The future of Australian property prices

[robots]

hello,

another myth BUSTED:

http://www.theage.com.au/national/foreign-property-fear-exaggerated-20100522-w317.html

the list of myths and failed prophecies just goes on and on, fabulous

gee its exciting

thankyou
professor robots

 

[explod]

hello,

another myth BUSTED:

http://www.theage.com.au/national/foreign-property-fear-exaggerated-20100522-w317.html

the list of myths and failed prophecies just goes on and on, fabulous

gee its exciting

thankyou
professor robots

Well I think the rumour helped to spread a belief that property would continue to go to the sky so was a very good ramp.

Strewth Confessor Robots, now that the truth is out the collapse in prices will probably escalate.

 

[robots]

hello,

so all the crew from GPHC, ASF and all the other anti-property blogger sites were pumping up the same asset they so dearly want to buy at 1907 prices

amazing, oh well strange how things work

thankyou
robots

 

[Dowdy]

hello,

another myth BUSTED:

http://www.theage.com.au/national/foreign-property-fear-exaggerated-20100522-w317.html

the list of myths and failed prophecies just goes on and on, fabulous

gee its exciting

thankyou
professor robots

There's not much to go by on that article since it contains alot of claims and little numbers so lets get and article that does....


Cashed-up foreigners snap up homes
http://www.news.com.au/money/property/cashed-up-foreigners-snap-up-homes/story-e6frfmd0-1225870016929

# Foreigners buy $14.9b in property
# Victoria most sought-after state

CASHED-UP foreigners snapped up $14.9 billion worth of houses and land in Australia last year, including $2.49 billion worth of existing homes.

It shows the Government issued 4827 real-estate approvals to foreign investors last year for commercial and residential properties.

But the figures are incomplete, because the Government changed the rules in April last year so foreigners no longer had to notify the FIRB if the property was to be their principal place of residence.

In 2007-08, the biggest foreign investment in both residential and commercial real estate in Australia was made by buyers from the US, Britain and the United Arab Emirates.

 

[satanoperca]

hello,

another myth BUSTED:

http://www.theage.com.au/national/foreign-property-fear-exaggerated-20100522-w317.html

the list of myths and failed prophecies just goes on and on, fabulous

gee its exciting

thankyou
professor robots

Hardly an exhaustive investigation, sample size of 58 properties, hmmmmm. A political wash over to cover another back flip by KRUDD.

hello,

so all the crew from GPHC, ASF and all the other anti-property blogger sites were pumping up the same asset they so dearly want to buy at 1907 prices

amazing, oh well strange how things work

thankyou
robots

That crew are not anti-property (we all need shelter) per say, the are anti-high-prices-don't benefit society bloggers. Some may naively believe that if a crash occurs then they will be able to snap up bargains but in reality if a crash occurs what will be a bargain, environment will have changed, there may not be a bounce to profit from their purchase.

Cheers

 

[bellenuit]

hello,

another myth BUSTED:

http://www.theage.com.au/national/foreign-property-fear-exaggerated-20100522-w317.html

the list of myths and failed prophecies just goes on and on, fabulous

gee its exciting

thankyou
professor robots

I'm not on any side of the boom bust argument but that article looked at "unlawfully" bought houses. I read recently that many Chinese were clubbing together and using a family member resident in Australia to purchase properties on their behalf for investment. I presume these are lawful purchases, but against the intention of the legislation.

 

[robots]

hello,

really, so they just lobbing $ to somebody to buy a property, no name on title

just pulling the cash out from matteress or are they getting a line of credit against house/property in China

keep ramping it up, explod's keen for it

thankyou
robots

 

[poverty]

hello,

really, so they just lobbing $ to somebody to buy a property, no name on title

just pulling the cash out from matteress or are they getting a line of credit against house/property in China

keep ramping it up, explod's keen for it

thankyou
robots

They're a tiny percentage, but considering it's a percentage of ~1.2billion or so people there must be quite a lot of them and the rich upperclass in china are seriously, stupidly rich.

 

[robots]

They're a tiny percentage, but considering it's a percentage of ~1.2billion or so people there must be quite a lot of them and the rich upperclass in china are seriously, stupidly rich.

hello,

so the rich upperclass who are seriously stupidly rich are joining up with 3,4,5 others and buying a 700k house in doncaster or box hill, not getting name on title

just here have some cash and buy the joint down the road

thankyou
professor robots

 

[poverty]

hello,

so the rich upperclass who are seriously stupidly rich are joining up with 3,4,5 others and buying a 700k house in doncaster or box hill, not getting name on title

just here have some cash and buy the joint down the road

thankyou
professor robots

What I'm saying is that there are people in china who really do just have cash lying around and could afford to buy an Australian house. Whether they really are teaming up to buy multiple properties under family members names or not I have no idea, but if I was a rich chinese I would certainly look at ways of diversifying my money out of china as a bit of a fallback, wouldn't you?

 

[explod]

hello,

so the rich upperclass who are seriously stupidly rich are joining up with 3,4,5 others and buying a 700k house in doncaster or box hill, not getting name on title

just here have some cash and buy the joint down the road

thankyou
professor robots

In the last year or so there have never been more homes sold in the higher up areas of Melbourne and record prices of all time too, in Toorak, Brighton and Armadale I have noted prominent people selling out where they have lived for long periods, they have sold very well because of the three LLL's of course but I note there was often the story that they were going to rent for awhile, wonder why? Eh, its how the rich get very much richer, sell at around the top, wait for awhile and then strike a bargain.

It can be seen in a lot of ways this property business.

 

[MACCA350]

Macca, what will happen is that last week's clearance rates will be revised downwards. However, this will not happen until the the data becomes old and people are no longer looking at this information. It's the same old trick over and over again.

As time passes, the illusion becomes harder to maintain especially when more and more people question those figures.

Revised Reiv Clearance Rate 74%

With an extra 54 auctions added to the numbers, now everything adds up correctly(funny though the 'sold before' has reduced from 192 to 101) ..........as a matter of interest, if you take out the 'Sold Before' and 'Sold After' and only account for those that sold on the auction day you end up with a clearance rate of 70%

cheers

 

[Aussiejeff]

In Brisbane, only $6.5 million of property sold at auction over the weekend, about half of the $12.8m auctioned the previous weekend. The city's 21.7 per cent clearance rate was 14 percentage points lower this week.

Real Estate Institute of Australia president David Airey cited consecutive interest rate rises, tighter lending criteria and the continuing financial crisis in Europe as contributing to the softer clearance rate.

"In March, based on the figures, I predicted this was going to be a very strong year for real estate; now I have to review my thinking," Mr Airey said.

"The simple fact is that the handbrake has been pulled up very suddenly.

"I would not call it a crisis of confidence, but the speculative end of the market has completely ceased and the enthusiasm has been dampened."

http://www.news.com.au/money/proper...-clearance-rates/story-e6frfmd0-1225870309574

Discuss.

 

[UBIQUITOUS]

In Melbourne, APM figures showed just $93.3m in property sold over the weekend, down substantially from $239.3m the previous weekend.

What's there to discuss? Melbourne has crashed. Not a slowdown, but a fully fledged capitulation!!

Which means that either Enzo's figures are false or that it is a MASSIVE firesale which is explaining the clearance rates. I would say that it is a combination of both. Vendors are taking what they can get while they can.

But hang on....I thought this could only happen when interest rates reach 10%

 

[MACCA350]

In Melbourne, APM figures showed just $93.3m in property sold over the weekend, down substantially from $239.3m the previous weekend

REIV last weekend auctions $399.58mil...........this weekend $411.59mil

That's a far cry from the APM figures

cheers

 

[Aussiejeff]

REIV last weekend auctions $399.58mil...........this weekend $411.59mil

That's a far cry from the APM figures

cheers

APM Phatt Fingas?

 

[MACCA350]

APM Phatt Fingas?

Yeah, there's some fat fingers somewhere in there

cheers

 

[explod]

Yeah, there's some fat fingers somewhere in there

cheers

Yep, we need the great Confessor Robots to put things straight.

Getting withdrawals, where are you Confessor

 

[robots]

hello,

good evening, well I would be delighted to help out if possible

it wasnt that long ago I conducted Q & A of an evening here at ASF, many members got lots of questions answered

we will keep it to tradition and kick off around 7.00pm

great day again

thankyou
professor robots

 

[trainspotter]

In Sydney the auction clearance rate was up 2.5% to 63.2% ... still down on the 70% clearance rate recorded in the first quarter. Adelaides increased by 6% to 51.4%. Maybe auctions are beginning to show their age and the people are going back to the good old offer and acceptance method. Any data on this ? Auctions in WA are not the rage at all and most property is sold by private treaty and settlement agents handle the documents rather than solicitors. Clearance rates falling does not necessarily mean the price is falling. It could mean that the greedy Real Estate Agents have coached their vendor to a higher selling position which is unatainable in this current market.