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Perth property market - a sign of the times?

Perth property market - a sign of the times?

Old May 28th 2008, 3:44 am
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Default Perth property market - a sign of the times?

This morning I saw a hand written sign on a lamp post on Ocean Reef Road and it read...

"WE BUY UNWANTED HOUSES" and a mobile number.

This to me looks like we are on the verge of a huge drop in prices as forced sellers have to accept low offers in order to shift their properties.
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Old May 28th 2008, 3:57 am
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Default Re: Perth property market - a sign of the times?

And what about the weekend newspapers: Bob Bluitt finally accepts that Perth prices are on their way down...!

I NEVER thought I'd see the day!!!
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Old May 28th 2008, 4:02 am
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Default Re: Perth property market - a sign of the times?

Originally Posted by renth
This morning I saw a hand written sign on a lamp post on Ocean Reef Road and it read...

"WE BUY UNWANTED HOUSES" and a mobile number.

This to me looks like we are on the verge of a huge drop in prices as forced sellers have to accept low offers in order to shift their properties.
And this is going to help no end as well...

"ANZ predicts two rate rises this year"

http://www.theaustralian.news.com.au...-20142,00.html
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Old May 28th 2008, 4:12 am
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Default Re: Perth property market - a sign of the times?

Originally Posted by DrWho
And this is going to help no end as well...

"ANZ predicts two rate rises this year"

http://www.theaustralian.news.com.au...-20142,00.html
But wasn't it the case that most of the other financial houses / consultants believe only one is likely?
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Old May 28th 2008, 4:29 am
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Default Re: Perth property market - a sign of the times?

Originally Posted by DunRoaminTheUK
But wasn't it the case that most of the other financial houses / consultants believe only one is likely?
I think so... but for me the significant fact is that only a couple of weeks ago the concensus seemed to be that an easing of rates was the most likely next move, and now that appears to have completely changed... Even one more increase and a sustained period of interest rates at that level is only going to exacerbate the problems being felt by people that are already struggling...
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Old May 28th 2008, 4:53 am
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Default Re: Perth property market - a sign of the times?

Houses on my street are not selling. Its a new estate and sought after area, however the 2 new built houses in the street have been on sale at least 4months.
Ive noticed houses advertised in the paper, are now saying reduced price on.

Def something happening here. (North of Perth)

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Old May 28th 2008, 4:59 am
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Default Re: Perth property market - a sign of the times?

1 reason houses arent selling is cos Mr Rippoffs finally reduced the Stamp Duty on homes but wont come into effect till July, so am presuming some people will hold off till then.
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Old May 28th 2008, 5:18 am
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Default Re: Perth property market - a sign of the times?

Originally Posted by Siren & Brian
1 reason houses arent selling is cos Mr Rippoffs finally reduced the Stamp Duty on homes but wont come into effect till July, so am presuming some people will hold off till then.
They are definately holding off until July 1st...can't blame them I suppose but I wish we'd had a hint before we put ours on the market one week before the budget was handed down.
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Old May 28th 2008, 5:27 am
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Default Re: Perth property market - a sign of the times?

It was my understanding that the stamp duty comes into effect on July 1st and that people could still buy now as long as they settle after said date.

One of the major factors, apart from the interest rates of course, is that investors are dumping there investment properties because of said interest rates which is causing a massive amount of housing stock on the market. this creates the supply and demand scenario, too much stock = cheaper houses.

It's a buyers market alright and I'm in the thick of it, trying to sell and buy....
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Old May 28th 2008, 5:41 am
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Default Re: Perth property market - a sign of the times?

Originally Posted by Vin 'n Bin
They are definately holding off until July 1st...can't blame them I suppose but I wish we'd had a hint before we put ours on the market one week before the budget was handed down.
I can't beleive that the promise of a $3000 reduction in duty on a $470000 house is the reason why people aren't buying now.

This was also the theory proposed last year when first time buyer stamp duty was removed for houses below $500K - but there was no bounce after 1st July.
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Old May 28th 2008, 5:59 am
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Default Re: Perth property market - a sign of the times?

We`ve had hand written signs appearing round our way but these ones were saying house for sale, $125000 (or some really low figure can`t remember how much) and then a mobile number. The West Australian did an article on it and I think it turned out it was a bit of a scam, could it be part of the same thing but working the other way - on the seller rather than the buyer?? I suppose if you were really desperate it would be a solution but sounds like folk chancing their arm.
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Old May 28th 2008, 6:43 am
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Default Re: Perth property market - a sign of the times?

They arent coming down fast enough! At the moment looks like we will have to head back to the UK as cant get on the housing ladder out here without moving into a shed
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Old May 28th 2008, 6:47 am
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Default Re: Perth property market - a sign of the times?

Originally Posted by ianhutch1
They arent coming down fast enough! At the moment looks like we will have to head back to the UK as cant get on the housing ladder out here without moving into a shed

Would probably be a slightly bigger shed than the ones you can get in the UK.
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Old May 28th 2008, 6:51 am
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Default Re: Perth property market - a sign of the times?

Not unless I want to commute into the city for 45/60 minutes every morning it wont be. Cant believe the house prices over here they are crazy, especially when coupled with the interest rate!
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Old May 28th 2008, 7:17 am
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Default Re: Perth property market - a sign of the times?

Nowhere is immune to the current credit crunch. Banks will be lending a lot less as well compared to a year ago so any small reduction wont really get the market moving again. Anyone waiting for the bounce ,I believe, will be disappointed for the forseeable future. Any bounce will be a dead cat bounce IMHO.
I think the current phase is denial that property could actually fall in value (who would a thunk it?).
If after the July 1 date things dont get moving (and I dont think it will get things moving) I reckon it will take ,realistically, another 6 months before the real sh*t hits the fan then you'll see the real fire sales. Anyone with a nice chunk of cash will be in a powerful position to seek even further reductions. Just my take on things and I reckon valid enough.
Anyways I have to get off now and get me place in line at the shelter.
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