La Vida loca

Just thought I would add this, on the way to a few open homes today and the prices are falling for a substantial percentage.

Hold out, you will see price reductions from the original fairy tale listing for sure, might take a few weeks to see this, but its happening believe me.....

ABCDiamond

WA went up a long way very fast, they need to come back down to match the other Australian States levels again.

La Vida loca

Most of the palces are sheds too I must add, with sellers who cant get over they paid far too much in the last 5 years.

brendarover

Yep i agree, those bargain prices in Queensland and Adelaide, just do not understand why on earth did they go to 10 times average income in Perth, yet only 9.5 times average income in Queensland and Adelaide?

Better nip on over there pretty sharpish, bag myself one of those Queensland bargains.

Catch

When the FTB grant reduces,the bottom end should also slide a bit.Went to a land auction the other week land advertised at $280,000.Bidding started at $150.000 only reached $170,000, land was taken off as reserve was $220,000.The land is still advertised in agents window at $280,000.
Rob Druitt was on the telly last night talking up all the suburbs in Perth that he said had risen,The next 12 months could be interesting.

La Vida loca

I have a few homes in mind.

Price adjustments of $40k have been made over the last few weeks, they certainly know they have to accept soon, as it maybe the only offer they will get....

ABCDiamond

Haven't you seen what happened to the prices over in WA ?
Perth has a long way to drop before they get back to the normal level.



Some ABS facts on the house price multiple, when used against relevant Full Time wage incomes, (rather than including part time).

Average income - Male Full Time Total Earnings
WA $81,276 - (These wages are also expected to drop back)
QLD $66,518
SA $63,097

Median Price of Established House Transfers ;
Perth $431,500 = 5.31 times average full time wage
Brisbane $410,000 = 6.16 times average full time wage
Adelaide $360,000 = 5.71 times average full time wage

brendarover

You make me laugh, you really do. You spend all your time trying to convince others the housing market on the east coast is solid. You post all these facts and figures, cut and paste jobby's everywhere. Now by all means keep posting, it is almost funny, but lets be honest here, this is an expats website, and many of the posters have migrated and are living in Australia. Now like you many have properties they live in, and many others have investment properties, so the VI on this board is leaning to one side, the BULL property speculator?



There should be a sticky, anyone yet to arrive in Australia, looking to buy a house, just make sure you do your homework, do not listen to all and sundry talking up the proerty market on here, They have a vested interest.


Unless you get at least 25% off the asking price anywhere in Australia, rent, i mean it rent, because when the bills come through the door, love goes out. So if you can afford to borrow up to 8 times your income in the present climate to buy a house, well you are to stupid to be reading my post, so go buy your house.

If you do not believe me, read on?

http://forum.globalhousepricecrash.c...howtopic=50893

http://forum.globalhousepricecrash.c...howtopic=50816

http://forum.globalhousepricecrash.c...hp?showforum=9

NKSK version 2

For anyone thinking of buying a house, the press here has been printing a story which suggests that in Perth final prices are up to 20% below initial asking prices - depending on suburb. I think the average was 8%.
So, if a house is listed at $550K there is a good chance that you'll get it below $500K and therefore below the stamp duty exemption threshold.

renth

That's great news for so many reasons not least of which is I would like a holiday home "down south". Prices will have to crash a lot further before that happens, but hey, you gotta dream, right?

So what if my place is worth 100 or 150k less than I bought it for? - I'm not planning on moving for at least 8 to 10 years.

ABCDiamond

You do realise that my post is saying that WA prices have to come down don't you ?

I haven't mentioned what is happening to prices on the East Coast...

And I think you will find that many readers on this forum are looking to migrate here, rather than are already here, and it is them that need the information on what things are like here.

You might find it funny, and you may also think that people are stupid if they can afford a property, but that is is you. Not me.

La Vida loca

I would say this might depend on the suburb, but that 8% sounds a fair go, a few offers I put in the sellers have stuck to the asking price, and have sold.

Heres a fact I found, alot of investors are selling up in the market at the moment, but some are quoting investors are not and even more are coming back into the market....

THE REIWA paper that gets posted is so oxymoronic and contradictory its untrue, beggers belief in some cases that these are professional people with finanical acumen.

brendarover

Oky Doky, over to you then Mr Property Guru, keep the property ramping, sorry enlightening going?

Catch

yes i read these forums as well,everyone's got an opinion,you seem pretty desperate

LAM

Anybody know why these links don't work