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02-10-2022, 06:57 AM | #2131 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,362
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Here we are, a month later… Have the “waiters and watchers” actually moved closer to a purchase?
I’m not feeling optimistic about the first world global economy, longer term. And on a shorter term local scale I believe the belligerence in some parts of our economy will allow them to sustain outgoings while less assertive sectors get bent over. With real estate in my area, prices seem to have rebounded firmly after a brief dip and the social cachet is appended to arranged viewings, “private treaty” sales, now preferred versus the peasantry of on-site auctions last year. Yes, the closing prices are still down on where previous trajectory would have taken them, but far from a collapse. |
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02-10-2022, 08:48 AM | #2132 | ||
If it ain't broke........
Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,718
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Been down near Ballarat for a few months cleaning up our bush block. Farms and rural land still selling quickly and most houses advertised in town have sold signs on them. Building still going at a crazy rate. Indians chasing Mother in laws block on 10 acres. Has recently been rezoned from rural to res. Started at $900k, up to $2.4 mill last week. Targeting her neighbor's as well. Thought it would slow down but it doesn't seem to of.........
Yet....
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02-10-2022, 10:16 AM | #2133 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,362
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It may change if the “citizenship by investment” criteria is adjusted to remove property plays as portions of that investment. At present it’s a mockery of fairness.
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03-10-2022, 09:52 AM | #2134 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,362
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Another ABC article about housing, more factual/less bleat than many they publish:
https://www.abc.net.au/news/2022-10-...2022/101495078 But the following graph from this article suggests a market correction is likely to still validate ideas of longer term stable growth. (Image taken from link above.) |
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03-10-2022, 01:54 PM | #2135 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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The perfect storm coming? Might be a good test for Basel 3 me thinks.
There are some serious rumours doing the rounds about a major bank failure https://www.forexlive.com/news/there...lure-20221002/
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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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04-10-2022, 11:34 AM | #2136 | ||
FF.Com.Au Hardcore
Join Date: Jan 2019
Posts: 575
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It seems that the Reserve Bank will announce another interest rate rise today ... I thought interest rates weren't going to rise until 2024?
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04-10-2022, 12:08 PM | #2137 | ||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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don't know where yopu heard that xkx***.
Last I recall there was going to be at least 5/6...... oh no its the end of the world, don't buy don't sell just hold tight, good times will comeback
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04-10-2022, 12:39 PM | #2138 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,362
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I can remember the RBA acolytes back in the early nineties, having a drunk ditty about Bernie Fraser walking on water. And what PJK did to his daughter.
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04-10-2022, 02:31 PM | #2139 | ||
FF.Com.Au Hardcore
Join Date: Jan 2019
Posts: 575
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I was just referring to Lowe's comment (a year ago? less than a year ago?) that official interest rates were unlikely to rise until 2024.
He should have kept his mouth shut. (I have to admit that is sometimes easier said than done). |
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04-10-2022, 04:11 PM | #2140 | ||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,918
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My broker mate told me just before the rate rises hit "don't follow the RBA, follow the banks". My only regret is that I only fixed my loan for 2 years and not longer as he had advised.
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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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21-10-2022, 07:07 PM | #2141 | ||
FF.Com.Au Hardcore
Join Date: Jan 2019
Posts: 575
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Referencing my termite/alate posts a while ago on this thread: twenty minutes ago, sitting in back veranda, I saw alates floating about outside, right on cue: late October at the end of a warm day. They seem to be coming from a bottle brush tree in back yard of a house behind neighbour's house.
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22-10-2022, 01:39 PM | #2142 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Biggest problem for those coming off fixed rates is they may not be able to do the shopping around anymore.
Good possibility that the house is valued less than the amount of the loan which either triggers a margin call by banks for more cash deposit or becomes a mortgage prison by not being able to switch anymore...or worse being recommended to sell up as the only option. Fun times for some....laughter for those of us who knew better.
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22-10-2022, 07:09 PM | #2143 | |||
#neuteredlyfe
Join Date: Apr 2012
Posts: 10,625
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Quote:
Maybe I am being precious and taking the above the wrong way but... I don't think the possibility of someone losing their family home is a laughing matter. |
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23-10-2022, 07:22 AM | #2144 | |||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,606
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Quote:
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23-10-2022, 08:04 AM | #2145 | ||
Donating Member
Join Date: Mar 2007
Location: Heading thru Hell (Corner)
Posts: 8,307
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Just my observation within the local market here and only based on watching the local real estate pages:
Sales slowed somewhat when the interest rates increased, but prices didn't appear to correct too much. Just that the time increased from when the property was advertised to when it went to contract. But that time appears to have decreased once again. Whilst they haven't returned to the pre-interest rate rise pace, it has certainly decreased. And any price correction has been negligible.
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23-10-2022, 08:28 AM | #2146 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 22,362
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Hackney - I think you’re possibly the sole active poster who’s made a move - everyone else remains in the gallery. Hope the ACT is what you’re expecting of it.
FG-X, your town seems by comparison to others of similar distance from Melbourne and with similar amenity, still underpriced on the whole; not surprised it’s coming up steadily. Local to me, one of the Chinese builders sold three semis at auction for an average of $2.147M last year, the most recent project 300m away with inferior Feng Shui sold for $2.026M apiece post auction (were passed in). They retained one of the semis for a relative or associate and the whole site cost them $3,3M. Absolute money for jam. Last edited by Citroënbender; 23-10-2022 at 08:46 AM. Reason: Prices corrected for accuracy. |
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23-10-2022, 10:34 AM | #2147 | |||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
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Quote:
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23-10-2022, 08:48 PM | #2148 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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It's getting close to the end of the year when I said I would get back into the market for my next house.
There is not much for sale, and what is being advertised for auction is either selling before or getting passed in. After 2 days of open houses my phone has rung hot with feedback and invitations for offers. Prices have come off the boil (SW Sydney) and there have been some surprising auction results (both good and bad). Have my eye on one place that I really like, only problem is it's at the top end of my budget so if it sells for 10-15% over agents expectation I'm out. Reading the agent he will entertain selling before the auction, and I think it's time I stop kicking the tyres and put in an offer or 2. Fingers crossed I guess.
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24-10-2022, 05:55 AM | #2149 | |||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,606
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Quote:
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25-10-2022, 11:27 PM | #2150 | |||
BANNED
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Posts: 2,886
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Quote:
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26-10-2022, 05:46 AM | #2151 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,606
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Err,no.Just adjust what you can pay, & make sure that you build in a buffer ,no brainer.
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26-10-2022, 12:09 PM | #2152 | ||||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Will see of course, but need to take that into consideration when at the auction. The agent no longer wants to accept pre-offers. It's going to auction this Saturday and will sell for the highest bid. Fine by me. Quote:
Another place I though was out of my budget went for well below my expectation so just need to turn up and see how I go.
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26-10-2022, 12:23 PM | #2153 | ||
The 'Stihl' Man
Join Date: Jan 2005
Location: TAS
Posts: 27,585
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Its very location dependent, there are plenty of places around and outside Hobart that are going for 5-10% over advertised price. And most of these places are nothing fancy and in the 600-800 range..not sure how the upper end of town is going.
Very limited market here and building is a bit tougher due to lack of labour etc.
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26-10-2022, 12:45 PM | #2154 | |||
FF.Com.Au Hardcore
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Quote:
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26-10-2022, 01:23 PM | #2155 | ||
T3/Sprint8
Join Date: Jan 2005
Location: Australia
Posts: 16,552
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ACT has always been a high market due to the white collar % down there.
Sure it may have dipped some but with all the Gov jobs/embassy's its sure to recover better than anywhere in Oz imo. Polyal, your last sentence is similar everywhere - not just lack of labour but slow supply of building materials/and house new appliancense's etc..... We've just gone through a 3/4mth reno, re locate kitchen, 2 new bathrooms new laundry amongst other minor adjustments. Getting th elines the wife wanted many times you had waits or find an alternative, many times. Then between our Tradies getting them in line due to so much demand had its moments. As for buying I'm with Hackney, the ones in trouble are always the ones who over extend themselves, you should always cover your b utt but thats me even when in the good times. Nothing lasts forever. The wife calls me the conservative, yep we sure could have invested more but we own everything.
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Tickfords T3/TS50 '02 Sprint8 manual Sept 24 '16 Daily Macan GTS "Don't believe everything you read on the internet. Abraham Lincoln" |
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26-10-2022, 04:50 PM | #2156 | ||
Bolt Nerd
Join Date: Jan 2005
Location: Ojochal, Costa Rica (Pura Vida!)
Posts: 14,823
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A saying my old man often used..
“The best time to buy real estate is yesterday” And in the long term, it’s still applicable!
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Current vehicles.. Yamaha Rhino UTV, SWB 4L TJ Jeep, and boring Lhd RAV4 Bionic BF F6... UPDATE: Replaced by Shiro White 370z 7A Roadster. SOLD Workhack: FG Silhouette XR50 Turbo ute (11.63@127.44mph) SOLD 2 wheels.. 2015 103ci HD Wideglide.. SOLD SOLD THE LOT, Voted with our feet and relocated to COSTA RICA for some Pura Vida! (Ex Blood Orange #023 FPV Pursuit owner : ) |
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27-10-2022, 11:50 AM | #2157 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
Standard disclaimer. What is past performance disclaimer? "the performance represented is historical" and that "past performance is not a reliable indicator of future results and investors may not recover the full amount invested."16 Aug 2022
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29-10-2022, 01:15 PM | #2158 | ||
FF.Com.Au Hardcore
Join Date: Jan 2019
Posts: 575
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Just went to an auction (Melb.) as a spectator. Weatherboard house on biggish block (block next door has four units on it). Strong bidding. 'On the market' at 980 or 990, sold for $1,131,000. (Auctioneer was very good.)
Just before the bidding started a bloke asked a question about the vacant block behind ... trying to create doubt in other bidders' minds ... his mate, of course, joined in the bidding after a while and was the under bidder. |
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30-10-2022, 08:13 PM | #2159 | |||
Bolt Nerd
Join Date: Jan 2005
Location: Ojochal, Costa Rica (Pura Vida!)
Posts: 14,823
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Quote:
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Current vehicles.. Yamaha Rhino UTV, SWB 4L TJ Jeep, and boring Lhd RAV4 Bionic BF F6... UPDATE: Replaced by Shiro White 370z 7A Roadster. SOLD Workhack: FG Silhouette XR50 Turbo ute (11.63@127.44mph) SOLD 2 wheels.. 2015 103ci HD Wideglide.. SOLD SOLD THE LOT, Voted with our feet and relocated to COSTA RICA for some Pura Vida! (Ex Blood Orange #023 FPV Pursuit owner : ) |
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31-10-2022, 11:08 AM | #2160 | ||
Critical Thinker
Join Date: Jan 2005
Location: Adelaide
Posts: 20,375
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A recent subdivision in the Suburb of Oakden Rise South Australia went up for sale very recently. Oakden is an area close to Gilles Plains, Holden Hill and Yatala (where the prison is).
The smallest block of land there is 117sq.m. That's right, 117sq.m with 4.5m frontage! It sold for $164,000. The largest block of land there which is 450sq.m sold for $549,000. While this might not be a surprise for some of you who live in the Eastern states, this is very surprising from a long term SA residents point of view. The allotments had to go in a lottery due to the amount of interest and the emotion for those who happen to snap these up were polarizing. I mean, I am happy they got to buy some land, but at the same time I am perplexed at the perceived value in this. Maybe Im old fashioned or just not with the times, but things escalated to light speed in a matter of months.
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