Perth property market - a sign of the times?
#1
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.
"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.
#2
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Joined: Oct 2005
Location: Perth
Posts: 3,453
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!!!
I NEVER thought I'd see the day!!!
#3
Re: 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.
"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.
"ANZ predicts two rate rises this year"
http://www.theaustralian.news.com.au...-20142,00.html
#4
Re: Perth property market - a sign of the times?
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
"ANZ predicts two rate rises this year"
http://www.theaustralian.news.com.au...-20142,00.html
#5
Re: Perth property market - a sign of the times?
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...
#6
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Joined: Feb 2007
Posts: 1,905
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)
Gems
Ive noticed houses advertised in the paper, are now saying reduced price on.
Def something happening here. (North of Perth)
Gems
#7
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.
#8
Re: Perth property market - a sign of the times?
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.
#9
Keeping it fairly real
Joined: Jun 2004
Location: In the sun
Posts: 32,863
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....
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....
#10
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Joined: Oct 2005
Location: Perth
Posts: 3,453
Re: Perth property market - a sign of the times?
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.
#11
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.
#12
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Joined: Aug 2007
Location: Perf
Posts: 560
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
#14
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Joined: Aug 2007
Location: Perf
Posts: 560
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!
#15
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.
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.