Originally Posted by balkanghost

Housing market to weaken as buyers retreat. High auction clearance rates and record prices notwithstanding, official figures show the number of loans to buy houses in Victoria slipped from a record high of 15,300 in September to 13,400 in February after sliding in six out of the past eight months. Victoria's slide of 12 per cent is the least severe in the nation. In New South Wales the number of loans slid by 27 per cent and in Queensland and South Australia by 25 and 29 per cent. ''This will lead to a slowing of price growth, no question about it,'' said Real Estate Institute national president David Airey.

Originally Posted by Swerv-o

Aye. It's grim up North...


S

Originally Posted by pomtastic

(not sure about Melbourne though, they are still in a housing mania boom)

Originally Posted by IndieG

My sis-in-law was advising me to buy quickly too as house prices are simply zooming

Originally Posted by IndieG

It is manic and I get the feeling that although there are some over the top prices being paid for certain properties, a lot of it is media hype.

There are a couple of properties in my suburb that were advertised 6 months ago and appears to have had no buyer interest and still remain unsold. $450,000 for a 2 bedroom 1 bath apartment, ground floor unit, ancient building...anyone?

My sis-in-law was advising me to buy quickly too as house prices are simply zooming

Originally Posted by Swerv-o

Here in Sydney, there does seem to be a reluctance to reduce price expectations. Properties that are passed in at auction mysteriously appear for sale by private treaty, but still at prices well in excess of the price they didn't reach at auction.


S

Originally Posted by MrCro

These figures on news today, average houses prices for cheapest streets to live in UK!!!

Street
Locality
Region
Average value

Fernhill
Mountain Ash
Wales
£28,600

Oxford Street
Brierfield
North West
£32,800

Ann Street
South Bank
North East
£32,900

Edward Street
South Bank
North East
£34,200

Scarborough Street
Middlesbrough
North East
£34,400

Redcar Road
Middlesbrough
North East
£34,400

Victoria Street
South Bank
North East
£35,600

Wood Street
Burnley
North West
£35,700

Elmwood Street
Burnley
North West
£35,800

Altham Street
Burnley
North West
£35,900

Originally Posted by pomtastic

But you pay $400K for a complete craphole in Perth.

Originally Posted by lauralollipop

Wish I could get one for that in Perth!!! More like $460!!! - we were looking at the weekend and one house was on market from 429k and it was like a murderers house, full of junk! I was almost puking up at the smell and had to leave - it was so gross and there was clapped out cars out front - it was pure filth and a right dive - I was shocked at the price - and its not near an ocean or a station or good schools!

Originally Posted by pomtastic

I know lauralollipop, I was being conservative with my price bracket as I didn't want to come across as an exaggerator or alarmist.

Even if you put down a healthy $160K cash and had a $300K mortgage, it's still an arm and a leg to pay to live in a craphole. Luckily, when we came over 8 years ago, you could buy an absolute mansion by the beach for $460K, I really don't know why people bother coming out now but people keep telling me how good value it all is.

Originally Posted by freebo

I'm under no illusions but just for interest UK average house prices are still about double what they where 8 years ago, so applying the same formula can you buy something decent for $920k?

We're not coming out expecting things to be cheaper but for a better quality of life, which isn't only about money and have done the sums, realistically I hope.

Originally Posted by coolshadows

lol, yes but you better get out quick before you can't.

(assuming you don't need a mortgage, or realise that interest rates here are on average 2% or 3% higher than the uk)

Originally Posted by freebo

Yeah, a similar thing happened in the UK too, it was called a "sellers strike", it was one part of the process of prices falling (denial?)

Originally Posted by spottydog

For some reason properties here don't seem to go stale like they would in the UK if they sat on the market as long

Originally Posted by spottydog

The difference here seems to be that after 6 months on the market someone will buy the property at $1k under asking price.

For some reason properties here don't seem to go stale like they would in the UK if they sat on the market as long