jad n rich

just found this while searching for a link someone asked for.

http://www.theaustralian.news.com.au...5E2702,00.html


Theres loads of sold signs up here as well.

mand8002

Hope they don't rise too much before we manage to sell our house in the UK. I was hoping for a fall in prices here.

Kalenge

Or is this the property business (agents and lenders) trying to talk the market up again? Independent analysts have talked about this only being the start of the downturn.

How can Sydney possibly remain on a mean house price to salary ratio of 8.9 ... or, unbelievably, get worse

Vash the Stampede

No worries, then.

brisnick

or on the flip side of that story, this one also release today http://finance.news.com.au/story/0,1...-31037,00.html

Vash the Stampede

LOL!

"Aussie House prices on rise again" V "Housing weakness persists."

Looks like you can't believe everything you read in the newspapers.

Exile

A friend of mine has just bought a house in Kingsley, Perth northern suburbs.

He told me most of the decent houses were being sold before the first home open, and to have any chance of buying you had to just phone the agent straight away, view the house privately, and put in an offer above the asking price. He tried to buy a house in Woodvale that was advertised for 510k. He immediately offered 530 but didn't get it as someone else had offered 550.

Sounds like madness and panic buying to me. The market seems to be on fire in many areas of Perth, but surely it can't be sustainable? Maybe all the people reportedly washing dishes in mining towns for 100k per year are coming back and buying up the best property! (I'm thinking of sending the wife)

Vash the Stampede

Scary stuff. :scared: I agree that it can't be sustainable.

LOL, you don't get 100k for washing dishes in a mining town. You get it for doing the sort of work that nobody else wants to do, under conditions that very few people can tolerate, in a place which most people would avoid like the plague.

Exile

According to the local rag, that's the going rate for doing the dishes or working in a bar up there as they just can't get people to go up there in support roles, let alone do the dangerous stuff (those people get much more, it seems).

Scary indeed. I think the Perth housing market could definitely use an interest rate hike, but I don't think Perth housing alone is likely to prompt the central bank to move. Strange situation, where a rate rise would slow things down nicely in Perth but could at the same time deal a bigger blow to the Sydney and Melbourne markets (depending on who you believe). Will be interesting to see what happens.

Amazulu

The situation at the moment is that the WA economy is carrying the rest of Australia. WA has a micro economy that is totally different from the east coast but fiscal policy (interest rates) are set in canberra. The government is not really interested in the 2 million people in WA but needs the royalties that they generate from resources to fund the east coast economy. Because we can only have 1 interest rate for the whole country (& rightly so) we get this imbalance.

philian4

Hiya,

Recent editions of the SMH have stated that the average price acheived with house sales is around 7-15% less than the asking price and although some are quoting auction success most (i.e. around 60%) of houses fail to sell on the day of auction but accept a low offer (lower than the vendor had anticipated) within 24-48 hours of the auction end and will therefore be included in the 'successful auctions' category. Please don't ask for dates of papers or shoot me down for vague facts, just what I've been reading. Certainly in theis region (1 hour south of Sydney-commuter belt) the prices are lower than 12 months ago. Most agree an interest rate rise will push prices lower/no rate rise will leave market stagnant with most optimistic signs of an increase in market prices being forcast as long as two years away......crystal ball anyone?????

Phil x

ginaf

That's interesting

My husband works in this area and the economists in his company are almost certain there will be an interest rate increase in Oz by the mid part of this year...