Australia housing bubble

[Citroënbender]

That doesn’t surprise me, but I can understand where you’re coming from.

Look at Risdon Vale as a template for rocketing values near a prison. The buyers you saw, may well have considered this aspect for themselves. Plus those of the mindset who want “new” and on virgin ground (so to speak).

[mad2]

Originally Posted by blueoval

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.

seem to remember something similar down here where [i think?] all the blocks were auctioned off instead of a set price. would have got a way betterer price i'm presuming [?].

[blueoval]

Originally Posted by mad2

seem to remember something similar down here where [i think?] all the blocks were auctioned off instead of a set price. would have got a way betterer price i'm presuming [?].

yes there was an inundation of interest for these blocks for some reason. I would presume the Auction was a success and they got more than advertised.

[danzvtil]

Originally Posted by blueoval

yes there was an inundation of interest for these blocks for some reason. I would presume the Auction was a success and they got more than advertised.

My daughter just finished school near this site, it’s 20min from the CBD, 10mins from tea tree plaza, and central to almost every suburb north of the city. The area is full of hard working immigrants who value new builds over existing stock.

[zilo]

I have a feeling it might be 0.5% tomorrow from the RBA.

[T3rminator]

Originally Posted by zilo

I have a feeling it might be 0.5% tomorrow from the RBA.

0.15. And the papers will say, hey this lowe nuffie who got it so wrong maybe isn't so bad.

[hayseed]

Originally Posted by blueoval

The smallest block of land there is 117sq.m. That's right, 117sq.m with 4.5m frontage! It sold for $164,000.

WTF are they gunna build on THAT...????

[blueoval]

Originally Posted by hayseed

WTF are they gunna build on THAT...????

a full sick garage???

I reckon it will be a double storey row dwelling or townhouse of some description.

[Citroënbender]

What’s the DCP say for ridge or eaves/parapet height, setback, side boundaries, number of stories, parking requirements, FSR, green space/permeable surface?

[blueoval]

Originally Posted by Citroënbender

What’s the DCP say for ridge or eaves/parapet height, setback, side boundaries, number of stories, parking requirements, FSR, green space/permeable surface?

DESIGN CRITERIA

https://villawoodproperties.com.au/w...nes_Oct22.pdf?

BEP

https://villawoodproperties.com.au/w...lope-plan.pdf?

[blueoval]

Reserve Bank of Australia hikes interest rates yet again in November meeting

https://www.news.com.au/finance/econ...9c4c2dca88589f

Australians have been hit with the seventh consecutive month of interest rate rises after the Reserve Bank of Australia (RBA) made another unwelcome announcement on Tuesday afternoon.

At 2.30pm, the RBA lifted interest rates by 25 basis points. That brought the cash rate from 2.6 per cent to 2.85 per cent.

The RBA has increased rates every month since May this year in a bid to slow down spiralling inflation in the country.

The latest inflation report found that Australia’s consumer price index has risen by 7.3 per cent in the past year.

The rate rise was largely in line with economists’ expectations, although Westpac thought the rise was going to be higher.

Westpac economists forecast a 50 basis point rise while CBA, NAB and ANZ experts all made a slightly more conservative estimate of 25 basis points.

RBA Governor Philip Lowe said they had decided to up the rate by 25 basis points because inflation is forecast to hit eight per cent by the end of the year.

“A further increase in inflation is expected over the months ahead, with inflation now forecast to peak at around 8 per cent later this year,” he wrote in a statement.

“The Bank’s central forecast is for CPI inflation to be around 4¾ per cent over 2023 and a little above 3 per cent over 2024.”

He warned this wouldn’t be the last interest rate hike.

“The Board has increased interest rates materially since May,” Mr Lower continued.

“This has been necessary to establish a more sustainable balance of demand and supply in the Australian economy to help return inflation to target.

“The Board expects to increase interest rates further over the period ahead. It is closely monitoring the global economy, household spending and wage and price-setting behaviour.”

[Citroënbender]

Originally Posted by blueoval

DESIGN CRITERIA

https://villawoodproperties.com.au/w...nes_Oct22.pdf?

BEP

https://villawoodproperties.com.au/w...lope-plan.pdf?

Sounds utterly joyless. All it’s missing is instructions on what emotions to express at certain times of the day, and whether to manifest them privately or openly.

For a period of not less than twenty minutes between 5:30PM and 7:30PM (8:30PM DST) on days of fair weather Sunday to Friday, it is expected that residents will progress forth from their homes to walk gently around the development, exchanging pleasantries and compliments with other residents.

[blueoval]

Originally Posted by Citroënbender

Sounds utterly joyless. All it’s missing is instructions on what emotions to express at certain times of the day, and whether to manifest them privately or openly.

Is that the same regiment those in prison get?

[fordomatic]

My mortgage has gone up $840 a month since this time last year and I don't have a huge mortgage at all. The banks are also frustrating, Look at NAB, 5.7% variable is the current rate. They've passed on every rise even though their base rate was already very high before the rises. I can't imagine people that owe 1.5m plus on their low income. Hard times coming for some, for sure.

Also rent rise is crazy. One of my places is $570 a week and i'm happy with that. I just got notification that the cheapest place rented in that complex besides mine is now $650 a week with an average of $700. This is a 2 bedroom, two bathroom one garage town house, crazy.

[FoxtrotGolfXray 5.0]

Originally Posted by Citroënbender

Sounds utterly joyless. All it’s missing is instructions on what emotions to express at certain times of the day, and whether to manifest them privately or openly.

How utterly ridiculous a) that you feel the need to specify something like that in the first place and, b) that specifying something like that would actually mean people would get out there snd enjoy themselves.

Thankfully, the bold bit above means there's no contractual obligation for people to do so.

Build a nice environment and people will make use of it, regardless of any obligation.

[GasoLane]

Originally Posted by Citroënbender

Sounds utterly joyless. All it’s missing is instructions on what emotions to express at certain times of the day, and whether to manifest them privately or openly.

"For a period of not less than twenty minutes between 5:30PM and 7:30PM (8:30PM DST) on days of fair weather Sunday to Friday, it is expected that residents will progress forth from their homes to walk gently around the development, exchanging pleasantries and compliments with other residents."


'Ang about...not Saturday? I wonder what Church is running the show.

[roKWiz]

Originally Posted by FoxtrotGolfXray 5.0

How utterly ridiculous a) that you feel the need to specify something like that in the first place and, b) that specifying something like that would actually mean people would get out there snd enjoy themselves.

Thankfully, the bold bit above means there's no contractual obligation for people to do so.

Build a nice environment and people will make use of it, regardless of any obligation.

HOA is brutal.

[blueoval]

I think its a bit of an encumbrance over reach to be honest. No developer has the right to specify how some is to live their life in that community.

[Yellow_Festiva]

Originally Posted by blueoval

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.

From the 'Eastern States':

https://www.realestate.com.au/proper...atta-139715619

I really thought it was a mistake the first time... but alas it isn't.

Saved in my watch list for shi75 and giggles... as I'm sure many others have also done.

I can see the agent speaking to the vendor "Any time soon will be sold, it's being watched by 3,251 people! Amazing interest"!

[Yellow_Festiva]

Originally Posted by hayseed

WTF are they gunna build on THAT...????

Slightly more than what I posted?

[xkxlxm]

Charliewool: Watsonia

[Yellow_Festiva]

Looked at several properties over the past few weeks.

3 I was semi interested in went to auction, first 2 went around 400K over agents 'expectations' - so in other words they grossly under quoted to get lots of feet through the door and at the auction.

One of the auctions had what was obviously a dummy bidder working for the agent. (Both the above properties were with the same office).

Will not deal with them any more after their performance.

Went to another auction - looked like a nice home, but had a large rear addition that was very low and appeared to have water damage that was painted over.

Not one bid. Not 1. Why oh why does that happen to places I'm not interested in?

There is still lots of interest at the low-mid end of the market ($1.1-1.4 mil) yet if you push the budget a little more to slightly over 1.5 mil there are some great buys to be had.

Looked at some land today, a little too far from the kids schools, and has 1/100 flood zoning so not worth my efforts.

Have changed my search criteria to older places that are livable and can be slowly renovated while living there. These properties seem to scare off prospective buyers it seems, especially with all the doom and gloom around building material pricing and tradie shortages.

Will keep on the hunt. Got another place that has caught my eye - if I get it at the right price that is.

[FoxtrotGolfXray 5.0]

Originally Posted by Yellow_Festiva

Looked at several properties over the past few weeks.

3 I was semi interested in went to auction, first 2 went around 400K over agents 'expectations' - so in other words they grossly under quoted to get lots of feet through the door and at the auction.

One of the auctions had what was obviously a dummy bidder working for the agent. (Both the above properties were with the same office).

Will not deal with them any more after their performance.

Went to another auction - looked like a nice home, but had a large rear addition that was very low and appeared to have water damage that was painted over.

Not one bid. Not 1. Why oh why does that happen to places I'm not interested in?

There is still lots of interest at the low-mid end of the market ($1.1-1.4 mil) yet if you push the budget a little more to slightly over 1.5 mil there are some great buys to be had.

Looked at some land today, a little too far from the kids schools, and has 1/100 flood zoning so not worth my efforts.

Have changed my search criteria to older places that are livable and can be slowly renovated while living there. These properties seem to scare off prospective buyers it seems, especially with all the doom and gloom around building material pricing and tradie shortages.

Will keep on the hunt. Got another place that has caught my eye - if I get it at the right price that is.

Probably because the reason you're not interested in it is the same reason others aren't?

[Yellow_Festiva]

Originally Posted by FoxtrotGolfXray 5.0

Probably because the reason you're not interested in it is the same reason others aren't?

Was thinking that, but there were several registered bidders, at least throw out some offer to see what happens?

Sent from my SM-G973F using Tapatalk

[MITCHAY]

My mum has finally exchanged contracts on her investment property. Took a $30k haircut on the list price after being ****ed around a lot.

But she is just glad to **** it off

[Citroënbender]

Where did your mother end up profit-wise, after how long, in net return?

A new semi near me has seen its auction deferred three weeks. I’m not sure why, it’s a Mediterranean build - not Chinese - so they don’t need the extra time for remedial works. Many of the latter you see major rework under warranty extending into the second year post-sale.

[MITCHAY]

Bought 2 bed 1 bath apartment for $330k in 2010 sold for $400k so basically **** all. Listed in June at $430k

[zilo]

Originally Posted by MITCHAY

Bought 2 bed 1 bath apartment for $330k in 2010 sold for $400k so basically **** all. Listed in June at $430k

You lived in it for twelve years and made 25
percent..sounds ok to me..better than paying rent..

[roKWiz]

Originally Posted by MITCHAY

My mum has finally exchanged contracts on her investment property. Took a $30k haircut on the list price after being ****ed around a lot.

But she is just glad to **** it off

Zilo, he was referring to this.

[BENT_8]

We've(Daughter and I) finally had our slabs and first frames completed on our builds which has now taken 13 months to achieve. Been keeping an eye on neighbouring property listings and at present lesser designs are listed and selling at 60k over build price so our $270k investments are already worth 20%+ more and rising.
Rental return is currently around $330pw on a $280pw mortgage.
Still heaps of heat in the bottom end of our market.