I would of thought cashed up folks would be the last to get hurt in a crunch, and the first to prosper ?
And if your a leveraged investor facing asset price deflation your really really shooting yourself in the foot, no ? Maybe we could run that question past our mates at Centros ?
Whoever said back there that ridiculously high house prices in Australia were the new reality... I just can't buy that argument.
When it costs more to rent and buy in Perth than it does in Tokyo, than something is seriously amiss. When people move from "small towns" i.e. cities like Perth to the big smoke, to reduce costs, things obviously can't be sustained...
But I guess house prices are just on a permanently high plateau hey?
I would like to see you buy a 4 bedroom house and land in tokyo for $350,000
Hello,
Just for the record I joined the debate 12mnths ago, maybe had I bought a Prop 12 mnths ago I might now be looking at break even ? ie/ paying for Duty and Interest ? But probably not covering your fee to sell ?
We will see! Hope for your sake your right, either way doesnt fuss me, I smell contagion , just cant smell much Phear yet is all ?
I bought a house a little over 12 months ago,... for $257,000. It has two units in it One 3bedder and one 1bedder, combined rent was $280.00
I kicked tenants out repainted, fix a few other things costing no more than $1000 today the units are renting for $180 and $270 = $450 perweek in total = positve cash flow outcome. costs me nothing to own, will go up in value and rents will continue to increase and loans are fixed at 7.49% for 3 more years.
there is money in every market you just have to be able to spot it.
Well, you are paying that much for most dog boxes in Perth these days, or at least seem to be. Crazy when you compare that to other parts of the world, even Melbourne. West Perth or Southbank... West Perth or Southbank... hmmm...
Here's some anecdotal evidenced that there is some stress beginning to creep into the more leveraged property players in Perth...
A friend of mine, who's in the market for their first property had been to visit a property twice. Today he received an unsolicited call from the realtor suggesting a bid of 15-20% below the current offer price might be successful.
The property is close to the CBD (~5km) and is the result of the vendor building 4 villas on a largish block of land.
Wether it is a dog box of not I think you will find land by itself in tokyo would be millions of dollars,... even without the building
Tokyo is a city of some 12 million people, I understand they saw their first price gain in 15 years last year, I doubt they will see many more gains for years to come, such is the fate of export driven economies that bubbled and bubbled I guess ...
the big credit crunch is happening and the US are LOWERING interest rates, yes LOWERING
hello,
RE is not expensive, so you telling me 10yrs ago or 20 yrs, anybody could by any property
things are no different
thankyou
robots
RE is not expensive, so you telling me 10yrs ago or 20 yrs, anybody could by any property
Dec. 14 (Bloomberg) -- For U.S. homeowners, builders, bankers and realtors, the crash of 2007 will only get worse in 2008.
Everyone from mortgage-finance company Fannie Mae to Lehman Brothers Holdings Inc. expects declines next year. Existing home sales will drop 12 percent and existing home prices will fall 4.5 percent, Washington-based Fannie Mae says. Lehman analysts estimate almost 1 million mortgage loans will default in 2008, up from about 300,000 this year.
``We're only halfway through the housing shock,'' said Ethan Harris, chief U.S. economist at New York-based Lehman, the fourth- biggest U.S. securities firm by market value. ``It's just a matter of time before the weakness spreads to the rest of the economy.''
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