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#1591 | ||
FF.Com.Au Hardcore
Join Date: Mar 2019
Posts: 596
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I'm not sure that they really under-quoted, just the market is stupidly hot in the area I am looking at (north eastern suburbs).
Agent seemed as genuinely surprised as I am at the price (it went for over $800k) - 3 months ago it would have gone for around $700k; 6-12 months back it would have gone for about $650k. Most places being advertised are no longer showing a price guide - they are just "Best offers by..." and you have to then sort by price to see what they fall between (and then add $100k to that). Even the place I sold ended up going for more than $50k than the price that was my "too good to refuse" price. I don't think we underquoted; I think the buyer overpaid...but then again he now owns a house and I am renting while waiting for the "right place" to come along, and trying to work out how I can single-handed crash the market |
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#1592 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 589
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If I’d been told twenty years ago that now we’d be waving telephones at door entrances and that real estate would be going up 20 % a year with buyers being invited to offer significantly over the asking price I would’ve laughed at that madness.
But it’s real. |
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#1593 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
In a little while we will be saying...how in the hell did people think 1.9% mortgage rates would last?
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#1594 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Sent from my SM-G973F using Tapatalk
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___________________________ I've been around the world a couple of times or maybe more....... |
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#1595 | ||
FF.Com.Au Hardcore
Join Date: Mar 2019
Posts: 596
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Was normal sale - PM coming your way
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#1596 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 589
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Quote:
The market can never be allowed to crash again, so amazing financial stunts cannot be incredible - they must be credible and seen to work. So no deflation, no stagflation, no significant inflation and no credit squeeze. It’s gunna be great ! Why should anyone think logically or have any concerns ? The taps will flow beer, teenagers will be polite and helpful, the natural world won’t be damaged anymore, and wives will bring girls home for husbands to play with. Sensational .... |
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#1597 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Thanks, PM received.
My thoughts are that is a place is say advertised for '$650-$700k' and I walked in and offered $700k the place should be sold. Say the vendor gets several offers at or above then they should re-jig the range to say $720-$800k as a matter of courtesy. They can adjust their prices on the listings quite easily. I can be a little more lenient for an auction as a few cashed up bidders can fight it out and you won't know till the day but if I went to a place and the agent was expecting $100k above their top price range then I would be reporting them no matter the percentage. But as someone said earlier - selling agents are perceived as untrustworthy, you wonder why ![]()
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#1598 | |||
FF.Com.Au Hardcore
Join Date: Oct 2020
Posts: 670
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Quote:
![]() The 'get in now before rates go up' crowd might just be playing the game... with the cash rate almost zero theres no wiggle room there to entice more people to jump in, so fear of rising rates will do it. ![]() |
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#1599 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
"Hello YF, we have you on our books as looking for a property, we have XYZ on sale and was wondering if you were still looking?" After what I said to him I don't think he will be calling me back any time soon. ![]()
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___________________________ I've been around the world a couple of times or maybe more....... |
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#1600 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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APRA has tightened lending rules. Heard on average it means $30k less for individuals and $45k for households. Is it going to make a difference?
Overseas interest rates are rising, it'll be here soon enough. Interesting times ahead.... https://www.abc.net.au/news/2021-10-...ules/100516758
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1601 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Oh...oh...it's started.....biggest jump in 7 years In New Zealand rates
https://www.bbc.com/news/business-58812068
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#1602 | ||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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A good article on why Australia’s property prices will continue to rise with no bubble to burst.
https://www.realestate.com.au/news/australias-property-prices-will-continue-to-rise The key points; 1. Our capital cities are probably among the nicest places in the world to live. 2. Expats are coming back with millions of dollars to either settle or invest in Australia. They are happy to pay over the odds because they’ve got cash. 3. People are realising that they can borrow at 2%, rather than have savings in the bank earning next to zero. They might make 8 per cent to 12 per cent long term capital gain. 4. Australians have found plenty of extra pocket money during the pandemic. As a nation we normally spend $65 billion a year on overseas travel, but that didn’t get spent. 5. Large scale investment funds had relocated hundreds of millions of dollars away from cash and bonds, instead preferring to park their funds in property. 6. When the borders open, millions of people are just waiting to come here and invest money. We’re now the envy of the world. 7. International students and other foreign workers are a huge part of our economy and they’ve been non-existent for close to two years. They’ll come back with a vengeance. 8. Given that Australia lost hundreds of thousands of workers in the wake of Covid, and the country is facing a $500 billion plus debt thanks to the pandemic, the government will need to increase the number of migrants to play financial catch up. Putting additional demand onto a property market that is already struggling with supply. (Not in article) but... With China's recent crack down on their elite and rich and what appears to be a return to a nationalistic communism, there will be thousands of wealthy Chinese business people wanting to get their money out of China. Australia is a safe bet. They will continue to buy up properties here. Let's not also forget those Taiwan elites and wealthy worried over impending war. |
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#1603 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Investors will be able to absorb any short term pain through negative gearing. Can't see the chinese parking their cash here in droves any longer. Its too risky with the new foreign investment powers. As has been hinted in the pandora papers, UK (London) is the place to park the big $$$, and probably politically less risky.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1604 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,561
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Quote:
Pain is coming and I hope it hits the higher end, prices have gone stupid, 20% gain for what? because everyone is watching Netflix and accumulating debt?
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#1605 | ||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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#1606 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Also heard that APRA was concerned with the income to borrowings ratio hence the move to tighten lending. Apparently we were approaching 6x income borrowings. So someone earning 100k is borrowing 600k. Am not a finance guy, but that doesn't sound that ridiculous? APRA being overly cautious? Not a bad thing I suppose if that is the case.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#1607 | |||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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Quote:
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#1608 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,872
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I remain utterly skeptical it will achieve anything other than pushing up the “entry costs” of genuine consumer house buyers.
As has been (again!) highlighted by the Panama Papers leak, there is no serious governmental interest, in drilling down to reveal who ultimately owns or funds what. Until we aspire to that knowledge, most of the home-owning nation are being played as puppets. |
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#1609 | ||
Kicking back
Join Date: Dec 2013
Location: Western sydney
Posts: 8,534
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2 houses near mine recently sold. Both on the main road. The nice house, smaller block about 650 square metres, went for 890k to an owner occupier. The scumhole shack next door, the place the council has recieved multiple complaints about, it sold for 1.35 million. It did sell to a developer and is approved for 8 town houses. So its all land value. Its a 1031 square metre block so reasonably large for a suburban block. So what i can see happening, is those 8 shoebox's go in, sell for say 800k+ and bump up the market value of my property.
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#1610 | |||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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Quote:
By making it harder for your average Aussie battler to get a mortgage, will only make it easier for cashed up foreign investors to buy up. |
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#1611 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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The obvious facts are... Interest rates are a function of inflation....increases will lead to mortgage stress pain. Inflation rate is currently being disguised... by CPI not including items that have significantly added to costs of living. 2020 declared CPI 3.8% is double the mortgage rate 2%...that is bizarre.
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#1612 | |||
Moderator
![]() Join Date: Jan 2014
Location: Melbourne
Posts: 7,940
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Quote:
Mortgage stress will also certainly be felt by those that have over committed. Yet, I remember, back in the 80's, I was paying 13% interest on my mortgage. That was tough. Yes, house prices were a lot less, and it was easier to get a mortgage and get into the housing market, but wages were also much less as well. There was no housing market crash even then with those high interest rates. Inflation was also running high and the unemployment rate hit 8 percent. In my opinion, I think it will take much more than a few points increase in lending rates from the low circa 2% to cause the bubble to bust. |
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#1613 | |||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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Quote:
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#1614 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,047
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Quote:
Dont believe that an inflation tidal wave is building, have a look at producer price index data. Consumer price index tracks it pretty consistently. |
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#1615 | |||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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Quote:
https://www.bloomberg.com/news/artic...iscal-tapering The Reserve Bank of Australia highlighted the importance of stronger wages growth before considering any rise in interest rates, providing itself with a little extra room by emphasizing a traditionally lagging indicator. “It was likely that wages growth would need to be sustainably above 3%,” the RBA said in minutes of its March policy meeting in Sydney Tuesday, noting overseas experience suggested Australia would need a tight labor market and considerable time for this to occur. “Wages growth would be unlikely to be consistent with the inflation target earlier than 2024.” |
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#1616 | ||
Donating Member
![]() Join Date: Jun 2007
Location: Checking out soft furnishings....
Posts: 8,696
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When this thread started 4 years ago there were people saying pain is coming, in that time one of my assets i've owned for 10 years went up 60%. When i bought my two assets 10 years ago all my mates told me I was dumb and the bubble will pop. Both those assets are worth double what I paid. I'm still here waiting...................
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#1617 | ||
Peter Car
Join Date: Dec 2004
Location: geelong
Posts: 23,145
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I paid 480 to build my house just over 2 years ago. Appraised at 700+ now. Houses in my area sell within a week or 2. It's insane just how much demand there is atm. So many people just want to get the hell out of melbourne.
Real estate agents flooding the mailbox trying to get people to sell nearly everyday. |
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#1618 | ||||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,561
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Quote:
Yet the people that hunker down and dont jump in like sheep continue to get pushed out because they dont want to over extend themselves? Seems rather backwards. Quote:
Open the borders and get things going again, raise the rates, raise the taxes to pay for all the bail outs and see how we go. On the flip side I agree, the bubble has not popped, when I have no idea but while supply and demand cant be ignored the market is manipulated to the extreme.....no other industry seems to get the concessions this does...freezing people having repro's etc...no mortgage periods etc come on...there is no risk...buy buy buy!
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#1619 | ||
T3/Sprint8
![]() Join Date: Jan 2005
Location: Australia
Posts: 16,359
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It is funny in the big picture......
Fordos post says it all. For years i have generally been a very conservative will I won't i guy. Thankfully my wife pushed me off the edge. I had gone on about the crash to come ever since the GFC around '09 - maybe it was just great timing but just prior to the GFC we re shaped our business and everything seemed to fall into place and went ahead like mad. Then we talked about buying an investment prop, nah what if, and can we cope is me. I learnt the quick and dead is very true, how many times do you see or hear of someone they have done this, built up that. No matter the time the time is now, sit back and wait you've just added another $50/100k + you could have saved couple months ago. IF there is a drop one day, it won't be a crash but a small correction thats my head space now.
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#1620 | ||
FF.Com.Au Hardcore
Join Date: Aug 2008
Location: Fear & loathing in Shoal Vegas
Posts: 1,783
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It's crazy in the Shoalhaven ATM , just like everywhere else I suppose.
An average 4 bedder just around the corner from me, went on the market last week at $1.1 million. 3 days later It's under contract, so I'm assuming they got very close to that. Less than 6 months ago a similar style house about 4 doors away sold for 920k. There's no stock available, as soon as something half decent hits the market its snapped up.
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Mercury Silver 03 BA GT-P Tremec TR3650 Number 534 Herrod 4 into ones, Manta Exhaust, CAI, K&N Filter, Mellings oil pump, 19" FPV alloys, Bilsteins, Kings, tuned by Autotech, 272rwkw ![]() RIP Fish 15/1/73 - 9/2/19
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