Perth housing market correction

Perth housing market correction

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Discussion

Pommygranite

14,252 posts

216 months

Wednesday 21st December 2016
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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.

200bhp

Original Poster:

5,663 posts

219 months

Friday 3rd February 2017
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Builders must be getting desperate with all the big names offering zero deposit, no guarantor mortgages on every other TV advert

Bibbs

3,733 posts

210 months

Monday 6th February 2017
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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.

200bhp

Original Poster:

5,663 posts

219 months

Sunday 12th March 2017
quotequote all
Perth could be the subject of a Coles ad. Going down down......

https://www.google.com.au/amp/s/amp.perthnow.com.a...

Pommygranite

14,252 posts

216 months

Sunday 12th March 2017
quotequote all
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.


robm3

4,927 posts

227 months

Tuesday 4th April 2017
quotequote all
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.
They should get over to Sydney, there's a 18month backlog of work here!

East Coast is going great guns.

200bhp

Original Poster:

5,663 posts

219 months

Wednesday 26th April 2017
quotequote all
Perth's housing slump 'a lesson for Sydney and Melbourne' - ABC News
https://apple.news/AtRjtt46YTLeqedMItpTiPw

Are we at the bottom yet?

Du1point8

21,607 posts

192 months

Wednesday 26th April 2017
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Sydney property Im in went from $800k to $1.5m and is still rising in the last 3 years.

200bhp

Original Poster:

5,663 posts

219 months

Wednesday 26th April 2017
quotequote all
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.

Edited by 200bhp on Wednesday 26th April 22:43

Bibbs

3,733 posts

210 months

Thursday 18th May 2017
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So the 'first time buyers' grant is dropping from $15k to $10, and the Labor government is talking about a $270 tax for invesment properties.

That an 3000 people a month are leaving Perth.

Not good signs.

200bhp

Original Poster:

5,663 posts

219 months

Friday 23rd June 2017
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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.

Hasbeen

2,073 posts

221 months

Saturday 24th June 2017
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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.



Bibbs

3,733 posts

210 months

Sunday 25th June 2017
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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.

If so, boom time, till the next bust anyhow.

200bhp

Original Poster:

5,663 posts

219 months

Thursday 29th June 2017
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Bibbs said:
I've heard from a few different sources that the mining industry is about to pick up again.

If so, boom time, till the next bust anyhow.
There are a lot of projects on the drawing board, most unlikely to break ground until next year though.

Cacatous

3,163 posts

273 months

Monday 17th July 2017
quotequote all
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.

Bibbs

3,733 posts

210 months

Thursday 21st December 2017
quotequote all
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.