Steve2438

Today we went house hunting and two different estate agents from different firm's both said,its now a buyers market NOT a sellers one,one of the reason's being interest rates had gone up...people had slowed down in buying and now there are a lot more houses on the market...

One house had been on the market for over two months...one offer...but fell though.

The other had "offers from" on the paper work
but now the seller would except the asking price or near to it..

also Ive noticed a lot more houses up for sale and they are still there weeks and weeks later......

kimi

Hi

Can I ask whereabouts in Perth you are looking, we were looking around a while back and gave up, but if the market is changing we may get out there again

Steve2438

Its generally all over Perth,but we were looking in Perth hills,high wycombe that kinda areas,but as the agents said they are finding it all over.."Totally different market" from 3 months ago

geordie downunder

They wouldn't be saying that to get you to buy would they?

Steve2438

dont know and dont care,but now there's a wobble in the market,which for months now people on here have been saying "It will never happen"

I'm happy to wait a bit longer...because those estate agents wanted some body to put in a offer...when was the last time you saw them saying "anybody want to put a offer in" openly in front of viewers?

they are panicking

tucs

i would get on the property lader asap if i was you. prices may stabalise but they will not drop.
I know it depends if you can afford to pay the mortgage at the rate it is now, but if you will be mortgage free then why pay rent waiting for something that will not happen.

Steve2438

Your right Tucs,i dont think the prices will drop,not by much anyway.

and yes if you could be mortgage free then why not buy...i couldn't so Ive got to wait a while..but i did get the feeling that the sellers would except less than the asking price,I think thats down to being over priced in the first place,which is more than likely the estate agent setting the sellers expectations to high in the first place

Swerv-o

According to the SMH, unless the inflationary pressures in the economy take a large downturn soon, it looks as if there will be at least another rise in rates before christmas.

http://www.domain.com.au/Public/Arti...=NationalIndex

S

tucs

which means there will be more houses on the market as owners who are up to their neck in mortgage will not be able to afford the repayments any longer

Nomore

great!!! all the more reason to feel depressed about moving to this god forsaken place!

tucs

Stay focused on why you moved here.

chin up

Swerv-o

That's what I'm hoping for! Benefitting from other peoples misery!

S

NKSK version 2

Nobody knows this. One report by economists a couple of weeks back predicted a 5% drop next year in Perth.

NKSK version 2

They wouldn't have needed to get somone to buy a few months ago. They were generally treating buyers poorly - because they could.

Swerv-o

I'm not so sure about this advice - I would wait a bit first. See where interest rates and the market take us. In the meantime, take advantage of the high interest rates and get some return on your capital - HSBC are offering 6.20% and Bankwest 6.40%.

S