Re: Housing Affordability and Housing Bubble
 

I do think it still depends on the house. Near me there was a Tudor style double storey on two and a half acres and it started off at $890,000.00 over 12 months ago and dropped to $680,000.00 still did not sell, is sold now but I have no idea what they paid. However it needed someone who wanted a very specific type of house so that narrows the market considerably.

Then again a house not far away, not very large on an acre sold for $580,000.00 in two weeks. Probably too cheap.

It comes back to position, services and suitability to sell houses in this market.

Also if there are new housing estates around its cheaper to buy from a builder as you can get reduced stamp duty on house and land packages.

Up the road though there is a house on acreage I think 10 and its huge and has everything you could desire including a bowling alley and its been on the market for three years now started off at 1.5 million now its about 3 million.

To get the market moving people have to be sure of their employment and also be able to earn enough to service the loans. Serviceability has been in decline for some time now.

Re: Housing Affordability and Housing Bubble
 

True......out of curiosity went to an auction in Doncaster East for a 10yr old 4bed exec type box much like the neo-georgian things Barratt used to build in the UK.

Looked impressive in a naff way (big house/small plot) with big electric gates and fencing.

Guide was $680ish and it was selling at $750 (reserve) but 3 determined Asian buyers eventually pushed it to $830

I was amazed and left in disbelief as there's been loadsa properties that have been passed in around here.

Just 10 minutes down the road in Donvale the same $$$ would have bought a 4000 sq ft 5 bed single storey bv with pool & tennis court in an acre which has been languishing on the market since May

The agents said the Donvale property appeals to European buyers including the UK but not Asian buyers......horses for courses I suppose!

Re: Housing Affordability and Housing Bubble
 

I've took a 2.5 times cut in money from Uk to Sydney.....:blink:

Re: Housing Affordability and Housing Bubble
 

Ouch. My wife doubled her income when we moved from UK to Sydney.

I then gave up working :rofl:

Re: Housing Affordability and Housing Bubble
 

Asian buyers do go for that type of property though, had a few as clients, also they are big on the feng shui so will not have no 4 for instance, no light pole outside the house etc. My daughter has a chinese friend and her and her husband looked and looked and looked to find the right aspect and everything that was right with the property. Same with the wedding spent $100,000 on the wedding and they say that is fine as they get it all back because the guests all give money back to them.