Australian Housing Market
Nov 12th 2003, 5:38 pm
#1
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Australian Housing Market
Not sure how closely anyone is following the Aussie housing market, I am sure that a lot of your are very keen observers. Just wondering what your take on the current situation is.
I have followed the Canberra market very closely for the past 6 months or so and have noted in the past 4-6 weeks that the market has turned. Houses in areas that were previously selling within a week for ridiculous prices are still available 6 weeks later. Also a lot of stock on the market is getting marked down if it hasn't sold within a month. More houses are failing at auction and it seems they are even reducing their prices after sitting around for a while.
So I am of the mind that it is becoming a buyer's market which is good for those of us looking to buy.
Of course this will vary from State to State, I doubt if much will change in south-east Queensland and Sydney. However think we may see a reduction in the number of auctions as both Sydney and Melbourne have been having low clearance rates lately which is probably linked to people having unrealistic expectations of what the value of their property is. Add in the interest rate rise this week, the one expected in the next few months and things are looking rosy for buyers.
I have followed the Canberra market very closely for the past 6 months or so and have noted in the past 4-6 weeks that the market has turned. Houses in areas that were previously selling within a week for ridiculous prices are still available 6 weeks later. Also a lot of stock on the market is getting marked down if it hasn't sold within a month. More houses are failing at auction and it seems they are even reducing their prices after sitting around for a while.
So I am of the mind that it is becoming a buyer's market which is good for those of us looking to buy.
Of course this will vary from State to State, I doubt if much will change in south-east Queensland and Sydney. However think we may see a reduction in the number of auctions as both Sydney and Melbourne have been having low clearance rates lately which is probably linked to people having unrealistic expectations of what the value of their property is. Add in the interest rate rise this week, the one expected in the next few months and things are looking rosy for buyers.
Nov 12th 2003, 7:46 pm
#2
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Re: Australian Housing Market
What I have seen in OZ from my time here. When rates move, or some "situation" happens (like the war), Aussies sit on the fence and see what happens, theres a lull.
Then theres a realisation that they still have to live somewhere or acceptance that interest rates are still very low anyway, its like oh well life goes on. Seen it happen many times.
Plus its what 8 weeks till Christmas, traditionally not a time to buy or sell here, we are coming up to the long school holidays this is when people take their main holiday, not really a moving time here anyway.
I dont know the Canberra market tho, but thats what happens up here.
Then theres a realisation that they still have to live somewhere or acceptance that interest rates are still very low anyway, its like oh well life goes on. Seen it happen many times.
Plus its what 8 weeks till Christmas, traditionally not a time to buy or sell here, we are coming up to the long school holidays this is when people take their main holiday, not really a moving time here anyway.
I dont know the Canberra market tho, but thats what happens up here.
Nov 12th 2003, 7:46 pm
#3
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yippee!!!!!
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Nov 12th 2003, 8:11 pm
#4
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Re: Australian Housing Market
Originally posted by Vicky88
Not sure how closely anyone is following the Aussie housing market, I am sure that a lot of your are very keen observers. Just wondering what your take on the current situation is.
I have followed the Canberra market very closely for the past 6 months or so and have noted in the past 4-6 weeks that the market has turned. Houses in areas that were previously selling within a week for ridiculous prices are still available 6 weeks later. Also a lot of stock on the market is getting marked down if it hasn't sold within a month. More houses are failing at auction and it seems they are even reducing their prices after sitting around for a while.
So I am of the mind that it is becoming a buyer's market which is good for those of us looking to buy.
Of course this will vary from State to State, I doubt if much will change in south-east Queensland and Sydney. However think we may see a reduction in the number of auctions as both Sydney and Melbourne have been having low clearance rates lately which is probably linked to people having unrealistic expectations of what the value of their property is. Add in the interest rate rise this week, the one expected in the next few months and things are looking rosy for buyers.
Not sure how closely anyone is following the Aussie housing market, I am sure that a lot of your are very keen observers. Just wondering what your take on the current situation is.
I have followed the Canberra market very closely for the past 6 months or so and have noted in the past 4-6 weeks that the market has turned. Houses in areas that were previously selling within a week for ridiculous prices are still available 6 weeks later. Also a lot of stock on the market is getting marked down if it hasn't sold within a month. More houses are failing at auction and it seems they are even reducing their prices after sitting around for a while.
So I am of the mind that it is becoming a buyer's market which is good for those of us looking to buy.
Of course this will vary from State to State, I doubt if much will change in south-east Queensland and Sydney. However think we may see a reduction in the number of auctions as both Sydney and Melbourne have been having low clearance rates lately which is probably linked to people having unrealistic expectations of what the value of their property is. Add in the interest rate rise this week, the one expected in the next few months and things are looking rosy for buyers.
Nov 12th 2003, 8:21 pm
#5
life begins again...
Joined: Jul 2003
Location: doncaster..then scunny... now canberra.
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Re: Australian Housing Market
Hi vicky!
I can't believe it... someone else going to canberra. I was starting to think i was alone on here!
I must admit i've not been keeping an eye on property over there though, it was starting to get too depressing! It would be perfect if the market did change for the better, it has to crack sooner or later... please.... hasn't it???
all the best
Leigh
I can't believe it... someone else going to canberra. I was starting to think i was alone on here!
I must admit i've not been keeping an eye on property over there though, it was starting to get too depressing! It would be perfect if the market did change for the better, it has to crack sooner or later... please.... hasn't it???
all the best
Leigh
Originally posted by Vicky88
Not sure how closely anyone is following the Aussie housing market, I am sure that a lot of your are very keen observers. Just wondering what your take on the current situation is.
I have followed the Canberra market very closely for the past 6 months or so and have noted in the past 4-6 weeks that the market has turned. Houses in areas that were previously selling within a week for ridiculous prices are still available 6 weeks later. Also a lot of stock on the market is getting marked down if it hasn't sold within a month. More houses are failing at auction and it seems they are even reducing their prices after sitting around for a while.
So I am of the mind that it is becoming a buyer's market which is good for those of us looking to buy.
Of course this will vary from State to State, I doubt if much will change in south-east Queensland and Sydney. However think we may see a reduction in the number of auctions as both Sydney and Melbourne have been having low clearance rates lately which is probably linked to people having unrealistic expectations of what the value of their property is. Add in the interest rate rise this week, the one expected in the next few months and things are looking rosy for buyers.
Not sure how closely anyone is following the Aussie housing market, I am sure that a lot of your are very keen observers. Just wondering what your take on the current situation is.
I have followed the Canberra market very closely for the past 6 months or so and have noted in the past 4-6 weeks that the market has turned. Houses in areas that were previously selling within a week for ridiculous prices are still available 6 weeks later. Also a lot of stock on the market is getting marked down if it hasn't sold within a month. More houses are failing at auction and it seems they are even reducing their prices after sitting around for a while.
So I am of the mind that it is becoming a buyer's market which is good for those of us looking to buy.
Of course this will vary from State to State, I doubt if much will change in south-east Queensland and Sydney. However think we may see a reduction in the number of auctions as both Sydney and Melbourne have been having low clearance rates lately which is probably linked to people having unrealistic expectations of what the value of their property is. Add in the interest rate rise this week, the one expected in the next few months and things are looking rosy for buyers.
Nov 12th 2003, 8:43 pm
#6
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Leigh,
I believe it has definitely cracked in Canberra. Do you know whereabouts you plan on living? Have you taken a look at this site which is the best for real estate in the ACT.
http://allhomes.com.au/c/ah?a=buy
You know the best thing about the market swinging in favour of buyers is all those real estate agents who have been total pricks to buyers over the past few years are going to have to learn to be nice. By that I mean the idiots who can't be bothered returning calls or just being so arrogant. It really is a case of karma coming back to bit them in the ar$e.
I believe it has definitely cracked in Canberra. Do you know whereabouts you plan on living? Have you taken a look at this site which is the best for real estate in the ACT.
http://allhomes.com.au/c/ah?a=buy
You know the best thing about the market swinging in favour of buyers is all those real estate agents who have been total pricks to buyers over the past few years are going to have to learn to be nice. By that I mean the idiots who can't be bothered returning calls or just being so arrogant. It really is a case of karma coming back to bit them in the ar$e.
Nov 12th 2003, 9:20 pm
#7
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Joined: Jul 2003
Location: doncaster..then scunny... now canberra.
Posts: 1,790
hi vicky
i haven't had much of a look around canberra yet so i'm not sure where i want to settle. I had a bit of a drive round back in 2001 when i was last there, but i wasn't exactly thinking of migrating back then.
I did start doing a bit of research a few weeks back but it started to get me down when i sat and thought about it too much. I figured i'll take the housing situation more seriously when i do finally get my visa. Knowing me i'll leave it til i arrive and take it as it comes!
The only thing i do know at the moment is that i'm going to canberra, i've got friends and hopefully a job there. They live in,... erm.. oh god how do you spell it... tuggeranong? yeah i had to check it though lol. So i'll start there on arrival and explore outwards. I spent a few weeks visiting back in 2001 and loved the place! I knew i had to live there. Have you been before? A lot of peope say it's a boring place and most wouldn't go there if you paid them, or at least that's the impression i get. Personally i don't see it, but i guess it's what you're used to. What made you decide on canberra?
I don't think i could afford somewhere in tuggeranong, i get the feeling i'm going to have to look further out in the bush before i can afford much. That is of course unless the houseing market comes crashing down between now and then... well i can dream. If not i'll be renting until i get myself sorted out.
I think my first year at least will be spent moving around renting here and there until i find somewhere i want to stay. Or at least buy. WHo knows if i find it difficult to get a job, i may up roots and go to melbourne or sydney.
So how's your planning coming on? are you far down the road to getting your visa? I'm really just on the first run of the ladder having just got my skills past and my application sent off. A long time i wait!
anyway, thanks for the link.
Leigh
i haven't had much of a look around canberra yet so i'm not sure where i want to settle. I had a bit of a drive round back in 2001 when i was last there, but i wasn't exactly thinking of migrating back then.
I did start doing a bit of research a few weeks back but it started to get me down when i sat and thought about it too much. I figured i'll take the housing situation more seriously when i do finally get my visa. Knowing me i'll leave it til i arrive and take it as it comes!
The only thing i do know at the moment is that i'm going to canberra, i've got friends and hopefully a job there. They live in,... erm.. oh god how do you spell it... tuggeranong? yeah i had to check it though lol. So i'll start there on arrival and explore outwards. I spent a few weeks visiting back in 2001 and loved the place! I knew i had to live there. Have you been before? A lot of peope say it's a boring place and most wouldn't go there if you paid them, or at least that's the impression i get. Personally i don't see it, but i guess it's what you're used to. What made you decide on canberra?
I don't think i could afford somewhere in tuggeranong, i get the feeling i'm going to have to look further out in the bush before i can afford much. That is of course unless the houseing market comes crashing down between now and then... well i can dream. If not i'll be renting until i get myself sorted out.
I think my first year at least will be spent moving around renting here and there until i find somewhere i want to stay. Or at least buy. WHo knows if i find it difficult to get a job, i may up roots and go to melbourne or sydney.
So how's your planning coming on? are you far down the road to getting your visa? I'm really just on the first run of the ladder having just got my skills past and my application sent off. A long time i wait!
anyway, thanks for the link.
Leigh
Originally posted by Vicky88
Leigh,
I believe it has definitely cracked in Canberra. Do you know whereabouts you plan on living? Have you taken a look at this site which is the best for real estate in the ACT.
http://allhomes.com.au/c/ah?a=buy
You know the best thing about the market swinging in favour of buyers is all those real estate agents who have been total pricks to buyers over the past few years are going to have to learn to be nice. By that I mean the idiots who can't be bothered returning calls or just being so arrogant. It really is a case of karma coming back to bit them in the ar$e.
Leigh,
I believe it has definitely cracked in Canberra. Do you know whereabouts you plan on living? Have you taken a look at this site which is the best for real estate in the ACT.
http://allhomes.com.au/c/ah?a=buy
You know the best thing about the market swinging in favour of buyers is all those real estate agents who have been total pricks to buyers over the past few years are going to have to learn to be nice. By that I mean the idiots who can't be bothered returning calls or just being so arrogant. It really is a case of karma coming back to bit them in the ar$e.
