Bubble or not - List your disc findings !

I like the idea of this thread. Would it be more accurate though to look at discount in terms of listed price vs price property sold for?
 
Success said:
Hi all, lots of debate on housing bubble ...

I am of the view that if we are we should start seeing lots and lots of price reductions right ?

Thought I start a thread showing listings with price reductions to see if we can nail down to a particular state or if it's Australia wide.

Please feel free to post your deals.

Here is a start ...

http://www.realestate.com.au/property-apartment-sa-port+adelaide-106143694
Click to expand...

There may or may not be a bubble - but i am of an opinion certain suburbs do not experience these macroeconomic factors - although prices maybe slightly lower.

there are suburbs where there a list of buyers (all lining up to get into a school zone) just waiting for the right one to come up.

I can list out price reductions - nearly all the recent off the plan apartments in melbourne are selling less than purchase price off the plan.
 
This post is so timely.
Had 20ms to kill so did what I do in circumstances such as these - I press my nose to the real estate windows. I like to think I am a bit of an expert on prices in my chosen area. When I was purchasing for my SMSF I went to open house after open house thru 2010 determined to find real rock hard value.
Saw a lot of property in that time, and in the end the agents were asking me for my opinion when I went along to a new listing. I rated my greatest success when I told an agent his listing was $70k over priced - he scoffed and then 8 months later sold it for what I had estimated its true market value at the first open home.

Anyway - prices in my "beat' certainly are softening. I think listings are getting back to 2009 prices for homes in the area.

I intend to cash out of a non-productive property to be cashed up and ready to pounce. My gut tells me there will be some good value buys to pick over - closer towards the end of 2011. Vendor expectations are softening - but that takes a bit of time. Of course this is not a uniform blanket dip - some properties in some locations are still quite warm although the real heat and "head of steam" pressure to buy has gone from the market right at the moment, I think.
 
Success said:
Hi all, lots of debate on housing bubble ...

I am of the view that if we are we should start seeing lots and lots of price reductions right ?

Thought I start a thread showing listings with price reductions to see if we can nail down to a particular state or if it's Australia wide.

Please feel free to post your deals.

Here is a start ...

http://www.realestate.com.au/property-apartment-sa-port+adelaide-106143694
Click to expand...

I don't get why anybody would purchase a unit for $400,000 if they could only get $310/week rent for it/or purchase and occupy when they could rent one for only $310 per week??
 
INVSTOR said:
I don't get why anybody would purchase a unit for $400,000 if they could only get $310/week rent for it/or purchase and occupy when they could rent one for only $310 per week??
Click to expand...

What I don't understand is how the replacement cost is higher than the selling price. its not exactly CBD location so they must be lying
 
BV said:
What I don't understand is how the replacement cost is higher than the selling price. its not exactly CBD location so they must be lying
Click to expand...
They were my thoughts also, no wonder it's been reduced when it was highly overpriced?!?
 
porp_e said:
I like the idea of this thread. Would it be more accurate though to look at discount in terms of listed price vs price property sold for?
Click to expand...

I think it would be great to see both.

I had expectations of above 1,150,000 based on very comparable sales (beginning of 2010) near by for beautiful 3bedroom semi in Eastern Suburbs in Sydney.

Sold 3 weeks ago for $1,053,000 ... it was rough getting to this after stalling at auction.

Another personal example ... IP in Carseldine in QLD. 4 bedder Villaworld home built in 2006. Late '09 early '10 were fetching $500K to $520K. Rang agent last week and based on very recent comparable sales looking at $440K to $460K.

So something is happening ... but thought this thread would highlight this 'something' as others here always say it's one area or state.
 
Please do. But we'll never be able to verify if its fact or fiction.

andrew_de_a said:
can I pls post examples of properties at auction going for thousands over reserve too?
Click to expand...

As far as discounting goes. I am on a few email lists for RE.com.au and domain.com.au for my area and most of the listings i've been sent lately have the term 'updated' on them. Which is RE speak for 'reduced in price. lately (last month) these updated listing outnumber new listings easily.

https://mail.google.com/mail/?shva=1#inbox/12ef89e421d141a8
 
http://www.marketnews.com.au/2011/03/boroondara-weekly-3/

Key Points:

◦Boroondara has a lot of stock on the market and waves are continuing to arrive each week – the indicators do clearly show a dampening of market demand under weight of numbers, almost identical to May of last year. However these results do not show the market is significantly dropping or without some strong results.
◦Surrey Hills was a great place to be a seller this weekend with 6 from 6 bought over a million dollars.
◦28 Barrington Kew – Glen Coutinho was huge (in our mind) drawing out $300,000 more than our best guess with 7 bidders – so what do we know. Wow.
◦23 Lisson Grove Hawthorn was reported as bought mid week for in excess of $3,600,000. Michael Lui of Marshall White
◦Our Video Auction of last week at 36 Uvadale Kew with Richard Winneke has been sold post auction for $1,940,000
 
evand said:
As far as discounting goes. I am on a few email lists for RE.com.au and domain.com.au for my area and most of the listings i've been sent lately have the term 'updated' on them. Which is RE speak for 'reduced in price. lately (last month) these updated listing outnumber new listings easily.
Click to expand...

I am on similar lists, however I have the impression that the agents are changing small parts of the ad in order for it to make the new list as they have been "updated" so that they gain more exposure. Prices more often than not were not changed.
 
andrew_de_a said:
http://www.marketnews.com.au/2011/03/boroondara-weekly-3/

Key Points:

◦Boroondara has a lot of stock on the market and waves are continuing to arrive each week – the indicators do clearly show a dampening of market demand under weight of numbers, almost identical to May of last year. However these results do not show the market is significantly dropping or without some strong results.
◦Surrey Hills was a great place to be a seller this weekend with 6 from 6 bought over a million dollars.
◦28 Barrington Kew – Glen Coutinho was huge (in our mind) drawing out $300,000 more than our best guess with 7 bidders – so what do we know. Wow.
◦23 Lisson Grove Hawthorn was reported as bought mid week for in excess of $3,600,000. Michael Lui of Marshall White
◦Our Video Auction of last week at 36 Uvadale Kew with Richard Winneke has been sold post auction for $1,940,000
Click to expand...

Surrey Hills, Hawthorn and Kew are all Blue chip suburbs - great results.
 
Hard to tell when 99% of listings have no price but 'auction' instead. I have contacted a few who have confirmed the price or 'reserve price is less due to low interest. Of course some could be doing what your saying to obtain more exposure as well.

BuildingBlocks said:
I am on similar lists, however I have the impression that the agents are changing small parts of the ad in order for it to make the new list as they have been "updated" so that they gain more exposure. Prices more often than not were not changed.
Click to expand...
 
Is this thread not simply ignoring the FACT that Australia has literally thousands of different cycles. At any stage in time, past, present or future there will be certain suburbs around Australia which will rise and others which will fall all at the same time. Further still within these suburbs there will be certain streets and property types which will also rise and fall at the same time.

Long story short, this thread gets my vote for 2011 most pointless thread.
 
mrmonopoly said:
Is this thread not simply ignoring the FACT that Australia has literally thousands of different cycles. At any stage in time, past, present or future there will be certain suburbs around Australia which will rise and others which will fall all at the same time. Further still within these suburbs there will be certain streets and property types which will also rise and fall at the same time.

Long story short, this thread gets my vote for 2011 most pointless thread.
Click to expand...

Easy !!!! You can simply ignore this thread !!!
 
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