Perth housing market correction
Discussion
The entire Real Estate industry just spouts anything they feel and will say anything positive they can to keep sales going.
I would be thinking a lot of these 'I sell houses and earn $300k a year' real estate agents are having a real tough old time right now.
However... I hate this saying...but now may be a never better time to buy. Houses are stagnant/reducing in price, buyers market and most importantly low low interest rates which means that you may not get much equity growth but low debt weight will build quick equity.
I would be thinking a lot of these 'I sell houses and earn $300k a year' real estate agents are having a real tough old time right now.
However... I hate this saying...but now may be a never better time to buy. Houses are stagnant/reducing in price, buyers market and most importantly low low interest rates which means that you may not get much equity growth but low debt weight will build quick equity.
Perth could be the subject of a Coles ad. Going down down......
https://www.google.com.au/amp/s/amp.perthnow.com.a...
https://www.google.com.au/amp/s/amp.perthnow.com.a...
Personally I think this is a decent time to buy.
Interest rates as low as they have ever been and not likely to go lower and if they do not by much, so borrowing costs are low.
Houses are available so not in a sellers market which is painful.
The prices are stagnant and you couldn't imagine 10 years from now getting a sub $400k house here.
The equity is in the quicker pay down of the mortgages due to lower interest costs rather than a price growth bump.
Interest rates as low as they have ever been and not likely to go lower and if they do not by much, so borrowing costs are low.
Houses are available so not in a sellers market which is painful.
The prices are stagnant and you couldn't imagine 10 years from now getting a sub $400k house here.
The equity is in the quicker pay down of the mortgages due to lower interest costs rather than a price growth bump.
Bibbs said:
200bhp said:
Builders must be getting desperate with all the big names offering zero deposit, no guarantor mortgages on every other TV advert
I've a few mates in the AC and sparky trades. Very few new builds going up so they are looking for permi commercial work now.East Coast is going great guns.
Perth's housing slump 'a lesson for Sydney and Melbourne' - ABC News
https://apple.news/AtRjtt46YTLeqedMItpTiPw
Are we at the bottom yet?
https://apple.news/AtRjtt46YTLeqedMItpTiPw
Are we at the bottom yet?
Yes, the difference from one side of the country to another is significant.
Go back 5 or 6 years and it was the other way around but really, WA is settling down to where it should be relative to the rest of the country.
I found something last night (that I cant find now) which showed the house price growth over ten years in the Perth Metro area to by an average of 0.8% !!
Obviously some areas have gone up but many have gone down.
Go back 5 or 6 years and it was the other way around but really, WA is settling down to where it should be relative to the rest of the country.
I found something last night (that I cant find now) which showed the house price growth over ten years in the Perth Metro area to by an average of 0.8% !!
Obviously some areas have gone up but many have gone down.
Edited by 200bhp on Wednesday 26th April 22:43
7 News last week = We're at the bottom! buy, buy buy!!
7 News this week = We're all doomed, prices are still falling
7 News in a couple of weeks probably = We're at the bottom, buy buy buy!
I find it hard to believe that anyone actually pays attention to all the crap that's on TV in relation to house prices. However, when you read some of the comments on their facebook feeds and those on the sponsored ads from house builders, it seems a lot of people are actually fairly convinced prices are about to go up again.
I heard on the radio earlier this week that some of Australia's highest debt-to-income ratios are in Perth's northern suburbs, north of Joondalup.
7 News this week = We're all doomed, prices are still falling
7 News in a couple of weeks probably = We're at the bottom, buy buy buy!
I find it hard to believe that anyone actually pays attention to all the crap that's on TV in relation to house prices. However, when you read some of the comments on their facebook feeds and those on the sponsored ads from house builders, it seems a lot of people are actually fairly convinced prices are about to go up again.
I heard on the radio earlier this week that some of Australia's highest debt-to-income ratios are in Perth's northern suburbs, north of Joondalup.
Prices appear to go in big jumps here in a rural area about 50 Kilometres south of Brisbane. In the first 10 years my 20 acres fresh water river front went exactly nowhere.
Over the next 3 years it jumped to over 400% of what I paid for it.
Went nowhere or slightly down in the next 10 years.
Over the last 5 has climbed perhaps 10%, or a little less.
My daughters new home, just 7 months old, about 60 Kilometres west of Brisbane has just been valued by a bank at 15% more than it cost, including all fences & landscaping.
Picking areas that will be a safe or good investment is a bit of a lottery.
Over the next 3 years it jumped to over 400% of what I paid for it.
Went nowhere or slightly down in the next 10 years.
Over the last 5 has climbed perhaps 10%, or a little less.
My daughters new home, just 7 months old, about 60 Kilometres west of Brisbane has just been valued by a bank at 15% more than it cost, including all fences & landscaping.
Picking areas that will be a safe or good investment is a bit of a lottery.
200bhp said:
7 News last week = We're at the bottom! buy, buy buy!!
7 News this week = We're all doomed, prices are still falling
7 News in a couple of weeks probably = We're at the bottom, buy buy buy!
I find it hard to believe that anyone actually pays attention to all the crap that's on TV in relation to house prices. However, when you read some of the comments on their facebook feeds and those on the sponsored ads from house builders, it seems a lot of people are actually fairly convinced prices are about to go up again.
I heard on the radio earlier this week that some of Australia's highest debt-to-income ratios are in Perth's northern suburbs, north of Joondalup.
I've heard from a few different sources that the mining industry is about to pick up again. 7 News this week = We're all doomed, prices are still falling
7 News in a couple of weeks probably = We're at the bottom, buy buy buy!
I find it hard to believe that anyone actually pays attention to all the crap that's on TV in relation to house prices. However, when you read some of the comments on their facebook feeds and those on the sponsored ads from house builders, it seems a lot of people are actually fairly convinced prices are about to go up again.
I heard on the radio earlier this week that some of Australia's highest debt-to-income ratios are in Perth's northern suburbs, north of Joondalup.
If so, boom time, till the next bust anyhow.
Hasbeen said:
Prices appear to go in big jumps here in a rural area about 50 Kilometres south of Brisbane. In the first 10 years my 20 acres fresh water river front went exactly nowhere.
Over the next 3 years it jumped to over 400% of what I paid for it.
Went nowhere or slightly down in the next 10 years.
Over the last 5 has climbed perhaps 10%, or a little less.
My daughters new home, just 7 months old, about 60 Kilometres west of Brisbane has just been valued by a bank at 15% more than it cost, including all fences & landscaping.
Picking areas that will be a safe or good investment is a bit of a lottery.
Banks are notoriously conservative when it comes to house valuations. They just want their money back as soon as possible to they price to sell. Real Estate Agents price to make you feel good.Over the next 3 years it jumped to over 400% of what I paid for it.
Went nowhere or slightly down in the next 10 years.
Over the last 5 has climbed perhaps 10%, or a little less.
My daughters new home, just 7 months old, about 60 Kilometres west of Brisbane has just been valued by a bank at 15% more than it cost, including all fences & landscaping.
Picking areas that will be a safe or good investment is a bit of a lottery.
Are we at the bottom? Or dead cat bounce?
https://thewest.com.au/business/housing-market/lat...
My tenents have just requested a 6 month extension, so that's good from my POV.
https://thewest.com.au/business/housing-market/lat...
My tenents have just requested a 6 month extension, so that's good from my POV.
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