Home sellers hit by big losses.
May 4th 2009, 1:55 am
#1
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Thread Starter
Joined: Oct 2005
Location: Perth
Posts: 3,453
Home sellers hit by big losses.
http://www.thewest.com.au/default.as...ntentID=139625
The cheek of the housing industry eh?
Note this:
Gavin Hegney, of Hegney Property Group, said most homeowners who bought after 2005 would probably be suffering a loss today.
Making a quick fortune out of property was usually the exception, not the rule, he said.
“It happens 10 per cent of time . . . we just take for granted that the roof over our heads is supposed to make us money all the time when in actual fact it’s a cost like food or clothing,” Mr Hegney said.
He said property usually did not return a profit in 20 per cent of cases.
The very same people who were saying "Buy now, prices in Perth will not fall" in 2005 to 2008 (or words to that effect before ABC Diamond picks me up)
The cheek of the housing industry eh?
Note this:
Gavin Hegney, of Hegney Property Group, said most homeowners who bought after 2005 would probably be suffering a loss today.
Making a quick fortune out of property was usually the exception, not the rule, he said.
“It happens 10 per cent of time . . . we just take for granted that the roof over our heads is supposed to make us money all the time when in actual fact it’s a cost like food or clothing,” Mr Hegney said.
He said property usually did not return a profit in 20 per cent of cases.
The very same people who were saying "Buy now, prices in Perth will not fall" in 2005 to 2008 (or words to that effect before ABC Diamond picks me up)
May 4th 2009, 2:06 am
#2
Frequent Flyer Member
Joined: Jun 2007
Location: Melbourne
Posts: 10,994
Re: Home sellers hit by big losses.
The headlines in the Melbourne papers at the weekend were about the 15% fall in median home prices in the past 15 months (since peak).
http://www.news.com.au/heraldsun/sto...25-661,00.html
Of course that doesn't tell the whole story. The FHOG boost has done a great job of increasing prices in affordable areas - in many cases by more than the value of the combined federal + state grants themselves.......way to go FHOG - great policy, not!
http://www.news.com.au/heraldsun/sto...25-661,00.html
Of course that doesn't tell the whole story. The FHOG boost has done a great job of increasing prices in affordable areas - in many cases by more than the value of the combined federal + state grants themselves.......way to go FHOG - great policy, not!
