House prices fall as RBA interest rate hikes bite
Is it good news?...
"Analyst said strong fundamentals of solid population growth, average mortgage interest rates, a willingness of banks to lend for homes and low unemployment would help to bring about a soft landing for house prices over coming months." "But experts say there is unlikely to be a significant downturn - as constantly predicted by a range of overseas experts - because of a national housing shortage." - I guess it's a good job the property market isn't full off investors who might take flight in a fall occurs. |
Re: House prices fall as RBA interest rate hikes bite
What about the figures ?
House Prices rise as RBA interest rate hikes bite...
However, average Prices across the nation's capital cities fell 0.7 per cent, latest research from RP Data shows. But experts say there is unlikely to be a significant downturn ... Perth however, recorded a fall in value over June at -2.5%.[/I] Perth appears to have dragged down the overall figures. |
Re: House prices fall as RBA interest rate hikes bite
Property is going through the roof in Adelaide. That 1.1% rise was last quarter, it hasn't slowed at all. We are lookimg ofr a house right now and are being priced of some areas. I rent in Glenelg but cannot afford to buy here.
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Re: House prices fall as RBA interest rate hikes bite
And so the great house price correction in Australia begins...I've seen it first hand in the UK and the USA and now I shall watch it unfold in Oz over the next few years.
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Re: House prices fall as RBA interest rate hikes bite
Originally Posted by OzExpat
(Post 8740635)
And so the great house price correction in Australia begins...I've seen it first hand in the UK and the USA and now I shall watch it unfold in Oz over the next few years.
your not a politician are you? |
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by steve`o
(Post 8741219)
i see the art of muttering words without saying anything isnt dead ;)
your not a politician are you? |
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by rab
(Post 8740461)
Property is going through the roof in Adelaide. That 1.1% rise was last quarter, it hasn't slowed at all. We are lookimg ofr a house right now and are being priced of some areas. I rent in Glenelg but cannot afford to buy here.
A spacial lot: http://img841.imageshack.us/img841/9518/lotb.jpg |
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by OzExpat
(Post 8740635)
And so the great house price correction in Australia begins...I've seen it first hand in the UK and the USA and now I shall watch it unfold in Oz over the next few years.
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Re: House prices fall as RBA interest rate hikes bite
Originally Posted by markbhx
(Post 8741446)
I can't wait, my savings are lying in wait like a predator ready to strike :-) All we need is the words "there she blows" following by a panic property sell off
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Re: House prices fall as RBA interest rate hikes bite
Originally Posted by man_called_Horse
(Post 8741471)
Yeah I reckon if you play your cards right you might get a good deal in the Perth Market.
Country Multiplier Australia 6.6 New Zealand 6.0 Ireland 5.7 UK 5.5 USA 3.7 Canada 3.2 |
Re: House prices fall as RBA interest rate hikes bite
If the prices go up the doomsters say we're buggered.
If the prices go down the doomsters say we're buggered. We're all doomed. :lol: |
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by markbhx
(Post 8741503)
Median House Price to Median Household Income. This was from 2007. I think Australia is now up to 7.5 income multiplier and US is down to 2.8. I couldn't find new figures for 2010
Country Multiplier Australia 6.6 New Zealand 6.0 Ireland 5.7 UK 5.5 USA 3.7 Canada 3.2
And based on that, together with the average home buyers having an income of $100,000+. It doesn't seem that the multiples quoted will affect those average buyers. |
Re: House prices fall as RBA interest rate hikes bite
Originally Posted by ABCDiamond
(Post 8741556)
And based on that, together with the average home buyers having an income of $100,000+. It doesn't seem that the multiples quoted will affect those average buyers.
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Re: House prices fall as RBA interest rate hikes bite
Originally Posted by Centurion
(Post 8741621)
But you are then suggesting by extension that Australia has one of the lowest multipliers of the western world which isn't correct.
But it will be an interesting exercise for me :thumbup: |
Re: House prices fall as RBA interest rate hikes bite
Actually the UK one was quite easy to find:
May 2009 £112,000 : Average new mortgage for house purchase £40,000 : Average income of new mortgage holders A similar % to Australia. Both being about 2.8 times the income for the average buyers. |
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