renth

It's in Sorrento. I still don't think we'll get it, too much fannying around over our house sale in the UK.

steve99

Be positive, is it not worth making some sort of offer with a condition of subject to sale of the UK property?
Put the frightners on the agent that your prepared to make a strong offer now at a realistic current price level, and he could run the risk of not taking your offer and get no others before your UK sale finalises and then your in a position to offer considerably less than you would of done now becasue the market stagnated and your now in a much stronger bargaining position than you are today, (He might buy it )
It would be a shame for you to miss out after such a lenghty search.
What ever you decide, good luck with it.

renth

Thanks Steve. Their agent rang last night and said they are about to remarket the property with a $50,000 price reduction and that they would accept an offer $100,000 less than the original asking price. So things are looking good. Not just for us but for anyone needing to buy at the moment.

I think things are definitely changing. I can't see a crash but I am confidently "top calling". I mean offering less than the asking price has been unheard of here for a number of months...

steve99

Blimey, they were trying it on were'nt they. I agree sellers are at that point where they now cant stick 5-10% additional on like they have been and get it, there now only going to sell for the sorts of prices they have already sold for over the past few months, not anything extra.
Be interesting to see if the big drop in fuel prices is maintained and what happens as we head into Summer, will we get the traditional peak in activity in the Real Estate market.

northernbird

wishing you luck Renth.

Exile

Nothing much seems to be moving in the new part of Quinns Rocks either. I suppose it could kick off again if the chances of another rate rise in November recede and everyone who has been holding off piles back into the market, but I think people have just wised up a bit and are no longer accepting the ridiculous growth rates.

Hope you get the house you're after.

mickagnew

Hi

To drop 100K, how much is the house? Seems a lot to me, are there more properties coming on the Market?

Cheers

Mick

Exile

Prices of new 4x2s (the nice ones) where we live (northern fringe of suburban Perth) were rising by around 30k per month for a few months, but seemed to have levelled off now. Falling back by 100k would just wipe out the last few months' growth. There was one house nearby that sold about a year ago for 480k, and again recently for around 680k (that was the asking price, and it sold straight away).

There seem to be a lot more houses coming on to the market, and staying on, as far as I can tell.

tucs

possibly to do with the interest rate rise and the next rise to come next month

Exile

The rate rise certainly seems to have done the trick. The jury still seems to be out on the next one. If it doesn't go up again, there could be another surge in activity, but I just think affordability has been stretched too far whatever the central bank does. Just my opinion...

tucs

Was in with the bank manager yesterday and he seems to think if it goes up again or not the damage is already done, he expects more houses to come on the market as people just cannot afford the costs of their mortgages.

sunbather

Can anyone start this thread anew with a summary as I have kind of lost track over it

NKSK version 2

I think this is the key.
People are just realising that paying $700K for a small house with not much garden in Perth is not on.

tickfollowedtock

Absolutely.

Affordability is the key, and right now, Perth simply isn't very affordable.

Climbing rates, falling commodity prices, a downturn in the US economy and a spectacular run on property prices, generally mean one thing.


Interestingly, even the real estate agents are beginning to acknowledge this, with one or two (of the more open), beginning to concede the market is in need of a readjustment.

thebears

http://www.theage.com.au/news/busine...036542918.html

We just bought an investment property (mainly for the site plot but can still be rented as is). The sellers have lost 15% on the price they paid in 2003.