"1 in a 100 year slump"
#1
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"1 in a 100 year slump"
Bloomberg headline this a.m. "Oz faces a 1 in a 100 year house price slump".
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
#2
Re: "1 in a 100 year slump"
Blah Blah...
Heres another one :
July 31 (Bloomberg) -- U.K. house prices fell in July by the most in almost two decades as banks reined in lending to potential buyers and the economy edged closer to a recession.
About 1.7 million U.K. homeowners are likely to see the value of their houses fall below the amount they owe on their mortgage, Standard & Poor's said yesterday. Consumer confidence dropped to the lowest in at least 18 years this month, GfK NOP said in a separate report today.
Mortgage lenders stung by the credit-market rout have exacerbated the property downturn by raising borrowing costs. The rate on a home loan fixed for two years rose to 6.63 percent in June, the highest since February 2000, the Bank of England said July 9.
So not so great for anyone trying to sell your house in the UK and enjoy some lower housing costs here then.
Heres another one :
July 31 (Bloomberg) -- U.K. house prices fell in July by the most in almost two decades as banks reined in lending to potential buyers and the economy edged closer to a recession.
About 1.7 million U.K. homeowners are likely to see the value of their houses fall below the amount they owe on their mortgage, Standard & Poor's said yesterday. Consumer confidence dropped to the lowest in at least 18 years this month, GfK NOP said in a separate report today.
Mortgage lenders stung by the credit-market rout have exacerbated the property downturn by raising borrowing costs. The rate on a home loan fixed for two years rose to 6.63 percent in June, the highest since February 2000, the Bank of England said July 9.
So not so great for anyone trying to sell your house in the UK and enjoy some lower housing costs here then.
#4
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Re: "1 in a 100 year slump"
Blah Blah...
Heres another one :
July 31 (Bloomberg) -- U.K. house prices fell in July by the most in almost two decades as banks reined in lending to potential buyers and the economy edged closer to a recession.
About 1.7 million U.K. homeowners are likely to see the value of their houses fall below the amount they owe on their mortgage, Standard & Poor's said yesterday. Consumer confidence dropped to the lowest in at least 18 years this month, GfK NOP said in a separate report today.
Mortgage lenders stung by the credit-market rout have exacerbated the property downturn by raising borrowing costs. The rate on a home loan fixed for two years rose to 6.63 percent in June, the highest since February 2000, the Bank of England said July 9.
So not so great for anyone trying to sell your house in the UK and enjoy some lower housing costs here then.
Heres another one :
July 31 (Bloomberg) -- U.K. house prices fell in July by the most in almost two decades as banks reined in lending to potential buyers and the economy edged closer to a recession.
About 1.7 million U.K. homeowners are likely to see the value of their houses fall below the amount they owe on their mortgage, Standard & Poor's said yesterday. Consumer confidence dropped to the lowest in at least 18 years this month, GfK NOP said in a separate report today.
Mortgage lenders stung by the credit-market rout have exacerbated the property downturn by raising borrowing costs. The rate on a home loan fixed for two years rose to 6.63 percent in June, the highest since February 2000, the Bank of England said July 9.
So not so great for anyone trying to sell your house in the UK and enjoy some lower housing costs here then.
All we need now is for the pound to rally against the Oz$. Not holding my breath on that one (yet!).
#5
Re: "1 in a 100 year slump"
Bloomberg headline this a.m. "Oz faces a 1 in a 100 year house price slump".
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
300% (((CORRECTION TIME))) And a lot of it was caused by cash wealding
immigrants from were ??
India No
Poland No
USA No
Interstate Some
UK yes
Sorry it was not me it was GMTV thay told me to
I was taken in by the wanted down under crap
#6
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Posts: 365
Re: "1 in a 100 year slump"
....and an awful lot more by investors from Perth, east coast Oz and Asia. How many Perthites now own several properties ?? hmmmm
#7
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Joined: Jan 2008
Posts: 371
Re: "1 in a 100 year slump"
There is also a significant investment from the UAE.
#8
Re: "1 in a 100 year slump"
Remember though foreign investment is limited and has to be applied for here. You cant just rock up with some Yen and buy a place. I believe that prevents the majority being foreign held by non PR and citizens.
#9
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Joined: Dec 2007
Location: Singleton, NSW
Posts: 160
Re: "1 in a 100 year slump"
Bloomberg headline this a.m. "Oz faces a 1 in a 100 year house price slump".
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
Cheap houses are good news to some people.
#10
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Joined: Jan 2007
Location: Perth, WA
Posts: 365
Re: "1 in a 100 year slump"
It'll end up like the wee villages in the holiday resorts in the UK (Devon & Cornwall) where the whole place closes down in the winter because over 50% of the homes are second homes and only used 4-6 weeks of the year.
At least immigrants LIVE in the places they buy !!
#11
Re: "1 in a 100 year slump"
Bloomberg headline this a.m. "Oz faces a 1 in a 100 year house price slump".
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
Good news for those facing Perth's 300% house price rise over the last 6 years....kinda compensates for the fact I can only get offers in the UK 18% lower than valued this April. No doubt prices are coming down in the outer Perth 'burbs big time. Only central seems to be holding its own (ooo err!). Watch this space !!
This is because first-world house prices grew too fast at the end of the boom cycle, particularly from 2005 - 2007, when a feeding frenzy driven by cheap credit pushed prices up to at least 30% over their real value. The market always corrects itself, though due to SDS (seller denial syndrome) it won't come down to the bottom until the forced sellers start to add up.
Happy shopping for buyers though, and after it being a sellers' market for the last 15 years, it's about time.
#12
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Joined: Jan 2007
Location: Perth, WA
Posts: 365
Re: "1 in a 100 year slump"
amen to that. No it wasn't from the archive, it was yesterday's news on TV & their website -
http://www.bloomberg.com/apps/news?p...efer=australia
I guess if you're selling up in the UK and buying in Oz it's a question of whose house prices fall quicker !! or just dump the UK property asap and sit in rented while u ride out the storm !
http://www.bloomberg.com/apps/news?p...efer=australia
I guess if you're selling up in the UK and buying in Oz it's a question of whose house prices fall quicker !! or just dump the UK property asap and sit in rented while u ride out the storm !
#13
Re: "1 in a 100 year slump"
amen to that. No it wasn't from the archive, it was yesterday's news on TV & their website -
http://www.bloomberg.com/apps/news?p...efer=australia
I guess if you're selling up in the UK and buying in Oz it's a question of whose house prices fall quicker !! or just dump the UK property asap and sit in rented while u ride out the storm !
http://www.bloomberg.com/apps/news?p...efer=australia
I guess if you're selling up in the UK and buying in Oz it's a question of whose house prices fall quicker !! or just dump the UK property asap and sit in rented while u ride out the storm !
Meanwhile, sellers are in denial, and you can't blame them. I know of a house that was up for sale at £250,000 when an identical house to it on the same street sold at peak for 215k. The owners have just "slashed" the price to 240k. This is absolute and total denial of reality. The house is not worth any more than 195k in today's market, and I would be tempted to say that like many houses right now it's not really worth anything at all (£0) because buyers have just stopped buying to see what happens. This makes properties worth nothing for the time being.
#14
Re: "1 in a 100 year slump"
There was a report late last year saying that the price of houses here in Aus was out of whack with the GDP and all other indexes and I have been expecting it to crash for a long while.
I worked in legal and property and I could no believe the money that was being thrown at people, all these loans with redraw facility crazy stuff. Now its coming home to roost. People were borrowing for the house adding the four wheel drive and the boat stupid things.
Now the margin calls are in and the upper end housing is also feeling the pinch.
Only upside is migration is so high that there is still demand for housing. That is what has been keeping it going for a few years now.
I worked in legal and property and I could no believe the money that was being thrown at people, all these loans with redraw facility crazy stuff. Now its coming home to roost. People were borrowing for the house adding the four wheel drive and the boat stupid things.
Now the margin calls are in and the upper end housing is also feeling the pinch.
Only upside is migration is so high that there is still demand for housing. That is what has been keeping it going for a few years now.
#15
Re: "1 in a 100 year slump"
There was a report late last year saying that the price of houses here in Aus was out of whack with the GDP and all other indexes and I have been expecting it to crash for a long while.
I worked in legal and property and I could no believe the money that was being thrown at people, all these loans with redraw facility crazy stuff. Now its coming home to roost. People were borrowing for the house adding the four wheel drive and the boat stupid things.
Now the margin calls are in and the upper end housing is also feeling the pinch.
Only upside is migration is so high that there is still demand for housing. That is what has been keeping it going for a few years now.
I worked in legal and property and I could no believe the money that was being thrown at people, all these loans with redraw facility crazy stuff. Now its coming home to roost. People were borrowing for the house adding the four wheel drive and the boat stupid things.
Now the margin calls are in and the upper end housing is also feeling the pinch.
Only upside is migration is so high that there is still demand for housing. That is what has been keeping it going for a few years now.