The Great Australian Property Swindle
#181
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Re: The Great Australian Property Swindle
I stated an opinion. Your own figures (dubious as they may be without proper citation or source) would suggest this is the case, except for the seemingly disfunctional unit market in Western Sydney. Your figures also only cover a ten year period which is a microscopic study where property is concerned.
#182
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Re: The Great Australian Property Swindle
This does not mean there is a shortage of dwellings in these areas, only a surplus of money. If the money supply contracts then it is very possible that the supply of available dwellings will increase.
#183
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Re: The Great Australian Property Swindle
thereby implying that there was a rule or something to be 'proved'.
OR... I used "Proved", in my reply to that, and you split hairs because you never used THAT word, you used PROVE
Anyway...
As commonly known by most people...
Inner, Middle and Outer Rings of Sydney
http://www.planning.nsw.gov.au/LinkC...language=en-AU
• Inner Ring
11 LGAs within 5 kms of the Sydney CBD: Ashfield, Botany Bay, Lane Cove, Leichhardt, Marrickville, Mosman, North Sydney, Randwick, Sydney City, Waverely and Woollahra.
• Middle Ring
15 LGAs between 5-20 kms from the Sydney CBD: Auburn, Bankstown, Burwood, Canada Bay, Canterbury, Hunters Hill, Hurstville, Kogarah, Ku-ring-gai, Manly, Parramatta, Rockdale, Ryde, Strathfield and Willoughby.
• Outer Ring
17 LGAs beyond 20 km from the Sydney CBD: Blacktown, Blue Mountains, Camden, Campbelltown, Fairfield, Gosford, Hawkesbury, Holroyd, Hornsby, Liverpool, Penrith, Pittwater, Sutherland, The Hills, Warringah, Wollondilly and Wyong.
And the data was from RPData Property Pulse
#185
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Re: The Great Australian Property Swindle
What people? There are several billion of us on this earth. How many would know the defined regions of Sydney? Nonetheless, thank you for clarifying your source.
And the data was from RPData Property Pulse
How is anyone supposed to verify your data without a RPData subscription? Or are we to trust the ABCDiamond oracle implicitly?
Last edited by Steve2009; Dec 5th 2010 at 6:06 am.
#187
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Re: The Great Australian Property Swindle
RP Data produce information often from ABS data, and others, and I often take figures from both of these as well as others, and create charts and tables from the raw data.
If It was a copy and paste as some do, then copyright permission may well be needed.
Looks like you have got us well and truly onto the subject of the validity of my information, whilst forgetting the validity of your statements.
But it is good to hear that your statements are actually only your opinion, and therefore carry no real weight.
Most of what I do can be Googled and confirmed from various sources, if one is so inclined to do so.
Then we can get back to the point in hand... what was it again ? I've forgotten
Oh yes, you believe that what is happening with 40% of Sydneys property is immaterial, because it doesn't agree with your opinion.
#188
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Re: The Great Australian Property Swindle
If you trust anyone thing on the Internet, you must have rocks in your head.
It is always best to check everything and verify as much as you can with real information, ignore opinions and speculation, as they are just that.
It is always best to check everything and verify as much as you can with real information, ignore opinions and speculation, as they are just that.
#189
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Re: The Great Australian Property Swindle
Re the Gold Coast
This weeks property pages have a "prestige" agent now boasting that top end properties are now selling for 30-40 per cent less than the vendors paid at the peak of the market in 2007 so the crash has already happened in that context.
The little 4 bed standard house in Mudgeeraba costing $450,000 in 2007 is probably still worth $450,000 with inflation slowly making it more affordable without it's dollar value changing.
This weeks property pages have a "prestige" agent now boasting that top end properties are now selling for 30-40 per cent less than the vendors paid at the peak of the market in 2007 so the crash has already happened in that context.
The little 4 bed standard house in Mudgeeraba costing $450,000 in 2007 is probably still worth $450,000 with inflation slowly making it more affordable without it's dollar value changing.
#190
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Joined: Feb 2010
Posts: 181
Re: The Great Australian Property Swindle
As a slight side issue to this very interesting discussion---please have a read of todays Sunday Times supplement.It has an article on the Irish housing boom and bust.For those of you;of a reflective disposition,it will make very salutory reading.As I read it I couldn't help but put the words Australia in instead of Ireland.Remember;Oz is the last housing boom--and may be just beginning to deflate[???].
Also see the articles put out on the web by the unconventional economist--very incisive and worrying.Zerohedge is also very good on the general world economy;or more accurately the mess it is in
Also see the articles put out on the web by the unconventional economist--very incisive and worrying.Zerohedge is also very good on the general world economy;or more accurately the mess it is in
#191
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Re: The Great Australian Property Swindle
I've always agreed that Australian property is grossly overvalued and the market is long overdue for a correction. But these price falls and their consequences... are they anything like the scale of the US and UK?
(Source).
4.8% in a quarter! Sell the farm, Bertha - we're emigrating to Brazil!
The US property crash saw price dropping more than 14% in a single month (not a quarter). Perth's decline is not even close to that.
Even if it has, why should I care? My house was not overvalued in the first place, my mortgage is less than $160,000 and I have more equity than you could throw a dog at. Bring on the property crash; it makes no difference to me.
(Source).
4.8% in a quarter! Sell the farm, Bertha - we're emigrating to Brazil!
The US property crash saw price dropping more than 14% in a single month (not a quarter). Perth's decline is not even close to that.
Even if it has, why should I care? My house was not overvalued in the first place, my mortgage is less than $160,000 and I have more equity than you could throw a dog at. Bring on the property crash; it makes no difference to me.
#192
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Joined: Nov 2009
Location: Dullsville
Posts: 672
Re: The Great Australian Property Swindle
As a slight side issue to this very interesting discussion---please have a read of todays Sunday Times supplement.It has an article on the Irish housing boom and bust.For those of you;of a reflective disposition,it will make very salutory reading.As I read it I couldn't help but put the words Australia in instead of Ireland.Remember;Oz is the last housing boom--and may be just beginning to deflate[???].
Also see the articles put out on the web by the unconventional economist--very incisive and worrying.Zerohedge is also very good on the general world economy;or more accurately the mess it is in
Also see the articles put out on the web by the unconventional economist--very incisive and worrying.Zerohedge is also very good on the general world economy;or more accurately the mess it is in
Zerohedge is ace, Tyler Durden is globally respected, top 10 finance blogs according to Wall Street Journal.
The unconventional economist has to be one of Australia's best economic bloggers, Leith van Onselen.
Another favourite of mine is House and Holes, David Llewllyn Smith, he is well respected economic journalist and occassionally writes for the Business Spectator and other main print.
http://housesandholes.blogspot.com/
#193
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Joined: Feb 2010
Posts: 181
Re: The Great Australian Property Swindle
Pomtastic--thank you for the website recommendation--will read with interest.Hope you are keeping well and christmas is not going to be to much of a strain[[its driving me potty already!!!]
#194
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Re: The Great Australian Property Swindle
That there looks remarkably like a statement of opinion.
#195
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Posts: 252
Re: The Great Australian Property Swindle
Vash: "The US property crash saw price dropping more than 14% in a single month (not a quarter). Perth's decline is not even close to that."
If thats true, I think it must be in the real speculative markets in FL, NV or AZ. I would be interested to read the source if you have it.
The US crash from my perspective was far from the precipitous fall some people make out. It started very slowly, in 2006, and didnt pick up real momentum until late 2008, at least where I was.
What I witnessed there is very like what I see in Aus now. I would compare parts of QLD to Florida, Arizona etc - lots of bad press stories, multiple anecdotes of big drops, lots of stock on the market, few buyers, clear evidence of mortgage stress etc.
Melbourne and Sydney would be more like the stable markets in the US - still buyers for good properties, bit of a stock build-up, but no great panic yet.
What happens now will be interesting to see. The govt will no doubt try to kick the can a bit further (fifth pillar etc), but it could be too late for that.
If thats true, I think it must be in the real speculative markets in FL, NV or AZ. I would be interested to read the source if you have it.
The US crash from my perspective was far from the precipitous fall some people make out. It started very slowly, in 2006, and didnt pick up real momentum until late 2008, at least where I was.
What I witnessed there is very like what I see in Aus now. I would compare parts of QLD to Florida, Arizona etc - lots of bad press stories, multiple anecdotes of big drops, lots of stock on the market, few buyers, clear evidence of mortgage stress etc.
Melbourne and Sydney would be more like the stable markets in the US - still buyers for good properties, bit of a stock build-up, but no great panic yet.
What happens now will be interesting to see. The govt will no doubt try to kick the can a bit further (fifth pillar etc), but it could be too late for that.