Fire away boys and girls....
Honestly , in your opinion, what is happening in the market?
- Thread starter HandyAndy888
- Start date
G'day HA888,
I couldn't vote - no option for what I think.
I said this in an earlier thread this month.
There appears to be 3 markets in 1 at present:
1. The $350K and under segment is going gangbusters with lots of FHB’s. Good properties in this range have experienced some increases of 5-6% due to the demand and do not remain on the market for long. We are also now seeing investors coming back into the market in this price range because holding costs are virtually $zero. (low interest rates and rising rents) We are continually fielding calls from FHB’s that are frustrated that their offers are not put to the vendor by the selling agents or the property being sold to someone else for less, in some instances, than they were prepared to pay. A good Buyers Agent can assist greatly with this and can make sure you are successful.
2. The $400-$600K+ range is not moving much in terms of volume or prices up/down – fairly stagnant. edit: However, in the last couple of weeks we have seen sales in this area too and properties that have been stagnant for 3 - 4 months in this range are selling.
3. The $1M+ properties are experiencing falls of 10 – 20% for those vendors that have to sell. Otherwise they are just not selling.
I couldn't vote - no option for what I think.
I said this in an earlier thread this month.
There appears to be 3 markets in 1 at present:
1. The $350K and under segment is going gangbusters with lots of FHB’s. Good properties in this range have experienced some increases of 5-6% due to the demand and do not remain on the market for long. We are also now seeing investors coming back into the market in this price range because holding costs are virtually $zero. (low interest rates and rising rents) We are continually fielding calls from FHB’s that are frustrated that their offers are not put to the vendor by the selling agents or the property being sold to someone else for less, in some instances, than they were prepared to pay. A good Buyers Agent can assist greatly with this and can make sure you are successful.
2. The $400-$600K+ range is not moving much in terms of volume or prices up/down – fairly stagnant. edit: However, in the last couple of weeks we have seen sales in this area too and properties that have been stagnant for 3 - 4 months in this range are selling.
3. The $1M+ properties are experiencing falls of 10 – 20% for those vendors that have to sell. Otherwise they are just not selling.
Prices at the sensible end of the market are holding up well in Canberra, where I live and invest. Provided you property is well located to one of the major (and preferably older) satellites, you don't have too much to worry about here.
Its going off!
I think everyone knows what I reckon, its not just FHB any more they have become the minority in my little world. Only 1 in 6 of the 6 sales in the last 4 weeks are FHB and unlike Propertunity all of mine are in the $450,000 - $460,000 price range.
Make of it what you will but I now have several people eying up each of the 9 homes I have left and all in this price range. I know what I think, if anything is going to lead us out of this mess it will be property.
I think everyone knows what I reckon, its not just FHB any more they have become the minority in my little world. Only 1 in 6 of the 6 sales in the last 4 weeks are FHB and unlike Propertunity all of mine are in the $450,000 - $460,000 price range.
Make of it what you will but I now have several people eying up each of the 9 homes I have left and all in this price range. I know what I think, if anything is going to lead us out of this mess it will be property.
Nah, Sparks, I have seen a change, I said:
The $400-$600K+ range is not moving much in terms of volume or prices up/down – fairly stagnant. edit: However, in the last couple of weeks we have seen sales in this area too and properties that have been stagnant for 3 - 4 months in this range are selling.
Cheers,
I voted minimal growth.
But, I am a perma-bull.
In my opinion, the low rates will keep the pot bubbling along on low heat. Those who can afford to buy will probably do so. it's a buyer's market.
By end of year all the "postcode suburbs" will have had their big crash as usual when things go south.
So, if you want to upgrade to the next level; the time is at hand.
All the rest will be pretty much business as usual.
But, I am a perma-bull.
In my opinion, the low rates will keep the pot bubbling along on low heat. Those who can afford to buy will probably do so. it's a buyer's market.
By end of year all the "postcode suburbs" will have had their big crash as usual when things go south.
So, if you want to upgrade to the next level; the time is at hand.
All the rest will be pretty much business as usual.
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We are finding that properties across all ranges are seeing activty.
We are a very small agency near parramatta, December and January were very bad months for us with little results.
February picked up where we sold all our low priced listing, some above asking price (first home buyers), 4 new villas priced at $600k - $650k mainly to downsizers and a house for $700k to an upgrader.
March - we are seeing more enquires for our high end listings $900k to $1.2m, and are currently negoitiating sales on 2 of there properties.
Our biggest problem atm is a shortage of listings.
We are a very small agency near parramatta, December and January were very bad months for us with little results.
February picked up where we sold all our low priced listing, some above asking price (first home buyers), 4 new villas priced at $600k - $650k mainly to downsizers and a house for $700k to an upgrader.
March - we are seeing more enquires for our high end listings $900k to $1.2m, and are currently negoitiating sales on 2 of there properties.
Our biggest problem atm is a shortage of listings.
Where are you Collector? How far North, can you pinpoint a little more? Your words have no meaning unless we can gage where you are talking about.
For what it is worth, I didn't vote. The option I want is not there also.
Regards JO
Again, for me, it's not particularly what's buzzing and happening around me, I am doing what I perceive as good deals, cruising along, shoving deals in the gunny sack.
Acquiring appreciating assets.
The market, the market, ?? like Nathan, like WTBW+doing IT! I am tending my own garden.
Acquiring appreciating assets.
The market, the market, ?? like Nathan, like WTBW+doing IT! I am tending my own garden.
Where are you Collector? How far North, can you pinpoint a little more? Your words have no meaning unless we can gage where you are talking about.
For what it is worth, I didn't vote. The option I want is not there also.
Regards JO
I did say where i am at
Hi all,
Just joined this forum so go easy on me.
A thought -with some banks reducing LVR's,(maybe more will follow) ie. the percentage of a property value someone can borrow, do you think this may start to squeeze FHBers out of the market for a time? (They'll need to save more for a deposit now so may not be able to buy for a few mths or even 12mths+.) and what effect,if any, could this have on prices?
Any thoughts appreciated.
lacey19
Just joined this forum so go easy on me.
A thought -with some banks reducing LVR's,(maybe more will follow) ie. the percentage of a property value someone can borrow, do you think this may start to squeeze FHBers out of the market for a time? (They'll need to save more for a deposit now so may not be able to buy for a few mths or even 12mths+.) and what effect,if any, could this have on prices?
Any thoughts appreciated.
lacey19
hi and welcome..you will have fun here with some discussions and like me learn something new each week while stirring the pot on occasions.
this should have been a prerequisite initially with any bank to be honest............therein lies another problem in the not to distant future...as soon as the economy turns around and inflation starts to rear its ugly head again interest rates will start to increase...you will find many FHB's struggling big time and more than lightly selling out for a loss and having to go back into the rental market..
hard to say with lower end prices for sure..may take a little time to settle actually, mid priced properties and the top end are bound to slide further in my opinion....
good luck.
Greetings and welcome aboard
Save for a deposit
What a bizzare concept
Some have had to save for many many years to get a decent deposit together in the past, your 12 mths may be a bit optimistic.
Dave