Australia housing bubble

[Citroënbender]

Yes, even my rural escape is at risk of development creep. I didn’t want to be in the middle of absolutely nowhere, just on the last acreage block on the town fringe. In a sense, being 45 minutes from Wagga is probably comparable appeal to being 45 minutes from any other centre. I don’t want to cash it out because I like the ambience - but if that is challenged too much it may make up my mind.

[slowsnake]

Originally Posted by Pis-ton broke

i got a letter from a housing developer the other day, showing interest to by my acreage and my neighbors' too. in s,w, sydney. but not interested at this time. once the badgerys creek airport is done it will affect prices imo. camden and wollindilly had been dormant for many years, but the last 3,4 years has seen large developments popping up, its insane how fast it all happens.

I moved to Perth from out your way 2007, Orchard Hills, but past the Airbase, so rural, had a green zone put on it, 5 acres with one house, couldn't develop block.
My brother in Brisbane moved Perth 1985, wanted I think 135k dude turned up with 100k cash?....you can imagine what he told him, so it's been going on for a long time!


Cheers Big Ears

[slowsnake]

Originally Posted by Citroënbender

Not selling anyway. Asking $12M and no less; nobody will pay that right now, so it’s all good. I’d want to effectively swap a quarter acre of suburbia for a small acreage near Bowral plus a cottage near Berry, and have a slush fund for helicopter charter - hence the figure.

Would you like a partridge in a pear tree too!...


Cheers Big Ears

[MITCHAY]

The best advice I would give to potential house hunters is just play the game. There is an ideal world and then there's reality.

The reality is politicians have a lot of investment properties so they have no incentive to change this.

And at the moment whatever you buy will be worth more before you exchange contracts and then there is stupid low rates too

[slowsnake]

My advice would be "stuff it" party like there's no tomorrow, don't think about illness or what others have got, "asset or money wise" just live your life your way!...its more enjoyable not to worry about something that may never happen, and yes its a bit like "Damocles Sword" but at least you can say I lived life my way, under my rules and conditions, and welcome whatever comes your way as just another of life's experiences, even death, which by the way never takes a holiday!...


Cheers Mr BB

[Pis-ton broke]

Originally Posted by slowsnake

I moved to Perth from out your way 2007, Orchard Hills, but past the Airbase, so rural, had a green zone put on it, 5 acres with one house, couldn't develop block.
My brother in Brisbane moved Perth 1985, wanted I think 135k dude turned up with 100k cash?....you can imagine what he told him, so it's been going on for a long time!


Cheers Big Ears

i,m near picton, but i did live on castle rd orchard hills in the 1980.s

i guess he regret not buying it? northern rd is all different now, its a four lane h,way. no kidding.
broome was giving away land in the '90,s , if memory is right.

[slowsnake]

Originally Posted by Pis-ton broke

i,m near picton, but i did live on castle rd orchard hills in the 1980.s

i guess he regret not buying it? northern rd is all different now, its a four lane h,way. no kidding.
broome was giving away land in the '90,s , if memory is right.

The Orchard Hills block still under green zone?..every block opposite airbase is green zoned, the dude who bought it was of the opinion it will be removed, but I google earthed it, all blocks still 5 acres with one dwelling!

PS...you may know a mate of mine "Hot Rod John"



Cheers Mr Squiggle

[Pis-ton broke]

Originally Posted by slowsnake

The Orchard Hills block still under green zone?..every block opposite airbase is green zoned, the dude who bought it was of the opinion it will be removed, but I google earthed it, all blocks still 5 acres with one dwelling!

PS...you may know a mate of mine "Hot Rod John"



Cheers Mr Squiggle

haven,t been to penriff in a long time, i don,t know. but things can change quick.

mr h r john, don,t know him. but reg gilroy , farrier , lived near the raaf base.

[slowsnake]

Originally Posted by Pis-ton broke

haven,t been to penriff in a long time, i don,t know. but things can change quick.

mr h r john, don,t know him. but reg gilroy , farrier , lived near the raaf base.

No worries about HRJ, the air base is an unusual place, my brother in law worked there as a civilian design engineer, they do strange stuff there, the place is massive, own 9 hole golf course etc, he was designing bomb release mechanisms for fighter jets, but everyone knows about the stolen RPG's, well that's where they destroy past use by date ordinance, its also where the RPG's were aquired!...

I had black ops choppers, Federal Police the whole shebang on my place, heavy ****, and they found 5 of my outdoors, said we are not here for that but put em inside, there will be lots of News choppers flying low around here soon, so just put em indoors.
I asked what they were looking for, but no answer!

He was right too, channel 7 and 9 choppers 100ft off ground filming all properties, what a night mare, but I got pretty good growing hydroponic Chinese tomato's, ....


Cheers The Indoor Gardener

[Pis-ton broke]

good story, so your really an old hippy from nimbin, shame your not local , could had a beer and a laugh.

cheers big ears.

[slowsnake]

Originally Posted by Pis-ton broke

good story, so your really an old hippy from nimbin, shame your not local , could had a beer and a laugh.

cheers big ears.

At King George V Picton,...lol...



Cheers Billy the teetotaller

[Citroënbender]

Cold callers, again. It unsettles me. This time wanting to make an offer on my acreage “to build a home”.

How nice. Sorry, but no - unless you have a red-hot offer way over market value.

[T3rminator]

Anyone following whats happening in the US at the moment?

Big funds, like Black Rock, are buying up private homes. Paying 20-50% above the price of what sellers, some distressed, are asking for. Just enough to keep other private buyers out of the market. It is systemic buying from a lot of large funds.

Me sister is looking to buy there at the moment, and they are finding it really difficult to compete.

This has kicked off some conspiracy theories. I hope it doesn't happen here.

Originally Posted by Citroënbender

Cold callers, again. It unsettles me. This time wanting to make an offer on my acreage “to build a home”.

How nice. Sorry, but no - unless you have a red-hot offer way over market value.

Are they harassing or are they respectful? Isn't it a good thing people show interest? Sure I can get why it would get tiring if they kept calling during dinner hours, but isn't it good to know you have a buyer in case you want to sell tomorrow? I get cold calls for my properties from time to time. I give them a price that is almost sure to make them hang up.

[Citroënbender]

Originally Posted by T3

Are they harassing or are they respectful? Isn't it a good thing people show interest? Sure I can get why it would get tiring if they kept calling during dinner hours, but isn't it good to know you have a buyer in case you want to sell tomorrow? I get cold calls for my properties from time to time. I give them a price that is almost sure to make them hang up.

I’m probably a bit twitchy in light of both recent family events and the fact of it being difficult to visit my own property, albeit for an indefinite period. In a non-pandemic world I’d be there putting in new fence posts while it’s not 34° and as a mental de-escalation.

The Sydney ones I can deal with; they’re just chancers (to put it politely).

[slowsnake]

I remember a long time ago, maybe 60 years, here and the UK, folk would have a sign up, usually cast iron so mass produced, all it said was...

NO HAWKERS

I asked my dad what it meant, he said its to stop people bothering you when you are busy, he said they buy and sell stuff!


Cheers Billy.

[Citroënbender]

If we stretch Australia to “Australasia”, the NZ market appears to be showing reluctance to slow as intended by their policy makers. I admit to now doubting whether these changes will have much effect overall.

Originally Posted by slowsnake

NO HAWKERS

A finely developed substrata in some countries; Tinkers, Gypsies travellers Romany, rag-and-bone; each had a place. Here we seem to have a generalised distrust.

[Yellow_Festiva]

The bubble has made selling agents arrogant...

I recently showed strong interest in 2 properties.

The first was due to go to auction. I put an offer in writing after the first open house. The offer also had very very generous settlement provisions in favour of the vendors worth perhaps several thousand dollars to them.

Never heard anything back other that a thanks for the offer.

It was sold 3 weeks later and prior to auction for $15k above my offer. What a joke...

I was tempted to slip a letter into their mailbox showing my offer and the fact had I been contacted for negotiation I would have gone well above and beyond their eventual selling price.

Another property was investigated, several phone calls, emails, reports requested, final list of questions by email that were to be replied prior to my offer and nothing.

Now listed as under offer. Must be great to be an agent now treating buyers with such scorn..

Sitting back now. Will see how things pan out post Pandemic. Perhaps once borders open and 'cashed up' buyers realise they can blow their money in Bali or on a cruise then it will take some heat out of the market and provide buyers more options.

[BENT_8]

Originally Posted by Yellow_Festiva

The bubble has made selling agents arrogant...

I recently showed strong interest in 2 properties.

The first was due to go to auction. I put an offer in writing after the first open house. The offer also had very very generous settlement provisions in favour of the vendors worth perhaps several thousand dollars to them.

Never heard anything back other that a thanks for the offer.

It was sold 3 weeks later and prior to auction for $15k above my offer. What a joke...

I was tempted to slip a letter into their mailbox showing my offer and the fact had I been contacted for negotiation I would have gone well above and beyond their eventual selling price.

Why didn't you offer more to begin with if you were prepared to pay more?

[Yellow_Festiva]

Originally Posted by BENT_8

Why didn't you offer more to begin with if you were prepared to pay more?

It's called negotiation.

Property ended up selling for $690k so being $15k under that wasn't me low balling.

Just part of the game I guess.

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[BENT_8]

Originally Posted by Yellow_Festiva

It's called negotiation.

Property ended up selling for $690k so being $15k under that wasn't me low balling.

Just part of the game I guess.

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Not really much of a negotiation though it seems.

Not suggesting you were low balling, but you obviously judged it worth more as you would have paid more.
In the current climate if you want it then its probably worth negotiating from a higher starting point, like the new owners obviously did.

[Yellow_Festiva]

Originally Posted by BENT_8

Not really much of a negotiation though it seems.

Which is a failing of the selling agent to properly act in the best interests of the vendor.

[BENT_8]

Originally Posted by Yellow_Festiva

Which is a failing of the selling agent to properly act in the best interests of the vendor.

Perhaps they were happy with the better offer and just wanted it sold.

[Yellow_Festiva]

Originally Posted by BENT_8

Perhaps they were happy with the better offer and just wanted it sold.

That's just ridiculous.

I made it clear I had funds available and was ready to sign on my offer.

My gut feeling is that the vendors relied 100% on the agent being honest, and as they spoke no English and the agents were of the same background I think the agents sold to a friend and let on to the owners there was no interest and not go to auction.

On the first open there were 30 groups there. As if they didn't have others interested...

It goes against the current trend in Sydney and looking back the vendors were dudded out of considerable money.

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[Citroënbender]

This just happened to a neighbour, sold before auction at $500K less than the adjacent block which is a harder site to build on. $2.4M vs $1.89M The real kicker is, we couldn’t line up our ducks fast enough to be in the game.

Spent half of last night killing myself with hindsight, a $300K distressed sale in late 2017 now worth $600K+, two others up ~40% in eighteen months.

[BENT_8]

Originally Posted by Yellow_Festiva

That's just ridiculous.

I made it clear I had funds available and was ready to sign on my offer.

Might be ridiculous to you but perhaps they needed a quick sale to free up cash or purchase another property.

Whilst you might have had the funds ready you didn't dangle a big enough carrot, someone else did.

When I sold in 05 I just wanted out as we were keen to move, took the first offer which was full asking price and moved on.

Different things drive different people.

[.:4:.]

When i bought my house, well, realestsate agents are salesmen who get a cut of commisions. My then wife hung of his every word, and i might have come across as a bit of a dick, but when he said it had 'sold' 3 times for the asking price. Hmmm that means it never sold once. It means things fell through 3 times. The property valuation was well below the asking price, and i lowballed that hard. I had good advisors. So i came out with the house for less then the property valuation. Timing, well, that probably couldnt have been better. So the bloke was beside his wife, in the delivery room. So selling a house was probably not the thing on either of their minds at that moment. But hey 30k under the valuation which was less then the asking price. Eh, cant complain.

[Yellow_Festiva]

Originally Posted by BENT_8

Might be ridiculous to you but perhaps they needed a quick sale to free up cash or purchase another property.

Whilst you might have had the funds ready you didn't dangle a big enough carrot, someone else did.

When I sold in 05 I just wanted out as we were keen to move, took the first offer which was full asking price and moved on.

Different things drive different people.

Well. Lets see. They were an elderly retired couple that requested fast settlement and 3 month rent back at market value while they looked for another property as well as access to deposit to buy another property.

My offer was:

* Fast settlement at whatever date the vendor could arrange.
* Access to deposit.
* 3 months rent free.
* Transfer of all services into my name at settlement and I would foot the bill in the 3 months they were living there.

The above 2 points were for tax purposes.

* Access to a single LUG (the property had multiple garages) while they were looking to buy in those 3 months - their garages were used for storage of goods as they owned no cars.

I made the mistake when making my initial offer verbally that I was a cash buyer after being reminded to arrange my finances before sending my offer by email.

Agent indication was $650-$700k. If they really wanted to get the best price for their vendor me they could have called me back for a counter offer and got a reply in 10 seconds.

Still think their agent did the right thing by them?

[hayseed]

Real estate Agents are LAZY pricks..& in the Current Rising Market they're even Lazier than Normal..

[BENT_8]

Originally Posted by Yellow_Festiva

Well. Lets see. They were an elderly retired couple that requested fast settlement and 3 month rent back at market value while they looked for another property as well as access to deposit to buy another property.

My offer was:

* Fast settlement at whatever date the vendor could arrange.
* Access to deposit.
* 3 months rent free.
* Transfer of all services into my name at settlement and I would foot the bill in the 3 months they were living there.

The above 2 points were for tax purposes.

* Access to a single LUG (the property had multiple garages) while they were looking to buy in those 3 months - their garages were used for storage of goods as they owned no cars.

I made the mistake when making my initial offer verbally that I was a cash buyer after being reminded to arrange my finances before sending my offer by email.

Agent indication was $650-$700k. If they really wanted to get the best price for their vendor me they could have called me back for a counter offer and got a reply in 10 seconds.

Still think their agent did the right thing by them?

What did the eventual buyers offer apart from the extra 15k?

[Yellow_Festiva]

Originally Posted by BENT_8

What did the eventual buyers offer apart from the extra 15k?

We will never know... had he called me to negotiate like he should I may have had some idea.



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