good time to buy

[Shaneelastic]

ladies and gents, its actually quite a good time to buy - if you can afford too. i follow real estate markets in several suburbs and know these markets well, theres a fair bit of stock on the market at present, with good 3 year fixed rates and the general concenus of further rate cuts. in all reality its a good time for first time home buyers to also jump in, surely better than 2 years ago when the grants inflated prices somewhat???? your thoughts?

disclosure - currently looking at the moment, either for an IP or new PPOR - depends on the best deal i get and what numbers stack up

 

[RightValue]

Yeah, I remember people telling me this early to mid last year.

Prices are now about 5% down on that time.

It's a good time to cach a falling knife.


Last week I went to value a property, it was under contract for $303k, a December 2011 sale. It had been on the market for about a year, starting at $389k. It was worth about $355 at that listing time. As I was driving to the place I was thinking that 6-8 months ago it would have probably been worth $330k (sight unseen).

I get to the place and realise I had valued it in April 2011 when it had a contract on it at $322.5k, which fell over due to LMI.


Yes prices look good compared to a year ago, but this time next year they could just as easily look expensive.

 

[savoys]

wow, that is a good reality check. Where was this property? and is this the sort of reductions all over Melbourne atm?

 

[Aaron_C]

ladies and gents, its actually quite a good time to buy - if you can afford too. i follow real estate markets in several suburbs and know these markets well, theres a fair bit of stock on the market at present, with good 3 year fixed rates and the general concenus of further rate cuts. in all reality its a good time for first time home buyers to also jump in, surely better than 2 years ago when the grants inflated prices somewhat???? your thoughts?

disclosure - currently looking at the moment, either for an IP or new PPOR - depends on the best deal i get and what numbers stack up

hmm I don't know shane...usually the best time to get into the market as an investor is when rates are high....as you have less competition and more upside because rates have further to fall.

 

[Rolf Latham]

my record of silly numbers for this week

Lenders shall remain nameless

Melb inner ring burb, lender val 18 mths ago of REFI of its own security 700 k

6 mths ago same lender, same property ...550

last week, same lender, same property 460

52 % higher 18 mths ago on todays numbers...........me thinkest we will move lenders

Is this a reflection of the market, yes in part, but it also shows a level stooopidity of lender valuers either at the 700 k or the 460 k level. Soft market sure, but not to those levels.



ta
rolf

 

[Aaron_C]

Rolf - I would be happy to buy that property off your client for $460k

 

[Propertunity]

.....but it also shows a level stooopidity of lender valuers either at the 700 k or the 460 k level. Soft market sure, but not to those levels.

Interesting to see that 'stooopidity of lender valuers' is not just restricted to Sydney but also appears in Melbourne too.

 

[quoll]

Adelaide is very similar, suburbs I look at are all down on 12mths ago, only exception is Roxby Downs where the mine expansion news has got the markte moving again. Rents are going up and sales are moving very well, prices are strong.

Went looking around the Christies Beach area on the weekend and prices are a good 10% down on this time last year. The old trust homes that were 300k are now 265k.

Cheers
Graeme

 

[Belu]

it all depends on the purchase. My last purchase was signed in June last year for $515k, now worth $620-630k.

Some go up, some go down

 

[lizzie]

My last purchase just over 12 months ago has also gone up around 20%, and rents have gone up 13% to an 8% return ... but that rise was purely because of type/location.

I think these ones are still undervalued, so hoping to buy some more soon ... and - no - I'm not saying where .

There are still others types that a dropping, even in the same suburb, so it's a case of knowing your market.

 

[Shaneelastic]

hmm I don't know shane...usually the best time to get into the market as an investor is when rates are high....as you have less competition and more upside because rates have further to fall.

usually, but its not a normal world anymore is it, basic economics would tell us a rates drop buyer increase yet are we seeing this, or do we need to wait a few more months. its not a normal world atm

 

[buzzlightyear]

my record of silly numbers for this week

Lenders shall remain nameless

Melb inner ring burb, lender val 18 mths ago of REFI of its own security 700 k

6 mths ago same lender, same property ...550

last week, same lender, same property 460

52 % higher 18 mths ago on todays numbers...........me thinkest we will move lenders

Is this a reflection of the market, yes in part, but it also shows a level stooopidity of lender valuers either at the 700 k or the 460 k level. Soft market sure, but not to those levels.



ta
rolf

Rolf, is this an apartment?

 

[Rolf Latham]

Rolf, is this an apartment?

nope "unit" as you mexicans call it ( or villa as the rest of us ) on its own strata title with land content

ta
rolf

 

[Rolf Latham]

Interesting to see that 'stooopidity of lender valuers' is not just restricted to Sydney but also appears in Melbourne too.

well you know it goes Prop, the market doesnt decide the valuation of a property ............

even at a free market auction

ta

rolf

 

[zed_kid]

I bought in June 2011 3br apartment in Toorak for 645k. Current val? Don’t know… maybe 700k… wish I had more cash money

 

[Propertunity]

well you know it goes Prop, the market doesnt decide the valuation of a property ............even at a free market auction

You coulda fooled me rolf
You know what you have to do .........change lender / valuer combo for a 'proper' val.

 

[Bigtone]

Yeah, I remember people telling me this early to mid last year.

Prices are now about 5% down on that time.

It's a good time to cach a falling knife.


Last week I went to value a property, it was under contract for $303k, a December 2011 sale. It had been on the market for about a year, starting at $389k. It was worth about $355 at that listing time. As I was driving to the place I was thinking that 6-8 months ago it would have probably been worth $330k (sight unseen).

I get to the place and realise I had valued it in April 2011 when it had a contract on it at $322.5k, which fell over due to LMI.


Yes prices look good compared to a year ago, but this time next year they could just as easily look expensive.

yes but to be fair anyone who said that to you 6-12 months ago about melbourne was clueless.

also to be fair the areas you value, my opinion is no sane investor would buy in

however i believe it is good time to upgrade the ppor currently, would not be jumping back into investment in melb just yet

 

[Andrew_A]

yes but to be fair anyone who said that to you 6-12 months ago about melbourne was clueless.

also to be fair the areas you value, my opinion is no sane investor would buy in

however i believe it is good time to upgrade the ppor currently, would not be jumping back into investment in melb just yet

Might be similar to Brisbane in 2011, very good market for upgraders and getting good buy prices on value add projects.

 

[Ms Jade]

I bought in June 2011 3br apartment in Toorak for 645k. Current val? Don’t know… maybe 700k… wish I had more cash money

Sounds like a sweet buy. Congrats!

 

[dog]

Might be similar to Brisbane in 2011, very good market for upgraders and getting good buy prices on value add projects.

I have to agree with this - I'm only buying property atm with potential for subdivision - as growth as we have known it (specific markets aside as this is a general comment) is almost non existent or negative until buyer sentiment changes again.....