Perth House Prices Crash
Feb 23rd 2009, 4:56 am
#1
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Perth House Prices Crash
In the city where house prices will never fall, they have fallen. Big time.
According to Rob Druitt anyone who bought after June 2006 will lose money if they sell now. I assume that this means that prices are back to mid-2006 levels.
Which makes me feel very happy because this was the earliest that I could have possibly bought in Australia.
(It's OK though because we are nearing the bottom in terms of prices according to REIWA - in spite of NAB saying last week that they were less bearish than other commentators and even they thought that the Perth market had another 10% to go down)
No rental relief as Perth crashes
According to Rob Druitt anyone who bought after June 2006 will lose money if they sell now. I assume that this means that prices are back to mid-2006 levels.
Which makes me feel very happy because this was the earliest that I could have possibly bought in Australia.
(It's OK though because we are nearing the bottom in terms of prices according to REIWA - in spite of NAB saying last week that they were less bearish than other commentators and even they thought that the Perth market had another 10% to go down)
No rental relief as Perth crashes
Feb 23rd 2009, 5:10 am
#2
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Re: Perth House Prices Crash
Can you find a copy of the West Australian Newspaper for 20th Aug 2006 ?
The headline was "WA Housing boom starts to stumble" ...
The headline was "WA Housing boom starts to stumble" ...
Feb 23rd 2009, 5:11 am
#3
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Joined: Mar 2007
Location: Perth, Wait Awhile, Oz
Posts: 122
Re: Perth House Prices Crash
In the city where house prices will never fall, they have fallen. Big time.
According to Rob Druitt anyone who bought after June 2006 will lose money if they sell now. I assume that this means that prices are back to mid-2006 levels.
Which makes me feel very happy because this was the earliest that I could have possibly bought in Australia.
(It's OK though because we are nearing the bottom in terms of prices according to REIWA - in spite of NAB saying last week that they were less bearish than other commentators and even they thought that the Perth market had another 10% to go down)
No rental relief as Perth crashes
According to Rob Druitt anyone who bought after June 2006 will lose money if they sell now. I assume that this means that prices are back to mid-2006 levels.
Which makes me feel very happy because this was the earliest that I could have possibly bought in Australia.
(It's OK though because we are nearing the bottom in terms of prices according to REIWA - in spite of NAB saying last week that they were less bearish than other commentators and even they thought that the Perth market had another 10% to go down)
No rental relief as Perth crashes
Feb 23rd 2009, 5:17 am
#4
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Feb 23rd 2009, 5:28 am
#5
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Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Perth House Prices Crash
It's different this time, house prices double every 7 years.
Feb 23rd 2009, 5:50 am
#6
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Re: Perth House Prices Crash
Perth Median House prices:
IF the doubling every 7 years was right then the figures should be:
1974 $ 18,850 it was $18,850
1981 $ 37,700 it was $43,825 up 132% in 7 years
1988 $ 75,400 it was $78,000 up 78%
1995 $150,800 it was $126,788 up 63%
2002 $301,600 it was $189,250 up 49%
2009 $603,200
What is the current Perth median price ?
IF the doubling every 7 years was right then the figures should be:
1974 $ 18,850 it was $18,850
1981 $ 37,700 it was $43,825 up 132% in 7 years
1988 $ 75,400 it was $78,000 up 78%
1995 $150,800 it was $126,788 up 63%
2002 $301,600 it was $189,250 up 49%
2009 $603,200
What is the current Perth median price ?
Feb 23rd 2009, 5:56 am
#7
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Perth House Prices Crash
Perth Median House prices:
IF the doubling every 7 years was right then the figures should be:
1974 $ 18,850 it was $18,850
1981 $ 37,700 it was $43,825 up 132% in 7 years
1988 $ 75,400 it was $78,000 up 78%
1995 $150,800 it was $126,788 up 63%
2002 $301,600 it was $189,250 up 49%
2009 $603,200
What is the current Perth median price ?
IF the doubling every 7 years was right then the figures should be:
1974 $ 18,850 it was $18,850
1981 $ 37,700 it was $43,825 up 132% in 7 years
1988 $ 75,400 it was $78,000 up 78%
1995 $150,800 it was $126,788 up 63%
2002 $301,600 it was $189,250 up 49%
2009 $603,200
What is the current Perth median price ?
in my post. I'm just quoting what everyone was telling me a few years back. They thought I was mad, now they all have investment properties they can't sell and leveraged share portfolios that are seriously causing them grief.They though I was a loony when I told them you had to be mad to invest in property or borrow money to buy shares at the time.
Feb 23rd 2009, 6:05 am
#8
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Re: Perth House Prices Crash
... *enters Bunnings ... buys length of rope ... refers to dusty Scout handbook ... ties noose* ...
Feb 23rd 2009, 6:29 am
#9
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Re: Perth House Prices Crash
I should have put a in my post. I'm just quoting what everyone was telling me a few years back. They thought I was mad, now they all have investment properties they can't sell and leveraged share portfolios that are seriously causing them grief.
They though I was a loony when I told them you had to be mad to invest in property or borrow money to buy shares at the time.
in my post. I'm just quoting what everyone was telling me a few years back. They thought I was mad, now they all have investment properties they can't sell and leveraged share portfolios that are seriously causing them grief.They though I was a loony when I told them you had to be mad to invest in property or borrow money to buy shares at the time.
They should have done some proper homework first.Looking at those 7 year group %'s dropping like that between 1974 and 2002, should have made some people a little wary.
But people get caught up, and caught out...
Feb 23rd 2009, 6:45 am
#10
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Posts: 943
Re: Perth House Prices Crash
why worry if you do not need to sell & can pay the morgage just sit back & wait prices will go back up how soon ???? but up they will go. This is why I am renting mine out in uk because I suspect (guess) uk prices to rise as Perth our still falling. The reason I am hopeing for is that the uk has a mass shortage of houseing & because of this should come out of the slump quicker than oz. Please shoot me down if you do not agree.
Feb 23rd 2009, 7:10 am
#11
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Posts: 532
Re: Perth House Prices Crash
why worry if you do not need to sell & can pay the morgage just sit back & wait prices will go back up how soon ???? but up they will go. This is why I am renting mine out in uk because I suspect (guess) uk prices to rise as Perth our still falling. The reason I am hopeing for is that the uk has a mass shortage of houseing & because of this should come out of the slump quicker than oz. Please shoot me down if you do not agree.
That means that irrespective of when house prices stop falling you will not have a return of the same credit conditions.
In short - don't hold your breath
Feb 23rd 2009, 7:23 am
#12
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Re: Perth House Prices Crash
Supply & demand are irrelevant. As your first reply said.....no more credit anymore (there's a song in there somewhere)........
After the last UK recession (89-95) houses prices dropped then stagnated for 6 years. And that one was nowhere near as bad as this time coz the banking sector wasnt *****ed !!
Enjoy the wait.
Feb 23rd 2009, 8:07 am
#13
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Joined: Jan 2004
Location: Hillarys, WA
Posts: 334
Re: Perth House Prices Crash
In the city where house prices will never fall, they have fallen. Big time.
According to Rob Druitt anyone who bought after June 2006 will lose money if they sell now. I assume that this means that prices are back to mid-2006 levels.
Which makes me feel very happy because this was the earliest that I could have possibly bought in Australia.
(It's OK though because we are nearing the bottom in terms of prices according to REIWA - in spite of NAB saying last week that they were less bearish than other commentators and even they thought that the Perth market had another 10% to go down)
No rental relief as Perth crashes
According to Rob Druitt anyone who bought after June 2006 will lose money if they sell now. I assume that this means that prices are back to mid-2006 levels.
Which makes me feel very happy because this was the earliest that I could have possibly bought in Australia.
(It's OK though because we are nearing the bottom in terms of prices according to REIWA - in spite of NAB saying last week that they were less bearish than other commentators and even they thought that the Perth market had another 10% to go down)
No rental relief as Perth crashes
It is amazing how these so called "professional" estate agents know nothing about economics or anything else for that matter... they are the very reason house price inflation reached it's dizzy heights... stoking the price fire.... Clueless B@stards.
Feb 23rd 2009, 9:54 am
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Feb 23rd 2009, 11:41 am
#15
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Posts: 351
Re: Perth House Prices Crash
why worry if you do not need to sell & can pay the morgage just sit back & wait prices will go back up how soon ???? but up they will go. This is why I am renting mine out in uk because I suspect (guess) uk prices to rise as Perth our still falling. The reason I am hopeing for is that the uk has a mass shortage of houseing & because of this should come out of the slump quicker than oz. Please shoot me down if you do not agree.