House prices to fall moderately
Jan 25th 2011, 2:10 am
#16
Melbourne - NE suburbs
Joined: Jun 2008
Posts: 1,032
Re: House prices to fall moderately
That is what has transpired over the last several years in Ireland and the UK, but in the 'nice' areas of Australia (where there is ongoing high demand as they are the places everyone wants to live), that does not yet seem to be the case.
Jan 25th 2011, 2:12 am
#17
BE Forum Addict
Joined: Mar 2009
Posts: 1,412
Re: House prices to fall moderately
I see some of the guys who were in a rush to buy a 'family home' in Ireland in the aftermath of the peak. I can't decide whether these guys have been effected more spiritually and emotionally than the guys who bought before the peak but they are absolutely kicking themselves. 20% off peak 'asking prices' seems like a bargain until 'selling prices' are 40% odd off peak 'selling prices'.
Jan 25th 2011, 4:07 am
#18
Account Closed
Joined: Jul 2006
Posts: 14,188
Re: House prices to fall moderately
Have you ever heard the expression "to catch a falling knife". None of us knows what's going to happen but just be careful and be absolutely certain of your priorities.
I see some of the guys who were in a rush to buy a 'family home' in Ireland in the aftermath of the peak. I can't decide whether these guys have been effected more spiritually and emotionally than the guys who bought before the peak but they are absolutely kicking themselves. 20% off peak 'asking prices' seems like a bargain until 'selling prices' are 40% odd off peak 'selling prices'.
I see some of the guys who were in a rush to buy a 'family home' in Ireland in the aftermath of the peak. I can't decide whether these guys have been effected more spiritually and emotionally than the guys who bought before the peak but they are absolutely kicking themselves. 20% off peak 'asking prices' seems like a bargain until 'selling prices' are 40% odd off peak 'selling prices'.
Jan 25th 2011, 4:11 am
#19
Proudly Deplorable
Joined: May 2003
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Jan 25th 2011, 4:11 am
#20
Proudly Deplorable
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Jan 25th 2011, 4:37 am
#21
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Joined: Mar 2009
Posts: 1,412
Re: House prices to fall moderately
Quality contributions from the peanut gallery as per usual. Trolling is the term I believe.
Jan 25th 2011, 4:43 am
#22
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Jan 25th 2011, 4:49 am
#23
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
Re: House prices to fall moderately
I believe so. Its ok for an agent to tell you how much to market your property for.....BUT if you cant get a buyer at that price, then clearly its not worth that price.....Agents only go on whats sold around you in the last 6 months, however when a glut of similar properties flood the market it gets harder to sustain a higher price....and down they come...
On the flip side, we sold our last property for more than we thought, we had 6 offers in the first weekend, even the agent was shocked...so that house was worth more than we thought people were prepared to pay...
Its a funny old game
On the flip side, we sold our last property for more than we thought, we had 6 offers in the first weekend, even the agent was shocked...so that house was worth more than we thought people were prepared to pay...
Its a funny old game
Jan 25th 2011, 5:45 am
#25
Mostly Harmless
Joined: Jan 2010
Location: Semi-rural wonderworld, Brisbane
Posts: 15,109
Re: House prices to fall moderately
Last edited by DeadVim; Jan 25th 2011 at 5:49 am.
Jan 25th 2011, 5:47 am
#26
Account Closed
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Posts: 14,188
Re: House prices to fall moderately
Come to Logan ... so rough even the floods won't visit ...
http://lh5.ggpht.com/_WOYWtdWM5zQ/S6...g/IMG_0795.JPG
http://lh5.ggpht.com/_WOYWtdWM5zQ/S6...g/IMG_0795.JPG
Jan 25th 2011, 5:49 am
#27
Mostly Harmless
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Location: Semi-rural wonderworld, Brisbane
Posts: 15,109
Jan 25th 2011, 9:53 am
#28
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Joined: Sep 2006
Posts: 4,374
Re: House prices to fall moderately
, so much so i have been reading crap about the house prices falling for 4 years, and conclude that i could've afforded a small, modest property 4 years ago, and can definately now afford bugger all, what frightens me now , is the thought that perhaps in the next 4 years i wont be able to afford the rent either
Jan 25th 2011, 10:13 am
#29
BE Forum Addict
Joined: Mar 2009
Posts: 1,412
Re: House prices to fall moderately
Me too, am always hanging around the property threads, so much so i have been reading crap about the house prices falling for 4 years, and conclude that i could've afforded a small, modest property 4 years ago, and can definately now afford bugger all, what frightens me now , is the thought that perhaps in the next 4 years i wont be able to afford the rent either
, so much so i have been reading crap about the house prices falling for 4 years, and conclude that i could've afforded a small, modest property 4 years ago, and can definately now afford bugger all, what frightens me now , is the thought that perhaps in the next 4 years i wont be able to afford the rent either
Jan 25th 2011, 10:37 am
#30
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Joined: Oct 2008
Location: Sydney
Posts: 992
Re: House prices to fall moderately
Unfortunately, that only gets a result as long as there is not someone else out there willing to pay the asking price.....It is only when EVERYONE becomes unwilling to pay that price that the seller must then start lowering their expectation.
That is what has transpired over the last several years in Ireland and the UK, but in the 'nice' areas of Australia (where there is ongoing high demand as they are the places everyone wants to live), that does not yet seem to be the case.
That is what has transpired over the last several years in Ireland and the UK, but in the 'nice' areas of Australia (where there is ongoing high demand as they are the places everyone wants to live), that does not yet seem to be the case.
There are plenty of Australians willing to pay 9 times their income for a house but their mortgage is only 2.5 -3 times their income, they have the luxury to have plenty of equity in real $$ and not Pommie Peso's.