- Would take at bare minimum 14 properties to come to this number
Yes 1 property sold out of 14. I know of at least two more auctions that were withdrawn prior so the clearance rate was possibly worse than 7%.
Anectodotally I attended a few auctions last Saturday and not only was the reserve not met, no-one made a bid at any of them.
Marsden said it for me but got to agree that Dimichie and Foundation don’t appear to be selling anything and are attempting to read the data accuately.
A lot of lending is debt consolidation, don’t know how they extract that from the figures, but it is what Sydney brokers have been telling me for a while.
Not sure about Nth Beaches but I am seeing a lot of “empty developments” soaking up the developers profits, and a lot of optomistic holes in the ground.
Have heard stories of the central coast recently, with a halving of agents in some areas, (it’s amazing how agents who should know better, set up shop at the PEAK of a boom …..) and older agents sounding like farmers…. ” this is the worst slump since ….”.
And agree it has been irritating in recent years (about 1 1/2 ) as Sydney has been starting down the other side of the crest, contributors in other states have been proudly telling us their patch of dirt was still booming. SYDNEY always leads on the way up and the way down. (certain boutique areas being the exception… Broome, Central Highlands etc )
Yes I am still interested in the “market” and am looking forward to my next purchase, I am also happy that my purchase dollars seem to be growing, and know the real challenge for me is making the spouse wait some more. AND as more people follow it becomes a self fulfilling prophecy
Originally posted by dmichie:Quote:I attended a few auctions last Saturday and not only was the reserve not met, no-one made a bid at any of them.AND that is one of the problems. When people beleive the market is going up you buy first and scamble to sell your place knowing that demand is there. Now people are waiting until they sell before they buy. Less people selling, = less buying and so it continues to slow. Winter should be interesting.
My wife wants to buy in Beecroft or Cheltenham (Sydney siders know where …for others its about 40mins by rail in an older upper middle suburb backing onto BIG reserve areas.)Due to the reserve they are very small suburbs. Anyway I told her we are not buying yet but start looking around to get a feel for what $800k buys. She checks out a 3Br two bath dble garage, for 930K. Despite the misleading wording of the ad it was a 1960s house with 1960s bathroom and kitchen 20yr old carpets and older fittings carpets etc. Would take 70k to bring it up to par. When Helen informed the agent that she was looking at a 1M house and 2klms away at West Pennant Hills 1M bought something very nice, he replied (they have knocked back an offer under 900k and it is a “boutique suburb”. The owners are retiring and moving to the Sth Coast”. They are cashing in their only big asset and are waiting for their last feed. They will not even look until contracts are exchanged.
I think this market is not going sideways, it is stalling.
Originally posted by rumbiz:Doom and Gloom in brisbane.( say the papers)….thanks for the tip….I’ll be checking out Brisbane for a bargain then
Given house prices have risen by up to 30% per year recently, does a 4% median fall really bring the situation back to a “buyer’s market”?
Beware, today’s “bargain” is about to become tomorrow’s fair value and next year’s white elephant.
Cheers, F.[cowboy2]gmh & marsden – Preesh.
” Given house prices have risen by up to 30% per year recently”
F – where has this happened? I am assuming Sydney…. or are you talking Brisbane?
http://www.megainvestments.com.auExtensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
Here in olk’ Adelaide, auction clearance rates are hovering between 40-50% and places are staying on the market for months as sellers hangout for yesterday’s prices. Plenty of places to rent, so a renters dream time. So, no, couldn’t describe the market as “ticking along” here either.
cheers,
CarlinOriginally posted by AUSPROP:” Given house prices have risen by up to 30% per year recently”
F – where has this happened? I am assuming Sydney…. or are you talking Brisbane?
Nope, Brisbane:
Suburbs on the moveA recent study of Brisbane’s most affordable suburbs in Australian Property Investor Magazine tipped the following as locations to watch due to their strong annual price growth (12 months to December 2004):
* Carole Park (up 52 per cent)
* Riverview (up 60 per cent)
* Churchill (up 43 per cent)
* North Booval (up 34 per cent)
* Basin Pocket (up 53 per cent).I should perhaps have said up to 60 percent!
Cheers, F.[cowboy2]
Rate rise dampens demand for home loans
The Reserve Bank’s decision to lift interest rates in March appears to have dampened enthusiasm for home loans, newly released figures show.The Australian Bureau of Statistics said owner-occupier housing finance, excluding alterations and additions, rose 1.3 per cent in March to $11.992 billion.
The seasonally adjusted rise was much slower than the five per cent rise reported for February.
Go figure! I don’t know where SALACIOUS’ story comes from, but I always like to post a link (apologies to Robert, I know how it annoys him)
http://smh.com.au/news/Business/Rate-rise-dampens-demand-for-home-loans/2005/05/13/1115843352071.html
SMH May 13, 2005 – 12:09PMTo the contrary, posting links does not annoy me at all. Posting the same negative rubbish over and over and starting similar threads over and over to support your cause is what annoys me.
Anyway, just so you know, I have decided to stay out of this economic debate. It has been done to death and seems to just move in circles. I will leave it to you.
Have fun David.
Robert Bou-Hamdan
Mortgage Advisergmh,
West Pennant Hills as a “boutique suburb”?? That must be a joke.
kay henry
Originally posted by kay henry:gmh,
West Pennant Hills as a “boutique suburb”?? That must be a joke.
kay henry
??
Sorry Kay, somehow the quote survived but the message dropped off.
The agent was referring to Beecroft and Cheltenham as boutique. In my opinion it is totally out of wack with surrounding suburbs, they must know something we don’t.
Maybe it is the wonderful rumblings of the diesels heading north on a cold winters night.
I liked the add because it was positive and i like positive news. To me it does not matter if the market moves up or down to me as a investor it is always a boom.
Dom[biggrin]
Hey Dom..
Salacious meaning..
(spicy, interesting,exciting,sensational,)antonym uninteresting.[biggrin]I agree Its always good to have a positive outlook, as they say it’s not so much timing the market but time in the market. The thought that you make your profit when you buy, doesn’t apply if you ‘never’ sell[wink]
WA-NT-QLD IMHO still look good.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorYes 1 property sold out of 14. I know of at least two more auctions that were withdrawn prior so the clearance rate was possibly worse than 7%Actually the situation on the northern beaches is much worse than this. Unbeknownst to me, LJ Hooker held an auction fest at a big BMW delear on Tuesday night. 13 properties were put to auction, none sold, and three more were withdrawn prior. So last week there were 27 auctions up here with one sale, plus another half-a-dozen withdrawn prior.
For anyone on the northern beaches the details are on page 2 of the glossy real estate liftout in today’s Manly Daily.
Maybe they heard that you were looking around out that way and that you were single-handedly going to bring prices down for them so they are waiting for you. After all, their are a lot of first home buyers looking to buy a house on the Northern Beaches!!! (Please note my sarcasm!)
Robert Bou-Hamdan
Mortgage AdviserAfter all, their are a lot of first home buyers looking to buy a house on the Northern Beaches!!! (Please note my sarcasm!)You’d be surprised, there are quite a few houses asking in the mid 500s on the northern beaches these days, and the actual selling prices are probably under 500K.
Are these the ‘battlers’ you speak off that benefit from decreasing home prices and a decreasing AUD?
Robert Bou-Hamdan
Mortgage AdviserAre these the ‘battlers’ you speak off that benefit from decreasing home prices and a decreasing AUD?I’m not going to tell you that the northern beaches are the home of the battler, but yes, FHBs actually have a hope in hell of buying something up here now.
The lower AUD is vital to save our exporters and ensure Australia’s long-term economic future.
As for a low AUD pushing up prices of imported goods, the ‘battlers’ are more likely to buy a Holden and a Whirlpool than a Beemer and a Miele, so the real pain will be felt at the high end.
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