Luma

Who elso saw on the news last night that Perth's median house prices (AUD409,000) are now second after Sydney.

jad n rich

Shhhhh they will all come to brisbane for cheap housing now.

Amazulu

Great isn't it. Long may it continue.

renth

Crazy, Perth's nice but at the end of the day its a big country town.

And the vast majority of houses are not only ludicrously overpriced but also total shit.

There will be an interest rate rise next week, some people are talking about 1/2 a percent. Maybe that will restore some sanity.

When the bublbe burst it will happen fast and there will be lots of pain.

webgum

Well, that's what I'm waiting for. Hope I don't have to wait too long!

renth

I just can't believe the sort of money people want for such crap. In a country where land is virtually unlimited it makes no sense.

Apologies to all Tapping lovers but I was driving through there on Saturday and coludn't believe what I saw. Tiny little legoland houses on tiny blocks. The bare blocks are all going for WELL over $200,000, the ones with houses up to $400 grand yet in to the distance you can see the levelled land being prepared for the next "release" and behind that bushland going all the way to the South australia border.

NKSK version 2

We revisit this topic every few weeks. You and I say the same things and then others will be on shortly telling us that there's no chance of a crash - just a plateau..etc....

I thought it interesting - an article in The West today basically saying that Perth is seen by most respondents to a recent survey as being essentially boring - for shops, theatre etc and yet the house prices are second only to Sydney.

Is everybody - apart from Renth, me and a few others - convinced that there's nothing seriously wrong about this asset bubble?

jojo90

I'm really depressed about this. Have just spoken to my friend in Ellenbrook. They only bought their house last year. New build....moved in in May. Paid $360,000. Had it valued yesterday and it's now worth over $600,000!!!!!!!!!!!!
This is exactly what has happened to us over here. We blinked and were suddenly priced out of the property market. :scared:

We're due to arrive in 3 months, flights booked, but I'm now seriously wondering if we are doing the right thing!

thebears

Well I'm all cashed up and waiting even our buyers agent has sold and is waiting. Sorry for the idiots who have mortgaged themselves to the hilt including credit cards and personal loans and now starting to lose their jobs.

NKSK version 2

But you're in Melbourne???

thebears

Its not just the Perth market and my clients are not all just in Melbourne. I just prefer living in Melbourne.

NKSK version 2

You should experience the nonsense going on over here. It really is unbelievable.

Exile

"Bull markets are born in despair, grow on pessimism, mature on optimism and die in euphoria" - Sir John Templeton

I think this applies to property markets also, and Perth could be approaching the euphoria phase (if you're in, that is)

Amazulu

I think it will be 1/4% if it goes up. It might be 1/2% & if it is it will have an effect on Perth 's market but it would nuke the east coast market. Australian economy is unbalanced at the moment. WA is driving growth for the whole country but also causing inflation. What's good for Perth is bad news for Sydney & Melbourne.

sassenach

I work in the building trade and already prices per 1000 is coming down ,so another rate hike will for sure slow the building trade down and we may well see more people put their houses on the market to finally cash in on the boom .and the more that do it means more choice thus lower prices .
I personally think perth prices are way over priced and we could be in for a fall but it all depends on commodity prices and china but even if prices do fall they wont fall too much ,maybe 10-15 percent