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Perth House Prices Plummet

Perth House Prices Plummet

Old May 4th 2009, 7:13 am
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Default Re: Perth House Prices Plummet

Originally Posted by Stu Ward View Post
If im reading it right, the Y axis is an index, therefore a national average.
Meaning that Sydney has stayed in tune with the norm, whereas Perth has increased greater than the norm.

If average house prices doubled nationally, but so did Sydney's then they would show no movement

Stu
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Old May 4th 2009, 7:19 am
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Default Re: Perth House Prices Plummet

Originally Posted by ABCDiamond View Post
They still have some way to go if they are ever to drop back in line with where they were in 2002 compared to Sydney...

http://www.britzinoz.com/images/hous...stablished.jpg
What's your source mate
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Old May 4th 2009, 8:26 am
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Default Re: Perth House Prices Plummet

Originally Posted by sonlymewalter View Post
What's your source mate
The ABS stats that came out this morning.

I have just extrapulated the following aswell, to show the index of New Property price movements from 1987

 
Old May 4th 2009, 8:28 am
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Default Re: Perth House Prices Plummet

Originally Posted by northernlights View Post
Amazing how Sydney prices have stayed the same over the last 5 years, even throughout 'the boom'.
Sydneys boom ended, as far as I can tell, in 2003. I know of properties that still haven't got back up to their 2003 values.
 
Old May 4th 2009, 8:35 am
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Default Re: Perth House Prices Plummet

Originally Posted by ABCDiamond View Post
The ABS stats that came out this morning.

I have just extrapulated the following aswell, to show the index of New Property price movements from 1987

http://www.britzinoz.com/images/new-...009-growth.jpg
Maybe put your source in bracketts in the title so people know

New property graph is surprising - Hobart new property prices grown more than Brissy?
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Old May 4th 2009, 8:41 am
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Default Re: Perth House Prices Plummet

Originally Posted by Dorutland View Post
Hi From this graph, does one assume that Sydney prices have been stable - ie: no increase or that Perth prices as a ratio of Sydney prices have gone up. If the latter, I am a little unsure as to why the Sydney prices vary from 100. Cheers
To show Perth against Sydney, with the average of all 8 capital cities in between:

 
Old May 4th 2009, 8:44 am
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Default Re: Perth House Prices Plummet

Originally Posted by sonlymewalter View Post
New property graph is surprising - Hobart new property prices grown more than Brissy?
I was wondering that aswell.

Maybe the type of new housing in Tasmania has changed from 1987 ( tin shacks ?) to 4 bed McMansions in more recent years ?

I think that property in Tassy was very cheap back then, but has closed the gap a bit.
 
Old May 4th 2009, 8:48 am
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Default Re: Perth House Prices Plummet

Originally Posted by ABCDiamond View Post
I was wondering that aswell.

Maybe the type of new housing in Tasmania has changed from 1987 ( tin shacks ?) to 4 bed McMansions in more recent years ?

I think that property in Tassy was very cheap back then, but has closed the gap a bit.
Ummmm.....I often find stats are pending on other variables such as economic factors so it stands to reason with the mining boom that Perth prices have grown. Not so sure about Hobart though

Does the background info explain why these figs are like this mate? Difficult to understand or challenge the stats unless we know what's behind them

ABC...you are the only chap I know who does graphs cos you want to rather than have to

What would we do without you
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Old May 4th 2009, 8:59 am
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Default Re: Perth House Prices Plummet

75% of statistics are lies

Reiwa has stated they saw a 2% increase in Feb and March?

General media stuff states up to $500,000 the market is still moving well and slows over $500,000. First time buyers are making up about 40% of the market.

TBH can go either way really, your dammed if you do and dammed if you don't
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Old May 4th 2009, 9:29 am
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Default Re: Perth House Prices Plummet

Originally Posted by Wandathecat View Post
75% of statistics are lies
I though it was more like 99%...
 
Old May 4th 2009, 10:47 am
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Default Re: Perth House Prices Plummet

Originally Posted by NKSK version 2 View Post
There have been a few on here saying the same thing since 2006 -strangely quiet recently though...
Probably on the phone to their estate agents selling their property investments before it's too late.
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Old May 4th 2009, 11:09 am
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Default Re: Perth House Prices Plummet

Near me its all investors selling....

Yeeeeeeeeeeaaaaaaaaaaaaahhhhhhhhhhhhhhoooooooooooo ooooooooo

Get them prices down another 20% I have been saying this and hoping for months now, once the FHOG boost has gone, be even better...

Bring it on...
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Old May 4th 2009, 11:14 am
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Default Re: Perth House Prices Plummet

My acedotal observations indicate the same for Sydney except inner and wealthier suburbs. Those are now dropping as well.

My other observation is that volumes of sales have also dropped which is more worrying for the economy than the price drops.

Originally Posted by ABCDiamond View Post
Sydneys boom ended, as far as I can tell, in 2003. I know of properties that still haven't got back up to their 2003 values.
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Old May 4th 2009, 11:16 am
  #29  
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Question Re: Perth House Prices Plummet

Surely you'd have to be on a pretty stupid mortgage to find yourself in negative equity, even under this climate.
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Old May 4th 2009, 11:22 am
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Default Re: Perth House Prices Plummet

Originally Posted by Vash the Stampede View Post
Surely you'd have to be on a pretty stupid mortgage to find yourself in negative equity, even under this climate.
I know of people who bought a new house, valued at a stupid price by Real Estate agents and not challenged by the banks who took for granted the price was right. Greed by the two institutions who should have known better.

This has now meant the house was re-valued when they wanted to sell and it's now at a much lesser value than they bought it for.
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