JJ

Does anyone know, what is the situation with house prices in the Melbourne and Geelong areas?. Are they steady or heading up or down?. We are about a year away and would hate for the prices to go up significantly in the meantime.

Don

http://www.rics.org/Property/Residentialproperty/Residentialpropertymarket/Australian%20housing%20market.html

http://www.rics.org/NR/rdonlyres/89DEA5DB-2EC1-43BC-A658-A37E0626301F/0/RICSAusHousingmarket_June2005.pdf

Looks to stagnate

loidy

my parents live on mornington peninsula and i can tell you that there it has been steady for well over a year, nothing really going up or down...we looked at a property last july and it is still up at the same price now!! hope this helps x loidy

sackofspuds

In the last 3 months, median property values for Geelong And Region (VIC) have decreased by 2%.

In the last 3 months, median property values for Melbourne Metro (VIC) have decreased by 1%.

So says the Commonwealth Bank property value guide at http://pvg.webcentral.com.au/propertyValueGuide.asp?

ABCDiamond

Interesting comments on that site:

Australia is not alone in its period of rapid house price inflation. Some believe the world is experiencing its first ‘coordinated house price boom’, with prices rising across most developed countries. Australia’s market has been in-between two other English speaking developed countries, the UK and US, with prices rising faster than in America but slower than Britain. In recent years, the percentage increases have been particularly rapid in all three countries.

After examining a range of factors including real economic activity, total mortgage lending and house price inflation estimates, RICS expects Australian house prices to decrease by approximately 1% in 2005.

The problem is generalisation. My local council area had 0% overall growth in one quarter, yet individual suburbs moved from -10% to +5%

the plumber

The local paper in my area said that average prices in Banora point ( NSW/QLD boarder) had gone down from $344000 to $324000 in the last 6 mths.....

So if your thinking of settling by me ....hold on to your money ....lots of bargains out there now and in the near future.....

Megalania

I'll repeat previous "prediction": down 15% in nominal prices from your recent, or yet to be, local market high.

Home prices to fall 'for years'

A simplistic spreadsheet to show that houses must increase in price in real terms (after inflation, deflation) to be worth holding money wise:

Megalania

Well, BE stuffed the .zip file containing the .xls file.

I'll still wait a year or two until tradies bank balances and rates are trimmed before spending on the house:

Slump hits nation's renovations

Megalania

So if BabyBoomers will have to sell off the family home to pay for groceries while living under the bridge, when will the "NextHousePrice Boom" occur?

Baby boomers 'to keep on working'

ABCDiamond

He's forgotten the fact that many "baby boomers" actually own more than one home, and it's those that will get sold off for retirement Never trust the words that come out of a politicians mouth.

Next house price boom ? 2009 !! That gives me 4 years before you all come chasing after me if I got it wrong

Megalania

Perhaps he was refering to the BabyBoomers sharing their bedrooms with the Bank and not much cash in the matress?