This is Steve from Hoppers Crossing, in the lower end of the Market prices are holding pretty firm for house and land as there is not much room for them to go down with land prices in the area approaching simliar levels. In the Middle price range there are some real bargains if you are looking to buy your own home, with homes aged 2-10 years in excellent condition on larger blocks going much cheaper than new homes nearby. In the Upper price range they just seem to hold out for ages for the price they want unless as with the occassional one they are priced reasonably.
I hope this helps someone. Steve Buckham
taqwa
Email MeWe've been searching and putting in offers in the eastern burbs of Melbourne for over a month to no avail. The market is crazy at the moment. Very exciting. Dual oc blocks are selling well above the asking price and nearly all the re agents are playing the Section32 game and you end up in a silent auction against 5 other people. We had an offer accepted last night in Mooroolbark so now we can play the game once more.
I attended an auction in Chelsea a couple of weeks ago for two units on one title. Range was 300 to 400 and sold at 437,500. I dropped off at $330k. These units were very tired and needed alot of work.
Hey Steve, where are the RP2 final folders no.12?
Mark.I have a close eye on Altona, in Melbourne west and 1 year ago not many properties were being auctioned. Now, almost everything is auctioned. Two Auctions recently, at least 5 bidders quarter acre blocks with average wb homes asking $400+ and $490+, well both sold on the day of auction for $601k and $590k. Any decent property or site sell within a week of being on the market (before auction), not to mention the ones that don't even get to hit the market. There is a flow on effect of this in surrounding suburbs like Altona Meadows. Amazing!
Hi,
Property in Singapore has gone crazy. It is so expensive.
Investors are confident due to 2 casino will be ready in 2009.
The uniqueness of Singapore properties investment is, it is very government dependent or control.
I personally think now is not a good time to invest as the price has gone up too too …high.
cheers !
Hi, Adelaide as you so rightly said, is bursting at the seams. Old cottage I bought for $240000 in Nov 05 is now revalued by the bank to $345000. That's aboiut 40+%
Taperoo went up 28% bet 05-06. 2007 is hard to guess because there're so few sales.
The upper end suburbs went berserk somewhere last year. We have Million + properties where they used to sell for $250000 about 10 years ago.
Christies Beach was around $180000 not so long ago. Now old houses are asking $280000 approx. New ones above $320000.
Elizabeth is selling well but hasn't gone up very much. Yield is about the highest there. Can buy a semi for $110000 and rent $160 a week.
Incidentally, the rent I was quoted before building commenced was $260 per week. We now think around $280-$300. That's in a relatively low priced suburb.
My tenants fear that they may have to leave if I sell. When we were mucking about, we damaged a pipe and they went without water for 3 days. Some complaining but they didn't ask for compensation.
Long may the good times last.
Kum Yin
Sydney Inner West
I attended an auction of a 1 bed unit, no parking, art deco building, advertised at $350+, went for $433k. I was a bit shocked and thought it was overpriced. 2bed house advertised at 550+ auctioned for $680k. Knock me over with a feather.
Dale
The market is so hot in Brissie at the moment I have just purchased an established Real Estate agents office specialising in Development sites. Have appointed a good principal who i have known for years so when settlement days arrives I will post the details so that if any forum members want to contact the office they can do so.
Richard Taylor | Australia's leading private lender
Redcliffe…..
12 months ago a cheap reno house was 200k……..I got one 6 months ago for 250k……..now a cheap reno house is 300k…….if you can get one.
if you believe these clowns, the property market is doomed.
they have spent the last 2 years convincing each other the sky is green, when its obvious its blue.
http://www.aussiestockforums.com/forums/showthread.php?t=1977&page=77
I pity the poor fools who have listed to this nonsense over the last few years and missed out on one hell of a ride. Listenening to these clowns is hazardous to your financial health.
crashy wrote:if you believe these clowns, the property market is doomed.
I pity the poor fools who have listed to this nonsense over the last few years and missed out on one hell of a ride. Listenening to these clowns is hazardous to your financial health.Oi! It's generally a good idea to remain polite and keep one's hubris in check. Google Solon's warning, or read Fooled by Randomness by Nassim Nicholas Taleb. For what it's worth, I spend a great deal of time on a forum where some people are considerably more bearish than those you've linked to!
Oh, I almost forgot, WayneL was (is?) a long-time member of this forum. He is an experienced and successful investor/trader in a range of assets and markets, and his knowledge is up there with the best! Unfortunately, the WayneL Trading Pages site is no longer available – it had a great beginner's guide to trader psychology… bummer.
So yeah, fools, clowns and hazards… depends on your perspective I guess.
So most agree a recession is comming in the next few years. Does that mean the areas booming now are going to bite investors the most if they buy just before the impending recession. Or will ther strong growth help prop up values. Im thinking south east qld.
foundation…….
I believe those who recommend to stay away from an asset should be just as accountable as those who recommend to buy an asset. If an advisor told you to buy shares in some company with a chart looking like it took a cliff-dive, you would be yelling and lodging complaints with ASIC. Yet these people have done the opposite, and instead of frowning at them, you actually expect us to worship them!
What I said was not personal opinion, but fact. The people in that thread have been bears on not only property, but shares as well, for 2-3 years. The FACT of the matter is, they have been WRONG and if you had listened to their “expertise” you would have lost big money. I might add that being a bear on both property AND shares for years at a time does nothing for your credibility. Its being a bear for the sake of being a bear. Its just like starting smoking cos you think it looks cool.
But hey, if you want to get your investing advice from someone who’s mantra is “dont invest in anything, its all doomed!” who am I to stop you?
The outlook for property is VERY rosy, unless you are in Perth…..
Speaking of Perth – there's no posts so far. Around Bassendean/Morley area a lot of properties are still selling quickly. Less attractive streets in Eden Hill aren't moving. Eden Hill had outstanding growth in previous 12 months so I think it has become overpriced compared to surrounding suburbs that are continuing to move.
Comparing Bris and Melb to Perth (I haven't looked in other states), SOME AREAS in Perth are looking like good value again. Cheers, Linda
Crashy,
your comments above do not seem to sit too well with what you have to say as a a qualified Financial Advisor on your Posigear Instiute web-site
http://www.posigear.8k.com/"
PROPERTY? BAH!
The property run is over. Property is expensive and rental yields are low. Shares are relatively cheap and we have low interest rates. There are new ways to buy shares cheaper than ever before, and high brokerage costs and excessive borrowing costs are a thing of the past.
There has never been a better time to positively gear shares. Don't wait until interest rates rise, these opportunities won't be around forever."I work in Canberra where property prices are too high for me to afford. I went South to Cooma and have purchased my first investment property, 2 br house on a 900 m2 block for $140,000, excellent value adding prospects. Although I bought a 2 br It's possible to purchase a 3 br house below 200k. Cooma is an hour drive from Canberra on the Monaro Hwy, Coles opening next year, extension being built to the gaol and of course a tourist town on the way to the Snowy's. I have nearly finished building my own home on a rural property 50km from Cooma and was pleasantly surprised I could purchase 95% of the building materials from Cooma. The only product I couldn't buy were the Hebel bricks, which I purchased in Canberra. Population only 9.500 but has all the conveniences.
Ajax wrote:Crashy,your comments above do not seem to sit too well with what you have to say as a a qualified Financial Advisor on your Posigear Instiute web-site
Those comments were made in mid 2003, and it should be quite obvious by the economic conditions listed. I dont recall many posters on this forum being as pro shares and anti property as I was, in fact I do recall being heckled and ridiculed for my views.
And now I feel the market is at a polar opposite. There will be a rally in property in 2010 that will make 2003 look like a blip. But thats a whole other thread…….
Hi
I live in the Ku-ring-gai area of Sydney. Things still a bit patchy but activity has generally picked up and prices should soon follow upwards. Another interest rate hike will impact confidence to some extent and will prolong the inevitable real estate recovery in this area.
Cheers
The BishI have been monitoring the Rowville (Victoria) area for well over 12 months now and the prices have just taken off in some parts of this suburb. There have been large quantities of people attend the open for inspections and there has been some spirited bidding at some auctions. However I attended an auction last weekend and while there were numerous people in attendance, there was only one bidder. The property was passed in and the only bidder passed up the option to purchase the property. I saw this an opportunity too good to pass up, so I informed one of the agents that I wished to submit an offer. After much toing and froing I purchased the property under the reserve price. So who knows what really is going on in Rowville?
Anny i guess when u buy u have to look at the reason you are buying and what the future holds in the town u r buying. Good luck to you and i hope it bodes well.
And in answer to the doom and booms questions.. with property it doesnt really matter if u r in a good area where there is always going to be demand, real estate is not meant to be a quick investment, if properties go down in price.. buy, and make a profit when it goes up. If you can get your foot in the door… push it wide open and make your money do the working.
lol.. dont u like my sayings.
Hi all – My name's Brenton.. I'm new to this forum.
I bought a duplex in Kewdale (Perth, about 8kms from the CBD) about 12 months ago for 282k. At the time it was back on the market after previous finance fell through at 275k so I offered a little more given it had been at that price before and there was another offer on it at the same time that I wanted to be sure I beat.
It quickly rose in value to about 320k and has been stagnant at that level for the last couple of months. Since then though the State govt has increased the level of support for FHO in that the stamp duty on houses is vastly reduced for houses up to 500k now, up from 250k previously.
My belief is that this will urge in the next 6-12 months another mini property boom as FHO jump on the remaining properties below 400k within 10kms of the city. Looking at the real estate.com.au site now, you can't really get a duplex in Kewdale for under 360k so it looks like we're up and running again after a few month hiatus.
I'm certainly glad that I made the decision to buy when did!
Brenton
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