Ideal conditions for a buyer – not so good for sellers.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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You cannot not make a judgement on one months figures. You have to look at the very least 12 months figures and then look at the trends. These simply make quick headline grabs
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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Yes, Nigel is right. This is a head line.
This is not quite what I am hearing on the tv. Over the weekend they reported that prices have actually increased in inner suburbs. Come to think of it- I have been looking at prices and I cant find a bargain.
From this information- when the media is mixed about what is happening- this is when the market is at a turning point.
Buyers market now as it seems to be turning.WomeninPropMelb wrote:.
This is not quite what I am hearing on the tv.As a serious PI I hope you’re kidding right???
I rate TV, newspapers, industry journals/mags and RE blogs alongside predictions by Silvester Stallon’s mum.
Actually she has more credibility in my book.
There is more demand for properties in Melbourne the middle end of the market , but there is still an oversupply of properties relative to demand.
No Freckle, I am not kidding. As Nigel says – this is a quick headline grab. IN my experience as a real estate agent- yes the media is about 3 months behind. When you start to hear mixed responses from the media – this means the market is turning.
On Saturday evening news on channel 9 they reported that prices had in fact risen in inner Melbourne.WomeninPropMelb wrote:..yes the media is about 3 months behind. When you start to hear mixed responses from the media – this means the market is turning.
On Saturday evening news on channel 9 they reported that prices had in fact risen in inner Melbourne.I can’t take anyone seriously who believes MSM offer any sort of credible industry information even when reporting info from credible sources. They all like to put their own spin on things and/or support their masters interests. Whether that be media barons, corporates or political connections/affiliations. Then you simply have journalists who couldn’t tell the back door from the front but like to rattle on like the resident property guru.
WomeninPropMelb wrote:No Freckle, I am not kidding. As Nigel says – this is a quick headline grab. IN my experience as a real estate agent- yes the media is about 3 months behind. When you start to hear mixed responses from the media – this means the market is turning. On Saturday evening news on channel 9 they reported that prices had in fact risen in inner Melbourne.the TV channels for the last 7 years have had the property market rising between 15-20% EVERY year …
their so called journalistic efforts are nothing more than a blurb sent to them by the REI in most cases ..
every interest rate cut is going to turn the market around..
wonder what they have to say about some very heavy job losses on the East coast..the problem is now that they have no credibilty ..
will take a bit more than ….. "going to go up 15% next year" to turn this market …
lots of word of mouth stories going round the traps that are a but worrying..
The media has a lot to answer for. I agree.
What I do know is looking at median prices in my area they have only RISEN.Hi women in property, without giving too much away which area would that be?
WomeninPropMelb wrote:The media has a lot to answer for. I agree.
What I do know is looking at median prices in my area they have only RISEN.I must be in a parallel universe somewhere because that doesn’t jell with what I’m reading.
This is a good thread!
There are half a dozen properties for sale in my suburb, looking good for being a seller. Next is this issue with going on RPDATA, residex etc. Is reporting mandatory? Is reporting accurate?
Until real estate agents are forced to disclose sale info (whole host of new issues here around privacy etc) the true picture wont be there. All this data need to be taken with a grain of salt because it depends on who puts it out as to what spin comes with it. HIA have an agenda, Steve Keen has his own agenda (who knows what it is, maybe to be wrong a lot), like politics housing is a emotive area, it shouldn't be but is, and so we get information, but it's with a twist.
Everything I read says "housing crash imminent", "no housing crash imminent", "don't build xyz", "build xyz". I just look at what I can control, work with it and the rest be darned. Prices go up, prices go down, you just need to work with it the best you can.
If Melbourne does crash, then good on it. I for one will have cash, for buying, and property for renting out or selling if it doesn't crash.
Cheers!D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeThe media and data provided is general, not specific and is generally 3 months behind as data is collated for the previous quarter. The rental market for example can change from month to month, the sales market doesn't move as quickly but relying on 3 month old data to commentate on the property market is inaccurate.
As an agent I never look at median prices, I look at what has just sold/leased in that particular suburb or pocket and what is on the market and how long for. There are pockets around Melbourne that have remained quite steady or increased in price, and others that have dropped significantly.
There is a lot on the market and buyers have become more picky and there's no longer a sense of urgency to put in offers. The rental market is healthy but correct pricing has become more important – you can't test the market at a higher rate as some owners have looked to do in the past.
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