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OZ BOOM is over?...house prices falling & rates might drop

OZ BOOM is over?...house prices falling & rates might drop

Old May 9th 2010, 10:17 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by ozzieeagle
Friends place got passed in yesterday, they were hoping for 900k didnt get above 800k... Missed out by 3 months once more. They will probably manage 840k this week I would say.

http://www.realestate.com.au/propert...west-106503722
Their reserve was 879k and they received a late offer of 825k (ref todays property results details)
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Old May 9th 2010, 11:17 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Anyone who thinks the boom is over should read this
http://au.news.yahoo.com/a/-/mp/7196...y-prices-soar/
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Old May 9th 2010, 11:21 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by Alfresco
Don't hold your breath and wait. The same in the thing was said in the UK. House prices aren't much lower, if anything, than a few years ago.

Maybe remote areas had a mini crash, but prices here are still fairly strong, well certainly where we are.
Prices in Ireland have gone back ten years at least, or are heading that way. Transaction levels are minuscule.
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Old May 9th 2010, 11:25 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by mohogony
Anyone who thinks the boom is over should read this
http://au.news.yahoo.com/a/-/mp/7196...y-prices-soar/
"Also there's been a lot of foreign buyers," she says, citing the case of a Chinese man who paid 750,000 dollars cash for a two-bedroom home because it was cheaper than in Shanghai. "They outbid everyone."
I thought they were changing foreign ownership rules?
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Old May 9th 2010, 11:28 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by mohogony
Anyone who thinks the boom is over should read this
http://au.news.yahoo.com/a/-/mp/7196...y-prices-soar/
That article basically says that property industry interests believe that their industry will continue to boom and they will continue to make vast amounts of money. The industry encourages people to no think about what they are spending or what they are buying and to 'continue' the frenzied buying. About the only impartial commentary in there is from the RBA.
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Old May 9th 2010, 11:53 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by Steve2009
That article basically says that property industry interests believe that their industry will continue to boom and they will continue to make vast amounts of money. The industry encourages people to no think about what they are spending or what they are buying and to 'continue' the frenzied buying. About the only impartial commentary in there is from the RBA.
Yeah, as soon as I saw "Sydney real estate agent Poh Ling Ee" I stopped reading.
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Old May 10th 2010, 12:08 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by renth
Yeah, as soon as I saw "Sydney real estate agent Poh Ling Ee" I stopped reading.
I wonder if they know Poh Mi Lhegg?
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Old May 10th 2010, 12:53 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by coolshadows
I wonder if they know Poh Mi Lhegg?
...or *** Yu Tu
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Old May 10th 2010, 12:56 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by iamthecreaturefromuranus
...or *** Yu Tu
..or Fook Mi and Fook Yu

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Old May 10th 2010, 1:10 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by renth
Ivana Humpalot.
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Old May 10th 2010, 1:07 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Short term gain....long term pain...

"Data from Standard & Poor's Rating Services showed that the share of late-paying borrowers as a proportion of residential backed mortgage securities rose to 1.48 per cent in February from 1.39 per cent in January, and 1.25 per cent in December."
Arrears rise as rates climb

...and I thought it was the low end that was cooling?...

Market cools at the top end
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Old May 10th 2010, 4:35 pm
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by ozzieeagle
Totally different rental market now, to this time last year, a lot easier to get one, no more people in recent months that I've heard about, offering estate agents more money than the asking rate, which was almost the norm last year.

Also I can confirm that things have definitely gone of the boil in the Inner North in Melbourne. Properties passed in that definitely wouldnt have been 3 months ago.

People have suddenly turned cautious, and I beleive the Chinese have stopped buying at all costs.

Friends place got passed in yesterday, they were hoping for 900k didnt get above 800k... Missed out by 3 months once more. They will probably manage 840k this week I would say.

http://www.realestate.com.au/propert...west-106503722
Phew! That's good news for us wanting to buy later on.
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Old May 15th 2010, 3:13 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by ozzieeagle
Also I can confirm that things have definitely gone of the boil in the Inner North in Melbourne. Properties passed in that definitely wouldnt have been 3 months ago.

People have suddenly turned cautious, and I beleive the Chinese have stopped buying at all costs.

Friends place got passed in yesterday, they were hoping for 900k didnt get above 800k... Missed out by 3 months once more. They will probably manage 840k this week I would say.

http://www.realestate.com.au/propert...west-106503722
I'm still seeing no sign of this slowdown you speak of.

Went along to the auction of this place this morning - it was listed in the property paper at $650k - $715k.

http://www.realestate.com.au/propert...outh-106475150

Sold at $843k.

As with other places there's a good reason there's no pictures of the kitchen & bedrooms!
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Old May 15th 2010, 3:38 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by bcworld
I'm still seeing no sign of this slowdown you speak of.

Went along to the auction of this place this morning - it was listed in the property paper at $650k - $715k.

http://www.realestate.com.au/propert...outh-106475150

Sold at $843k.

As with other places there's a good reason there's no pictures of the kitchen & bedrooms!
Lets see the auction results of this weekend before I pull my head in

My friends let their place go for 840,000K, There were hoping for 900K.... they had already bought another place.

Can't believe that someone would willingly move from Preston to South Morang though...... even if they are 250K in front.
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Old May 15th 2010, 4:41 am
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Default Re: OZ BOOM is over?...house prices falling & rates might drop

Originally Posted by bcworld
I'm still seeing no sign of this slowdown you speak of.
One swallow does not a summer make. According to the ABS the uptake of finance is slowing down, so either people are buying with cash or the market seems to be cooling. Homebuyers seem to be fleeing the market while 'investors' are still piling in.
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