Mortgagee property sales happening already!!

tech/a · 29 August 2006

wayneL said:
Jay

My article compares prices to income, rather than nominal pricing as yours does.

Obviously, english property is more expensive than Oz for eg. But when considered as multiples of income, a different story emerges.

Cheers

How so the Average wage is around 20,000 pound or $50K AUD??

Smurf1976 · 29 August 2006

Let's see...

We borrow a fortune from overseas in order to pay more for the SAME houses. So we end up with basically the same physical assets we had before, but have borrowed far more money with which to buy them.

This is supposed to benefit the economy? Short term certainly, but I don't see how it helps in the long term.

TjamesX · 29 August 2006

tech/a said:
How so the Average wage is around 20,000 pound or $50K AUD??

in the demographia report, the London average wage was listed as 34,100 pounds and the average house price as 235,000 pounds (multiple of 6.9)

The country averages for income multiples are;

Australia 6.2 (sydney 8.5)
Ireland 6.0
New Zealand 5.9
UK 5.5
US 4.6
Canada 3.6

The report was released in 2006 and based on data recorded in 3rd quarter of 2005, so is reasonably current.

(sacrasm on) Clearly UK, US and Canada are severly undervalued and we should all go and heavily gear into these markets (sarcasm off)

TJ

robots · 1 September 2006

hello,

interesting short article for those who think owning residential property is crap

babcock & brown dont think so

http://www.theaustralian.news.com.au/story/0,20867,20324126-25658,00.html

thankyou
robots

wayneL · 1 September 2006

robots said:
hello,

interesting short article for those who think owning residential property is crap

babcock & brown dont think so

http://www.theaustralian.news.com.au/story/0,20867,20324126-25658,00.html

thankyou
robots

Robots,

I don't think anyone is saying that owning res property is crap. It has proven to be an excellent investment. However as with every investment there are prudent times to buy, and there are times when RE is not good value.

Most housing bears argue around the contention that RE is currently overvalued. By any reasonable relative measure, RE values are at historical highs and the suggestion is to wait till these vlues return to sanity bfore purchasing.

It may worth noting at what valuation properties in this area of the US are trading at, and what sort of yield they are returning for the price, and/or other circumstances before making a judgement on the purchase.

Cheers

Realist · 1 September 2006

robots said:
hello,

interesting short article for those who think owning residential property is crap

babcock & brown dont think so

http://www.theaustralian.news.com.au/story/0,20867,20324126-25658,00.html

thankyou
robots

" wholly-owned subsidiary of Babcock & Brown Real Estate Investments will buy all the common stock of US-listed BNP Residential Properties which owns a portfolio of 8180 apartments located in North Carolina, South Carolina and Virginia."

That is like buying apartments in Dubbo, and Alice Springs instead of Sydney or Melbourne. Hardly an endorsement in US property is it? Infact it shows to me they are not interested in the overpriced cities like LA and New York and will buy in the undervalued burbs of tiny towns where they may have a chance for some price growth...

wayneL · 1 September 2006

Here's some USAcentric links, but the same factors apply here.

http://www.hometextilestoday.com/article/CA6367287.html

http://www.bloggingstocks.com/2006/08/30/housing-bubble-debt-bubble-or-same-thing/

http://www.moneyweek.com/file/17452/the-us-housing-bubble-has-popped---what-now.html

http://www.counterpunch.org/whitney08302006.html

robots · 1 September 2006

hello,

why will those places go up and others you mentioned will not go up?

thankyou
robots

Realist · 1 September 2006

robots said:
hello,

why will those places go up and others you mentioned will not go up?

thankyou
robots

The same reason some shares go up and others go down!!

Obviously because some are undervalued and some are overvalued.

Sydney's property boom finished in 2003, had you bought in Sydney in late 2003 you'd be down 20% now, instead if you'd bought in Perth you'd be up 100%.

I'm sure there are always undervalued houses in the USA if you look hard enough, but in general like Australia the larger cities are currently overvalued.

wayneL · 1 September 2006

Realist said:
The same reason some shares go up and others go down!!

Obviously because some are undervalued and some are overvalued.

Sydney's property boom finished in 2003, had you bought in Sydney in late 2003 you'd be down 20% now, instead if you'd bought in Perth you'd be up 100%.

I'm sure there are always undervalued houses in the USA if you look hard enough, but in general like Australia the larger cities are currently overvalued.

Thats true. Contrary to Australia, there are parts of the US that have not experienced any sort of boom in prices at all. I have rellies in that area and much of the housing is still remarkably cheap.

Realist · 1 September 2006

wayneL said:
Thats true. Contrary to Australia, there are parts of the US that have not experienced any sort of boom in prices at all. I have rellies in that area and much of the housing is still remarkably cheap.

Yep, and then you look at this : "Babcock & Brown Real Estate Investments will buy all the common stock of US-listed BNP Residential Properties which owns a portfolio of 8180 apartments located in North Carolina, South Carolina and Virginia.""

To me it says they realise the cities are overvalued so they go to the undervalued places like Carolina and Virginia to buy.

wayneL · 1 September 2006

Here... check out what you ban get for 200k in the capital of SC

http://www.buyahomeincharleston.com...ctarmls.com/property.asp?gateway_la_code=5756

Freeballinginawetsuit · 1 September 2006

Realist said:
Yep, and then you look at this : "Babcock & Brown Real Estate Investments will buy all the common stock of US-listed BNP Residential Properties which owns a portfolio of 8180 apartments located in North Carolina, South Carolina and Virginia.""

To me it says they realise the cities are overvalued so they go to the undervalued places like Carolina and Virginia to buy.

Their you go Realist, this is your bargain buy in SC from Waynes link. I could see you living their with the misses,kids and the dirt yard. Wonder what rent they charge for you.

This lovely place only costs 225k USD.

wayneL · 1 September 2006

wayneL said:
Here... check out what you ban get for 200k in the capital of SC

http://www.buyahomeincharleston.com...ctarmls.com/property.asp?gateway_la_code=5756

Holy Crap!

Keep scrolling through those pages and wee what you can get for even less!

These are the prices houses should be in OZ!

wayneL · 1 September 2006

Compare that to the world class metroplois of Grealdton

http://www.royweston.com.au/content/propsearch/?espage=2

Those who have been here will know what Rangeway and Utakarra is like.

Check out this one for a ###ing leasehold shack!! (8 year lease)

http://www.royweston.com.au/content...=&fa_range=&min_farange=&max_farange=&oid=171

These were $40k 3 years ago

Freeballinginawetsuit · 1 September 2006

wayneL said:
Compare that to the world class metroplois of Grealdton

http://www.royweston.com.au/content/propsearch/?espage=2

Those who have been here will know what Rangeway and Utakarra is like.

Check out this one for a ###ing leasehold shack!! (8 year lease)

http://www.royweston.com.au/content...=&fa_range=&min_farange=&max_farange=&oid=171

These were $40k 3 years ago

I own a place in Wandina (rented out), you living in Rangeway are ya Wayne

Wandinas 500k plus Wayne up 100% from three years ago, you seriously need to stop misleading your Facts!

wayneL · 1 September 2006

Freeballinginawetsuit said:
I own a place in Wandina (rented out), you living in Rangeway are ya Wayne

Wandinas 500k plus Wayne up 100% from three years ago, you seriously need to stop misleading your Facts!

I live in Wandina mate.

How can i be misrepresenting facts with real links? What facts am I misrepresenting exactly?

What do you have your knickers in a knot about?

wayneL · 1 September 2006

Elsewhere in the US

Check it out

http://www.jerryself.com/jerryslistings.html

Freeballinginawetsuit · 1 September 2006

wayneL said:
I live in Wandina mate.

How can i be misrepresenting facts with real links? What facts am I misrepresenting exactly?

What do you have your knickers in a knot about?

Well if you are in Wandina you know that their are areas of Gero that don't look like Rangeway Utakarra etc,.Realist already thinks West Oz is a two head location, don't fuel his fire with posts of a humpy looking joint.

Freeballinginawetsuit · 1 September 2006

Bloks such as these were 58k 2.5 years ago in Gero, West Oz. They are now 300k.

It is absolutely unrealistic to assume they will crash 300%. Realist?

Wayne one of my land investments is on Barret Drive, (The one with the Cement retaining blocks at the Road edge).

Sure Sydney may have Mortgagee sales, but you cannot deny that many West Oz property punters are way ahead on gains.

Buying sound real estate is much like buying a fundamentally sound stock at a basement SP.

Bargain buy for 58k,considering the views just as ZFX was a bargain buy at $4, all the analysts were calling it overpriced then and how wrong were they.

Mortgagee property sales happening already!!

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