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Is Australia an oversold country?

Is Australia an oversold country?

Old Jul 7th 2009, 7:49 am
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Default Re: Is Australia an oversold country?

surely it all depends on who you talk to

yeah some people will say its the land were the sun always shines, where everything is dirt cheap and where you dont have to do any work but anyone with half a brain cell will know that that isnt going to be true

personally if it doesnt work it doesnt work, ill come home with less money in my pocket but thats the great thing about money you can always earn more what you probably will never have more of is the chance to do this again because time is the thing that no matter how much money you have you cant by more
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Old Jul 7th 2009, 9:57 am
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Default Re: Is Australia an oversold country?

Originally Posted by Deancm View Post
Property in London has dropped dramatically.
Depends where in London. I still actively watch the London and Surrey markets and can find little evidence of prices dropping "dramatically". In fact I would even go so far as to say in some instances prices are continuing to increase.
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Old Jul 7th 2009, 10:05 am
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Default Re: Is Australia an oversold country?

Originally Posted by OzSheila View Post
Depends where in London. I still actively watch the London and Surrey markets and can find little evidence of prices dropping "dramatically". In fact I would even go so far as to say in some instances prices are continuing to increase.
Go to London. I think when you are there you will find it a completely different story. I've recently come from London and while the prices might appear to be stagnant, nobody is selling. Properties are on the market for months before they just get taken off without being sold. Rental market has increased. My flat was on the market for 6 months and had about 5 viewings and the offers I received were substantially lower than the advertised price. Flat didn't sell, now rented out and mine was a new build in an excellent location.

The problem is that so many people have negative equity in the property so they can't sell because if they do there's not enough to cover the mortgage, so people are just hanging on and hoping to get a good price.

Last edited by Deancm; Jul 7th 2009 at 10:09 am.
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Old Jul 7th 2009, 10:19 am
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Default Re: Is Australia an oversold country?

Originally Posted by Deancm View Post
Go to London.
Still have a property there actually (Ealing) and keep a very close eye on the market for obvious reasons. The flat downstairs to ours has just gone on the market for GBP$635K!!!! The guy bought it for GBP408K April last year. We guestimate he has spent about GBP100 doing it up. OK so he hasn't sold yet but even if someone "snapped it up" at GBP500K it is still not a bad return on his initial investment.

I am going over again in October - let me know where these bargains are because we are thinking of purchasing another investment property.
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Old Jul 7th 2009, 10:35 am
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Default Re: Is Australia an oversold country?

Originally Posted by OzSheila View Post
Still have a property there actually (Ealing) and keep a very close eye on the market for obvious reasons. The flat downstairs to ours has just gone on the market for GBP$635K!!!! The guy bought it for GBP408K April last year. We guestimate he has spent about GBP100 doing it up. OK so he hasn't sold yet but even if someone "snapped it up" at GBP500K it is still not a bad return on his initial investment.

I am going over again in October - let me know where these bargains are because we are thinking of purchasing another investment property.
Yours is a bit further out than mine. Mines in Canary Wharf.

If someone snaps it up for GBP500K he would have mad an 8K loss. Sounds to me as though he has taken a massive risk. Can't see him selling it right now. People can advertise a property for any price they want. Whether it sells or not is a completely different story. Let me know if the guy has sold his flat by the time you get back. I would say he will either do one of two things, rent it out and ride out the financial crisis or sell at a discounted price to break even and hopefully make a small profit.

The biggest problem is he bought it just before the crash so he has already paid an over inflated price for the property.
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Old Jul 8th 2009, 4:11 am
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Default Re: Is Australia an oversold country?

Its tough getting on here in my experiences.

I like many others thought, sod the money we want a lifestlye change. We live on the Mornington Peninsula, Victoria (been here for 5 years).
From my experiences, pay is lower, hours are longer (not that they work any harder) there's a culture here of valuing you by the hours you do and not what you actually do. You can be as lazy as hell in an office as long as you turn up early and go home late. Do you hours only and work had during that time simply is not apreciated! What a joke!

We now have 2 kids. i'd like to go back to the UK, but the wife want's to stay here for the childrens sake.
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Old Jul 8th 2009, 4:30 am
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Default Re: Is Australia an oversold country?

Originally Posted by Deancm View Post
Yours is a bit further out than mine. Mines in Canary Wharf.

If someone snaps it up for GBP500K he would have mad an 8K loss. Sounds to me as though he has taken a massive risk. Can't see him selling it right now. People can advertise a property for any price they want. Whether it sells or not is a completely different story. Let me know if the guy has sold his flat by the time you get back. I would say he will either do one of two things, rent it out and ride out the financial crisis or sell at a discounted price to break even and hopefully make a small profit.

The biggest problem is he bought it just before the crash so he has already paid an over inflated price for the property.
Couldn't agree more with you. I reckon ozsheila's mate will be lucky to get rid of that flat for GBP350k, let alone the asking price. GBP 635k for a flat in Ealing that was purchased for GBP408 last year?! Surely that's a perfect example of why you should always ignore asking prices and only look at actual sales data.
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Old Jul 8th 2009, 5:33 am
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Default Re: Is Australia an oversold country?

Originally Posted by Deancm View Post
If someone snaps it up for GBP500K he would have mad an 8K loss.
Yes, but the OP said GBP100, not GBP100K.
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Old Jul 8th 2009, 5:45 am
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Default Re: Is Australia an oversold country?

Originally Posted by Hutch View Post
Yes, but the OP said GBP100, not GBP100K.
Well if he spent GBP100 then he hasn't done anything to it and from buying a property at GBP408K to adverisise at GBP635K and going from the context of what was written I assume that GBP100K was meant but could be completely wrong. I've never seen a property market where you can buy a place and sell it after a year for over 200K profit without doing anything to it.

Last edited by Deancm; Jul 8th 2009 at 5:48 am.
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Old Jul 8th 2009, 6:05 am
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Default Re: Is Australia an oversold country?

Originally Posted by Deancm View Post
Well if he spent GBP100 then he hasn't done anything to it and from buying a property at GBP408K to adverisise at GBP635K and going from the context of what was written I assume that GBP100K was meant but could be completely wrong. I've never seen a property market where you can buy a place and sell it after a year for over 200K profit without doing anything to it.
I used to live in Bath. I've seen exactly that and more. Or how about the house we used to fund our emigration just north of Bath? Bought for £87K in 2002 - sold in 2005 for £250K. We replaced the carpets with wood-style vinyl flooring, painted the place and replaced the patio door. That was it. Place was a shoebox too - little three bedroom bungalow.
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Old Jul 8th 2009, 7:03 am
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Default Re: Is Australia an oversold country?

Originally Posted by Hutch View Post
I used to live in Bath. I've seen exactly that and more. Or how about the house we used to fund our emigration just north of Bath? Bought for £87K in 2002 - sold in 2005 for £250K. We replaced the carpets with wood-style vinyl flooring, painted the place and replaced the patio door. That was it. Place was a shoebox too - little three bedroom bungalow.
There's one major difference between your scenario and the other posters. Yours was at the peak property times when the market was going crazy and it was over a 3 year period. In the case of the OPs, the property was bought just before the property market crash and it was advertised a year later in some of the worst property market conditions ever.
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Old Jul 8th 2009, 6:22 pm
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Default Re: Is Australia an oversold country?

Originally Posted by brendarover View Post
etc.. why because we are at peak PONZI, and Ruddy boy know's it. He is doing whatever he can to keep the last PONZI going in the English speaking world. When this last PONZI goes, then the tradies go?
There are many PONZI schemes in the UK and other countries... ever stopped to think about the PONZI scheme in the UK called pensions ? Classic PONZI scheme - new guys putting money in to pay out the older investors...

Last edited by philv; Jul 8th 2009 at 6:31 pm.
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Old Jul 8th 2009, 10:03 pm
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Default Re: Is Australia an oversold country?

Get a grip, you kids could argue in an empty room
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Old Jul 8th 2009, 11:35 pm
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Default Re: Is Australia an oversold country?

Originally Posted by stuckinswansea View Post
Get a grip, you kids could argue in an empty room
No, you get a grip stuckinswansea.
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Old Jul 8th 2009, 11:38 pm
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Default Re: Is Australia an oversold country?

Pack it in the lot of you. This is a discussion forum not a boxing ring.
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