House prices to stagnate for 'years'

[tech/a]

Another point about house prices is, the top end (million dollars ++) ones are old money accumulated through generations.

As is and has been the case in many other countries so to will it be the case in Australia THAT---most housing will be owned by OLD money and passed on down the ancestory line.

 

[robots]

hello,

save your money flying fish and put into shares or property,

84% clearance rate in melbourne yesterday,

thankyou

robots

 

[numbercruncher]

hello,

save your money flying fish and put into shares or property,

84% clearance rate in melbourne yesterday,

thankyou

robots

Heya Robots,


Glad you had a smoking weekend, good work.


Tell me this clearance rate figure that you come up with the day after auctions do you ring around all the agents in Melbourne during the night to check, or how exactly do you come up with this figure ?


I understand this rate is based on voluntary submission, is it all above board ?, I mean we all know that RE agents are the most honest and straight forward members of society but surely they must occassionly be tempted to smudge the figures ?


Thankyou.


PS: Did the prices jump 10pc this weekend ?

 

[robots]

hello,

all above board,

the results are sumitted to the REIV who submits the results to the relevant media, yes you can believe what you like

why dont you choose say 10 to 20 auctions for the day and go and visit them for yourself to see what happens, I always go to ones in my local area

I think most got an easy 10% rise

thankyou

robots

 

[numbercruncher]

Wow nice work im impressed !


So last week a 10pc rise - say 500 where selling at 550 , so this week 550 went to about 600 ....


Its tempting to jump on the wagon before i miss out.


What Melbourne suburb are you invested in yourself Robots ?


You doing anymore auctions today ?


Enjoy the rest of your weekend!

 

[robots]

hello,

invested in St Kilda,

no, not going to anymore auctions today,

going cycling on the beach rd bicycle path, red helment, black shorts, green top so say hello if you see me

you also enjoy the weekend

thankyou

robots

 

[tech/a]

Its tempting to jump on the wagon before i miss out.

Too late.

 

[tayser]

Hilarious thing happened to a mate's flat in Balaclava (St. Kilda East) last month, his landlord put his flat (2bed, 1bath, one of the thousands of walk-up flats that went up all over the innercity in the 60s and 70s) up for auction... the bozo who bought it was visiting her first auction and was only to see what was happening in the market... well anyhow, for some reason she started the bidding at $270k (auctioneer was asking for bids to start for about 3-4 minutes - perhaps she felt sorry for him? lol) - the asking price, and she ended up buying it at $350k...

is that champagne for the vendor or what?!

 

[Flying Fish]

As is and has been the case in many other countries so to will it be the case in Australia THAT---most housing will be owned by OLD money and passed on down the ancestory line.

This sounds scary. So average joe can't buy a house anymore?

 

[numbercruncher]

Too late.

Huh, but Robots said they went up 10pc last week and another 10pc this week, this surely is the investment opportunity of a lifetime ?

 

[tech/a]

This sounds scary. So average joe can't buy a house anymore?

Getting harder and harder,2 incomes for even a unit.
In the UK its 2 very good incomes and possibly a boader in many cases.
Same in Europe in many cases (Larger cities).

Eventually most will rent until the olds pass on and the House equity split between sibblings and houses then purchased.

Wont be un common to see people buying Reasonable homes for the first time in their 50s+.

 

[Broadside]

alternatively house prices return to long term trend so a median house is within median income

 

[Flying Fish]

Getting harder and harder,2 incomes for even a unit.
In the UK its 2 very good incomes and possibly a boader in many cases.
Same in Europe in many cases (Larger cities).

Eventually most will rent until the olds pass on and the House equity split between sibblings and houses then purchased.

Wont be un common to see people buying Reasonable homes for the first time in their 50s+.

Wow. So where is all the money going?

 

[Flying Fish]

here is a 4 bedroom house:
Owner says buy it now!! ( I think he has been on ebay too long)
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=103886385&f=0&p=10&t=res&ty

 

[Flying Fish]

And another:
http://www.realestate.com.au/cgi-bi...eader=&c=46874795&s=vic&snf=rbs&tm=1187492316

 

[Flying Fish]

http://www.realestate.com.au/cgi-bi...eader=&c=46874795&s=vic&snf=rbs&tm=1187492316
This looks ok as well. heaps of family homes out there for under 300K

 

[Broadside]

alternatively house prices return to long term trend so a median house is within median income

AFR yesterday Shane Oliver, AMP: "In 1987, the 42% slump in October was preceded by a residential market that was 5 to 10% below its long-term historical average. He says the current market is 20% over the long-term average, with house prices around 9 times average weekly earnings* compared with 5 times in the 1980s."

*must be a typo, average annual earnings...if it's weekly earnings I will be buying property next weekend!

 

[Flying Fish]

AFR yesterday Shane Oliver, AMP: "In 1987, the 42% slump in October was preceded by a residential market that was 5 to 10% below its long-term historical average. He says the current market is 20% over the long-term average, with house prices around 9 times average weekly earnings* compared with 5 times in the 1980s."

*must be a typo, average annual earnings...if it's weekly earnings I will be buying property next weekend!

maybe not. depends how much you have borrowed, inflation credit cards cost of living PETROL prices etc etc etc

 

[wayneL]

Getting harder and harder,2 incomes for even a unit.
In the UK its 2 very good incomes and possibly a boader in many cases.
Same in Europe in many cases (Larger cities).

Eventually most will rent until the olds pass on and the House equity split between sibblings and houses then purchased.

Wont be un common to see people buying Reasonable homes for the first time in their 50s+.

Still the lucky country huh?

I wonder what Nokolai Kondratieff would make of the current situation, particularly in light of recent credit market problems?

 

[numbercruncher]

Cheapest place in Western nations for housing is the USA it seems!


Ive seen nice brick veneers in Florida for 200k.

If your on a budget move to Detroit, Cars cost more than Houses ....


Wonder if we will catch the bug too ?