House prices to stagnate for 'years'

[theasxgorilla]

and i hope those making the coin continue to save, invest, save etc

Indeed...in a world (until recently) awash with capital, it's only fair we all accumulate a share of it

ASX.G

 

[trinity]

hi,

there is something I do not understand, just having a browse at a Sydney suburb called meadowbank (just for example). a new unit, same specs , 2 br, 1 bath, 1 garage sells for 499K, whereas an old unit, 2br/1/1, sells for 315K. More than 100K difference between them.

http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104611204&f=0&p=10&t=res&ty=&fmt=&header=&cc=AUSTRALIA&c=65273588&s=nsw&snf=rbs&tm=1202983722


http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104618190&f=0&p=10&t=res&ty=&fmt=&header=&cc=AUSTRALIA&c=65273588&s=nsw&snf=rbs&tm=1202983722

why is there such a big price difference for these 2 units? i do not have actual stats but i feel that older properties are bigger than newer ones.

Just want to hear other people's opinion on this.

Thanks.

 

[KIWIKARLOS]

The big difference is in the quality and size and location.
The cheaper ones are 20-30 years old quite small and located nearer to the station. The newer ones are located in a large development of 8 - 10 towers next to the water. They have underground car parks, building security modern living and larger rooms, plus they have only just been built.

I have a mate who rents the newer ones, don't really like them though. I think the major cost is for the location water views and a ferry next door.

 

[robots]

hello,

73% clearance rate for Melb,

a lot of stock online and a heap more next week so will be interesting to see what happens,

I think people will start to take some pre-auction offers

thankyou

robots

 

[numbercruncher]

hello,

73% clearance rate for Melb,

a lot of stock online and a heap more next week so will be interesting to see what happens,

I think people will start to take some pre-auction offers

thankyou

robots

Where do you get these clearance rates from so early each weekend ?

I google it each time you say it and never get the answer till like the following week and its usually greatly different to your claims, your always 70pc + ....

and google says (feb 4th article) ....

Melbourne had a slower start with only 29 properties listed for auction compared with 55 at this time last year.

The clearance rate rose by 1 per cent to 50 per cent and out of 27 properties reported as auctioned, 14 were sold compared with 24 out of 49 properties reported as auctioned this time last year.

http://www.news.com.au/business/story/0,23636,23156097-14327,00.html?from=mostpop


I bet they are getting lower average prices already eh ?