Australia housing bubble - Page 25

danzvtil · 07-08-2018, 08:05 PM

Quote:

Originally Posted by Syndrome

Might be the first round of people refinancing not able to get the extra 10 or 20 grand for a car to “put on the house”.

mr smith · 07-08-2018, 09:45 PM

Quote:

Originally Posted by Syndrome

New car sales following housing market

This is the first sign of the bubble deflating. Because our entire economy has become dependant on rising property prices, when it stops or reverses the entire show is going to scream to a halt and put further downward pressure on house prices, the cycle will take off on a downward slide..

DoreSlamR · 10-08-2018, 05:42 PM

Quote:

Originally Posted by XB GS 351 Coupe

May be if you keep getting knocked back the bank might be trying to tell you something...

Loan approved.

I guess what they were trying to tell me is to not give up at the first hurdle.

**FTE217** · 10-08-2018, 05:52 PM

Congrats mate !

pottery beige · 10-08-2018, 06:08 PM

good stuff bud

**FairmontGS** · 10-08-2018, 06:10 PM

Quote:

Originally Posted by DoreSlamR

Loan approved.

I guess what they were trying to tell me is to not give up at the first hurdle.

Nice one

Now smash the debt as best you can and build a buffer

DoreSlamR · 10-08-2018, 07:58 PM

Cheers guys.

The second battle begins now, dealing with incompetent real estate agents lol

.:4:. · 10-08-2018, 08:33 PM

Quote:

Originally Posted by DoreSlamR

Cheers guys.

The second battle begins now, dealing with incompetent real estate agents lol

Mate that's a small drop in the ocean, once it's all signed etc you dont have to deal with them anymore. The real estate agent I bought my house from was a complete twat. Its waiting for the settlement period to be over so you can move in is what seems like forever.

MITCHAY · 10-08-2018, 09:44 PM

Lol I had some real estate agent give me **** even when I offered above list price. He was a **** to be honest.

This place I think was listed for I think $419+k or so if I recall correctly, I offered $425k without contingencies. He basically suggested I was bargain hunting.

I think it sold for $460k in the end game which surprised me. I think it was a rip off but the comp looks good for everyone after that.

Gift of the gab and all that. The place I bought for $430k is heaps better in the end

.:4:. · 10-08-2018, 09:54 PM

Quote:

Originally Posted by MITCHAY

Lol I had some real estate agent give me **** even when I offered above list price. He was a **** to be honest.

This place I think was listed for I think $419+k or so if I recall correctly, I offered $425k without contingencies. He basically suggested I was bargain hunting.

I think it sold for $460k in the end game which surprised me. I think it was a rip off but the comp looks good for everyone after that.

Gift of the gab and all that. The place I bought for $430k is heaps better in the end

My negotiations happened at a time that is sort of like winning the lotto. They wanted 490 I paid 460. The bloke was in the delivery room whilst his wife was um... yeah. Couldn't have timed it better. I offered 430 but I was low balling hard. Either way the bank was happy enough. The broker I used has known me since I was a child and my dad is his director, or was before he retired in 2004. And I bought the place in 2012.

**PG2** · 10-08-2018, 09:56 PM

Quote:

Originally Posted by MITCHAY

Lol I had some real estate agent give me **** even when I offered above list price. He was a **** to be honest.

This place I think was listed for I think $419+k or so if I recall correctly, I offered $425k without contingencies. He basically suggested I was bargain hunting.

I think it sold for $460k in the end game which surprised me. I think it was a rip off but the comp looks good for everyone after that.

Gift of the gab and all that. The place I bought for $430k is heaps better in the end

I hate it when real estate agents put price ranges or offers above.

When we were looking I offered them $1000 above the botton price in a price range and the real estate agent said my offer would have to be higher. I told him that is my offer and it would be up to the owner to make a counter offer. He said he wouldn't be submitting that offer but I told him he was compelled to under legislation.

All I was told was the offer was not accepted, no counter was made. It was a shame, we would have bought it if we could've come to an agreement.

MITCHAY · 10-08-2018, 10:15 PM

I understand people low ball but when you offer over list price and in my case was $6k and the real estate agent says you're bargain happening is a load of ****.

I know for a fact I could of got my place cheaper if I wanted to go back and forth for a while but I just wanted to lock it down.

It was weird I somehow got a 3bed, 2bath, 2garage with a pretty big courtyard without much fight despite the traffic.

Lucky for me. I painted it, put new carpet in, new curtains and blinds. And even then it's mostly cosmetic to do renos.

ford71V8 · 13-08-2018, 03:37 PM

Quote:

Originally Posted by MITCHAY

..........He basically suggested I was bargain hunting..........

And the problem with this is?

I'm bargain hunting on most purchases, Are there people out there trying to have the price doubled before committing?

mr smith · 01-09-2018, 07:56 AM

Major news papers are very quiet on the housing market. I suppose when you make all your money from Domain and RE.com why would you report the truth. Lots of blue chip Inner Melb properties are being passed in in Melb and then sitting for a long time for sale. Prices are dropping.

**buggerlugs** · 11-09-2018, 10:29 PM

http://www.abc.net.au/news/2018-09-1...gnant/10231796

Bossxr8 · 12-09-2018, 01:00 PM

Quote:

Originally Posted by buggerlugs

http://www.abc.net.au/news/2018-09-1...gnant/10231796

Melbourne and Sydney markets are stagnating, but outside those 2 it's going strong still, especially some regional area's.

Geelong is surging ahead as there is much more demand than there is supply. Land prices have increased 10% already this year.

mr smith · 22-09-2018, 07:18 PM

https://www.9news.com.au/2018/09/16/...onomy-property

**buggerlugs** · 23-10-2018, 03:21 PM

https://www.abc.net.au/news/2018-10-...-move/10418278

Mercury Bullet · 23-10-2018, 03:54 PM

Quote:

Originally Posted by buggerlugs

https://www.abc.net.au/news/2018-10-...-move/10418278

Where's Leesa?

My place is off 25% since it was last valued in '15.

Chatting to my uncle his $2.5 million apartment (in 2012) was recently valued for sale at 1.6 mill.

Doesn't bother me, not going anywhere.

mr smith · 23-10-2018, 04:03 PM

All the lies that have been told about Australian property are being seen for what they are..this fall is going to send a big ripple through the economy.

Syndrome · 23-10-2018, 04:42 PM

Quote:

Originally Posted by Mercury Bullet

Doesn't bother me, not going anywhere.

Only hurts those who purchased in the last couple of years.

A friend who lives in Wheelers Hills recently had his property valuation cut from $1.5 million to $1.25 million.

**fordomatic** · 26-10-2018, 11:11 AM

Why don't you all look at the long term figures of the housing market, just like the share market there are dips. It's been proven time and time again that even in bad times it will recover eventually. I have a few investments, some of them are up and some of them are down, I am 99.9% sure in 30 years they will all be up though, if you look at every market trend in the world.

Hell my uncle lost 80% of his profit in the recession, 6 years later he's back to where he started, not the end of the world.

EFFalcon · 26-10-2018, 11:47 AM

Quote:

Originally Posted by fordomatic

Why don't you all look at the long term figures of the housing market, just like the share market there are dips. It's been proven time and time again that even in bad times it will recover eventually. I have a few investments, some of them are up and some of them are down, I am 99.9% sure in 30 years they will all be up though, if you look at every market trend in the world.

Hell my uncle lost 80% of his profit in the recession, 6 years later he's back to where he started, not the end of the world.

Unless you need to liquidate any of those assets due to change in circumstances..........

**fordomatic** · 26-10-2018, 02:21 PM

Quote:

Originally Posted by EFFalcon

Unless you need to liquidate any of those assets due to change in circumstances..........

Then that's the way the cookie crumbles but I don't know many people at all that have that issue, all part of investing.

GT0132 · 26-10-2018, 02:25 PM

Every time there's a downturn/correction you hear talk of armageddon or a major crash but it never happens.

What I see happening this time, like before, is that once prices reach a certain point buyers will come back into the market and then prices will start climbing again

But if by some small chance there is a crash it won't be just property investors who will suffer, every part of the community will

Bossxr8 · 26-10-2018, 02:31 PM

I don't think it will be long and prices will return to where they were. A correction was required though, prices were getting ridiculous.

Anyone who thinks there is going to be a hugh slide, that will keep prices down for years is kidding themselves though.

Skellibert · 26-10-2018, 02:53 PM

Many years ago when I bought my first house, we stretched ourselves to get in when interest rates were already high - from memory around 15%.
Then interest rates blew out to 19 - 20%. We were a year into ownership, and my hours at work were cut.
We had to sell the place as we just couldn't afford it (and we were too proud to cry to the parents for help), and with the situation we ended up having to find about $4000 to clear the fees and bits and pieces. Huge loss for us, and we thought that we would never own another house.

Scroll forwards about 20 years and we found ourselves with the opportunity to build a house about 10 years ago - This time we signed the contract and everything was locked in - by the time the house was completed 11 months later and we moved in the market had gone stupid and the house which cost us $230K was valued at $400K.

In the last 10 years the value has basically not moved. maxed at about $420K currently sitting at about $390K.

The point is that with every investment you sometimes win and you sometimes lose, and you can't always tell which way it is going to go.

You take your chance on the housing market - IF you can hold on long enough, it will (pretty much) always rise.
We couldn't hang on first time and lost out.
This time we caught the start of the rise, and there is basically no way that we can drop below what we owe.

Life happens - do your best to deal with it.

Oh yeah - our first house which cost us $89K is now valued at over $400K - if we had been able to hang on then, we would have won. We couldn't, we lost....
But it is all good in the end.

**FTE217** · 26-10-2018, 03:19 PM

yer its a cycle - the roller coaster of life.
Its timing, main thing for us simpletons (no offence meant just that unless your born into Packerdom/Murdochess type of family) is always live by your means, the ones living beyond are the ones who end up suffering from "crashs"/corrections.
The types that are "flippers" be it cars houses or whatever either win or fall they used to playing on the edge.

b0son · 26-10-2018, 05:19 PM

Quote:

Originally Posted by fordomatic

Why don't you all look at the long term figures of the housing market, just like the share market there are dips.

The sharemarket hasn't even recovered what it lost since the GFC, and now the talk is of big falls. With no easy credit, there's nothing to underpin house price growth, and if the sharemarkets take a battering, banks will be doubly cautious about lending.

**FairmontGS** · 26-10-2018, 05:57 PM

Quote:

Originally Posted by b0son

The sharemarket hasn't even recovered what it lost since the GFC, and now the talk is of big falls. With no easy credit, there's nothing to underpin house price growth, and if the sharemarkets take a battering, banks will be doubly cautious about lending.

^^ This. It doesn't matter how much housing dips now - ASIC, APRA and the Royal Commission have combined to make the banks draw tighten the lending criteria.

And as the stock market recedes then investors (people who do have money and the banks will lend to) will merely swap back into real estate.

Own goal Federal Gov-mint