OZ BOOM is over?...house prices falling & rates might drop
Jun 10th 2010, 6:37 am
#376
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Joined: Mar 2009
Posts: 1,412
Re: OZ BOOM is over?...house prices falling & rates might drop
Where is the balance to the people standing on street corners? Do you stand next to them countering their views? Your position on the value and credibility of opinions on the site seems inconsistent.
Jun 10th 2010, 6:43 am
#377
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: OZ BOOM is over?...house prices falling & rates might drop
because there is no balance to the views of many of the folks who post in these kind of threads, and I find it quite amusing to read their posts. They convince themselves that they have the answer and then hunt down evidence to support their position. Things are black and white for them, never grey.
I reckon house prices are going to go down on average. Some more than others. And some will go up. But unlike some people, I don't spend months/years on internet forums dredging up evidence to support my position, and waiting for the event to occur. If there is evidence to the contrary, I would read and consider it.
Think of it this way. When the weather reporter reads out the forecast, they are usually pretty fair.... they will talk about the rainy areas and the sunny areas too. They don't just focus on their home town. They don't just report weather for the sunny bits. Why ? Because everyone would know that they are rubbish at forecasting the weather, and everyone would ignore them.
All these threads about interest rates, house prices, exchange rates, renting vs buying etc., too often stink of people who are desperate for something to happen. A fall in prices. A rise in prices. I just find it all very annoying. But I still can't take my eyes off it, like a terrible sitcom.
I reckon house prices are going to go down on average. Some more than others. And some will go up. But unlike some people, I don't spend months/years on internet forums dredging up evidence to support my position, and waiting for the event to occur. If there is evidence to the contrary, I would read and consider it.
Think of it this way. When the weather reporter reads out the forecast, they are usually pretty fair.... they will talk about the rainy areas and the sunny areas too. They don't just focus on their home town. They don't just report weather for the sunny bits. Why ? Because everyone would know that they are rubbish at forecasting the weather, and everyone would ignore them.
All these threads about interest rates, house prices, exchange rates, renting vs buying etc., too often stink of people who are desperate for something to happen. A fall in prices. A rise in prices. I just find it all very annoying. But I still can't take my eyes off it, like a terrible sitcom.
Jun 10th 2010, 6:52 am
#378
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: OZ BOOM is over?...house prices falling & rates might drop
Where is the balance to the people standing on street corners? Do you stand next to them countering their views? Your position on the value and credibility of opinions on the site seems inconsistent.
come now, stop arguing amongst yourself.
Jun 10th 2010, 6:54 am
#379
BE Forum Addict
Joined: Mar 2009
Posts: 1,412
Re: OZ BOOM is over?...house prices falling & rates might drop
There is no shortage of commentary claiming that Aussie house prices will continue to go up or have a soft landing. It's great that there are those willing to provide some balance. I'm very thankful that a couple of years ago when I decided to buy a house in Dublin that I found forums where I found some balanced debate on the subject. As a result I'm a lot more wealthy than I would have been and I'm literally on the pig's back at the moment, thank god.
Jun 10th 2010, 7:09 am
#380
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Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Re: OZ BOOM is over?...house prices falling & rates might drop
I heard that from peeps who have over 90% of their wealth invested in RE. Talk about concentration risk. To be fair though, their investments have done well so far. It can get tiresome when every conversation invariably leads to us hearing what their properties are currently worth.
The problem is a lot of people that do tend to get rather emotionally attached to their investments (especially here). I have investments in RE too, but only around 10% of my total portfolio and I certainly don't keep banging on about what they are worth or how well my investments have done. At least I don't have to worry about "paying rent in my 60's, 70's or 80's"....
The problem is a lot of people that do tend to get rather emotionally attached to their investments (especially here). I have investments in RE too, but only around 10% of my total portfolio and I certainly don't keep banging on about what they are worth or how well my investments have done. At least I don't have to worry about "paying rent in my 60's, 70's or 80's"....
Jun 10th 2010, 11:50 am
#381
Has left the building
Joined: Mar 2007
Posts: 4,079
Re: OZ BOOM is over?...house prices falling & rates might drop
Most people want what they aren't prepared to work for and thus are annoyed when others achieve through self sacrifice. Hunting for excuses to make themselves sleep better.
Jun 10th 2010, 11:57 am
#382
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Joined: Mar 2009
Posts: 1,412
Re: OZ BOOM is over?...house prices falling & rates might drop
Because anyone who doesn't follow the gospel according to property is bitter and twisted and a failure t life in general. I've heard it all before. I'd say those people got what that deserved but I'm not that insensitive. I'm doing great thanks and could probably buy the property I rent for mostly cash in the morning.
Jun 10th 2010, 11:59 am
#383
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Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: OZ BOOM is over?...house prices falling & rates might drop
You pays your money & takes your choice, there's extremes on both sides but at this stage no-one knows how things will turn out.
Jun 10th 2010, 12:10 pm
#384
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Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: OZ BOOM is over?...house prices falling & rates might drop
You're partially right thought, I for one don't exactly post about that I want to happen, but rather what I expect to happen, right or wrong I've made investment decisions on that basis alone. I'd love to buy a house right now rather than renting, and I could afford to do so, but right now (again right or wrong) I don't think its a good time to do so, and for the first time in about 15 years I don't own property, I was lucky enough to profit from the property boom like many others of my age. I will buy again but not until I think the time is right.
Last edited by freebo; Jun 10th 2010 at 12:22 pm.
Jun 10th 2010, 12:53 pm
#385
Proudly Deplorable
Joined: May 2003
Location: Alloha snack bar
Posts: 24,246
Re: OZ BOOM is over?...house prices falling & rates might drop
Economic outcomes are virtually impossible to predict due to human nature, geopolitical decisions, luck, bad luck etc.
Most economists get it wrong, or partly right.
A few get it right sometimes but then get it wrong.
None of them get it right all of the times.
Therefore: It's pointless.
I don't try and predict what is going to happen to property prices as I, like you and everyone else on here (and professional 'experts' for that matter) don't know what is going to happen. It's a pointless exercise.
I do reserve the right though to post the occasional sarcastic comment.
Jun 10th 2010, 9:51 pm
#386
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Joined: Apr 2005
Location: Melbourne
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Re: OZ BOOM is over?...house prices falling & rates might drop
Like Steve and Freebo, I can buy any house I like in my neighbourhood whenever I want to (without a mortgage btw). I retired before hitting 40, so I haven't done too bad for an "arm chair economist"
Jun 10th 2010, 10:27 pm
#387
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Joined: Nov 2004
Posts: 2,584
Re: OZ BOOM is over?...house prices falling & rates might drop
Mermaid Beach property bubble bursts
http://www.goldcoast.com.au/article/...oast-news.html
"It comes after the area's median home price also fell by 40 per cent between September 2008 and Christmas 2009, while the Gold Coast as a whole decreased by just 7 per cent following the global financial crisis.
Figures provided by RPdata show the median house price at Mermaid Beach peaked at $1,642,638 before crashing to just below $1 million."
http://www.goldcoast.com.au/article/...oast-news.html
"It comes after the area's median home price also fell by 40 per cent between September 2008 and Christmas 2009, while the Gold Coast as a whole decreased by just 7 per cent following the global financial crisis.
Figures provided by RPdata show the median house price at Mermaid Beach peaked at $1,642,638 before crashing to just below $1 million."
Jun 10th 2010, 11:40 pm
#388
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: OZ BOOM is over?...house prices falling & rates might drop
Mermaid Beach property bubble bursts
http://www.goldcoast.com.au/article/...oast-news.html
"It comes after the area's median home price also fell by 40 per cent between September 2008 and Christmas 2009, while the Gold Coast as a whole decreased by just 7 per cent following the global financial crisis.
Figures provided by RPdata show the median house price at Mermaid Beach peaked at $1,642,638 before crashing to just below $1 million."
http://www.goldcoast.com.au/article/...oast-news.html
"It comes after the area's median home price also fell by 40 per cent between September 2008 and Christmas 2009, while the Gold Coast as a whole decreased by just 7 per cent following the global financial crisis.
Figures provided by RPdata show the median house price at Mermaid Beach peaked at $1,642,638 before crashing to just below $1 million."
Of course not.
However if you were to show me the average for like-for-like sales, and it turned out that there was a drop of only 10% or 20%, then I might agree with you.
Jun 11th 2010, 12:47 am
#389
Worongary
Joined: Sep 2005
Location: GC hinterland
Posts: 10,288
Re: OZ BOOM is over?...house prices falling & rates might drop
Mermaid Beach property bubble bursts
http://www.goldcoast.com.au/article/...oast-news.html
"It comes after the area's median home price also fell by 40 per cent between September 2008 and Christmas 2009, while the Gold Coast as a whole decreased by just 7 per cent following the global financial crisis.
Figures provided by RPdata show the median house price at Mermaid Beach peaked at $1,642,638 before crashing to just below $1 million."
http://www.goldcoast.com.au/article/...oast-news.html
"It comes after the area's median home price also fell by 40 per cent between September 2008 and Christmas 2009, while the Gold Coast as a whole decreased by just 7 per cent following the global financial crisis.
Figures provided by RPdata show the median house price at Mermaid Beach peaked at $1,642,638 before crashing to just below $1 million."
hedges ave where people with far far more money than brains have been fighting to buy property and paying way over the top for it
it isnt unusual to here of a house at 4 or 8 or even 10 million along that paticular avenue, one guy bought two together and knocked them both down to build a 20million dollar home ( mad if ask me the area not that great ) so it wouldnt surprise me one bit to hear that its had such an impact onthe median prices,
back in the real world however i would say that prices have generally risen slowly over the last two years, but hey what do i know i only live here
regards steve
Jun 11th 2010, 5:16 am
#390
BE Enthusiast
Joined: Nov 2009
Location: Dullsville
Posts: 672
Re: OZ BOOM is over?...house prices falling & rates might drop
The decline in Perth house prices is on .......
Price Plunge in Posh Suburbs
Today's discount is tomorrow's asking price.
Price Plunge in Posh Suburbs
Today's discount is tomorrow's asking price.