Burns, and the banks SP kicking off

all rosy

thankyou
professor robots

robots · 27 September 2009

MACCA350 said:
If the housing market was doing so well why would builders be increasing their discounts...........surely if they were doing so well they'd be reducing discounts.

Effective as of yesterday Henley(VIC) have doubled their discount on many of their homes. Double story discount has gone from $15k to $30k with $50k worth of 'luxury' upgrades for free(previously cost $3k).

We had been looking at Henley's Empire, our contact called us yesterday and said to take $18k off the quote. Currently looking at the major builders comparing price, size and inclusions Henley are out front. I'd expect the others will be upping their discounts to keep up. We're also looking at the Marriot from Porter Davis and a few other builders(Burbank & Metricon), but they need to up the ante.

That's what we've found in our travels anyway

cheers

hello,

the house BUILDING market

thankyou
professor robots

MrBurns · 27 September 2009

MACCA350 said:
If the housing market was doing so well why would builders be increasing their discounts...........surely if they were doing so well they'd be reducing discounts.

Effective as of yesterday Henley(VIC) have doubled their discount on many of their homes. Double story discount has gone from $15k to $30k with $50k worth of 'luxury' upgrades for free(previously cost $3k).

We had been looking at Henley's Empire, our contact called us yesterday and said to take $18k off the quote. Currently looking at the major builders comparing price, size and inclusions Henley are out front. I'd expect the others will be upping their discounts to keep up. We're also looking at the Marriot from Porter Davis and a few other builders(Burbank & Metricon), but they need to up the ante.

That's what we've found in our travels anyway

cheers

If I were building a house in this climate I woud be paying as it completes, big payment up front and they go under and you're history.

trainspotter · 27 September 2009

MrBurns said:
Only $15,000 deposit to buy a $300,000 home ??????????

Why am I thinking "disaster just waiting to happen" ?

LOL ... Keystart money will lend 103% of valuation on a 4% deposit with no LMI. Now THAT is a disaster.

http://www.keystart.com.au/key/home.htm

robots · 27 September 2009

trainspotter said:
No attacks here .... pointing out the facts.

hello,

yes, just like me Trainspotter

thankyou
professor robots

House prices to keep rising for years

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