Nu-Shooz

[QUOTE=BATS666;6869717][QUOTE=Nu-Shooz;6869703]Maybe the rep selling this house has been telling fibs to potential buyers, making them outbid each other, or pretending there were other bidders..... lol...

Kalenge

Typically I don't think that you need to be offering above the advertised price at the moment - it still is a buyers market. However if you look on realestate.com you will find that in the area that you are looking at (Tapping) that out of 42 houses on the market between $450 and $500, 9 are under offer (actually 10 if you include the one mentioned in this thread). That seems like quite a high proportion in the current climate.

I think I've said my piece on this thread and don't want to become embroiled with it any further, but be aware that you will always get people talking down the market in the hope that it will somehow make it more suitable for them when they are ready to buy.

People selling and people not yet in the market will always have strong opinions that suit their situation. For the best impartial advice I'd suggest that you closely monitor the movements of houses in the areas that you are interested in.

Good luck

NKSK version 2

Did anyone just hear the head of Woodside on ABC news? He said that WA will be significantly affected by the downturn and that Woodside is freezing employment.

BATS666

I have been monitoring the market for nearly 2 years. Prices have been falling for the last 12 from Freo down to Mandurah, stuff isn't selling and either sticks on the market at lasy years prices, or is taken off the market. $850K houses drop to $750K and then might sell but it's anyones guess what the actual selling price is.

Anyone who tells you that the market will pick up now, after a whole 1% interest rate drop, is either not up on current affairs or is a real estate agent.

MikeStanton

Whenever I want a laff, I head for those living the dream (groan!)

Let's look at how things are likely to pan out over the next few months.

1. We are heading for a global recession.
2. If we're incredibly lucky, most Western economies will avoid a severe recession (thanks to Britain's lead).
3. The Asian countries didn't have the lesson of the Great Depression, so God knows what'll happen with those economies, but it won't be pretty.
4. Countries that depend on these Asian tigers (stand up Oz!) will see their currency drop sharply. Even though £ has dropped significantly, the Oz $ is dropping a lot faster.

My predictions for Oz (over the next 2 years).

1. Unemployment to increase sharply.
2. Interest rates will drop, but will have little impact on employment or house prices.
3. Exchange rates will decline further. 2.6+ to the £ will be the norm.
4. House prices, especially in WA, will tank.

Oh, yes, the IMF is way too optimistic.

Now , I'll wait and tick them off..

NedKelly

Here is a great site for looking to see how long a property has been listed and at what price:-

http://www.oldlistings.com.au/real-e...ping/6065/buy/

BATS666

Interesting but badly inaccurate........

e.g.
House first listed at $1.25 million in Jan 07.
Reduced Nov 07 to $970K
Reduced Feb 08 $899K
Reduced July 08 $799K
Still for sale @ $799K.

Listed in above website as "Aug 08 $799K".
Nothing else.

Kinda disguises the reality doesn't it ??

NedKelly

How?

BATS666

Coz it doesn't show the whole picture. $1.25M down to $799K. Still on the market after 2 years.....

DrWho

Hmm... very good...

NedKelly

Maybe it's haunted?

NKSK version 2

The West Australian today ran an article with headline "Some suburbs have price increases" or suchlike.

If you read the article, it suggests disaster. House prices have fallen 10% in the last 9 months - how does this compare to the UK? (Median now at $426K)

Even Rob Druitt suggests that more falls are to come. That there's an over-supply (how can there be an over supply when there is so much in-migration?). But perhaps most concerning is that rents have stabilised and vacancy rates are up - this means that investor yields are still way too low and it seems unlikely to improve. The only way it seems for investor yields to improve?? Prices to come down.

Amongst all of this, a couple of suburbs (Joondalup north ironically) have stabilised over the last quarter - and this was made into the key headline.

nessyp

Just heard that Mr Rudd is announcing today that first time home buyers grant is going up from $7k to $14k
Interesting

NKSK version 2

I can't believe he would want to inflate an already inflated bubble.

jad n rich

First home owners grant at $14,000 around 2002 sent the property market crazy, there was a huge backlog of of applications and house prices doubled in that couple of years.

Rudd announced this morning he plans on using the budget surplus he inherited, to stimulate the economy with handouts and payments.

Thats the same money last week he claimed would protect us from the economic woes of the rest of the world. I think he needs Ritalin.