I am in the market for a house around 300K in western Sydney (Blacktown). This is in the fields of the FHOG frenzy!!!!
I won't be in the market till at the earliest Feb09. I checked RPData free suburb report and it shows an increase from 327K to ~380K in median prices for houses. This is crazy and is not actually current data, so it could have been higher. I was expecting a discount of ~10% off the price (300K --> 270K), it may end up being a bidding war.
All this crazy demand is making prices rise dam fast and is taking some buyers that would have bought at the end of next year to buy now. If the gov stops the FHOG and I buy in feb after the FHOG frenzy, it will go from a FHOG frenzy to a FHOG bubble and will come crashing around me.
I'm really confused? I might be priced out of the market as I can't afford anywhere over 350K.
Any thoughts on the matter.
Chris
I won't be in the market till at the earliest Feb09. I checked RPData free suburb report and it shows an increase from 327K to ~380K in median prices for houses. This is crazy and is not actually current data, so it could have been higher. I was expecting a discount of ~10% off the price (300K --> 270K), it may end up being a bidding war.
All this crazy demand is making prices rise dam fast and is taking some buyers that would have bought at the end of next year to buy now. If the gov stops the FHOG and I buy in feb after the FHOG frenzy, it will go from a FHOG frenzy to a FHOG bubble and will come crashing around me.
I'm really confused? I might be priced out of the market as I can't afford anywhere over 350K.
Any thoughts on the matter.
Chris