House prices take a dive.
- Thread starter The_Bludger
- Start date
Think about it...if only 34/35% of houses go down in value, that's 65% that are rising (ie the majority) or didn't change (at all).
Interesting.
Houses in Essendon/Moonee Ponds may be stable, or getting passed in, or selling just under reserve - but this is a 700k-ish market.
In suburbs surrounding these areas - East Keilor, Airport West, Tullamarine, Avondale Heights - though, the market is on fire! Why? People have been priced out of the more expensive areas and are jumping on something more affordable. This is a 400k-ish market.
Similarly, houses in Sunshine and surrounds (Albion, Ardeer, North & West Sunshine) continue to do very, very well.
I have been watching both these markets for the last month or so, because we are buying into one, and selling in another, and trust me, prices are not 'diving' at all.
ETA: Melbourne is not just one market, but many smaller ones, and you simply can't apply the same blanket judgement across them all.
Don't believe everything you read.
Houses in Essendon/Moonee Ponds may be stable, or getting passed in, or selling just under reserve - but this is a 700k-ish market.
In suburbs surrounding these areas - East Keilor, Airport West, Tullamarine, Avondale Heights - though, the market is on fire! Why? People have been priced out of the more expensive areas and are jumping on something more affordable. This is a 400k-ish market.
Similarly, houses in Sunshine and surrounds (Albion, Ardeer, North & West Sunshine) continue to do very, very well.
I have been watching both these markets for the last month or so, because we are buying into one, and selling in another, and trust me, prices are not 'diving' at all.
ETA: Melbourne is not just one market, but many smaller ones, and you simply can't apply the same blanket judgement across them all.
Don't believe everything you read.
how do you manage that??
aren;t all auctions between 11am-3pm, every hour or half hour?
What suburb do you live in and any idea of the price range?
Easy, Many Auctions finished early and got passed in, and all the auctions were one street away and just around the corner from one another and some had 2 auctions in the same street.
I even managed to go to a open inspection
. There are many Vendors that are greedy and beleive the real estate agents that Moonee Ponds and Essendon is hot right now, only just so the vendor can sign with them and if the house gets passed in well bad luck for the vendor as they still need to fork out the advertising costs, etc.
And since there are alot of old people in the area, alot of them beleive the real estate agents only to fall victim to there house being passed in.
Thats really upsetting what some real estate agents are telling the vendors. Alot of the houses in Moonee Ponds are so over priced its not funny, Vendors becoming greedy and real estate agents making false claims to the real market value of there house today.
The media frenzy of dropping house prices are heating up...this article was on new today..
http://www.news.com.au/business/money/story/0,25479,23387623-14327,00.html
Its early days....but Brisbane's auction clearance is now in the low 20s....I see some opportunity! I do not hold any places in Brisbane ATM.
http://www.news.com.au/business/money/story/0,25479,23387623-14327,00.html
Its early days....but Brisbane's auction clearance is now in the low 20s....I see some opportunity! I do not hold any places in Brisbane ATM.
Hey Bludger
Not sure if anyone has mentioned this but in Melbourne the March qtr always tends to come down from the Christmas build up period. So this these small percentages, quoted to 3 months ending Feb are typical.
Look at Melbourne trend (http://data1.reiv.com.au/trendchart/). March quarter (similar time frame to your news article) show this.
So in this period some houses in some suburbs will still be strong, other bad. overall trend holding steady. Even with rate rises and media doom and gloom.
Might be that a drop of 1% for Melbourne in this time period is actually the lowest drop for a three month period to Feb in the last 5 years? So the market is still strong???
Main thing is, don't put too much into what the media say.
Not sure if anyone has mentioned this but in Melbourne the March qtr always tends to come down from the Christmas build up period. So this these small percentages, quoted to 3 months ending Feb are typical.
Look at Melbourne trend (http://data1.reiv.com.au/trendchart/). March quarter (similar time frame to your news article) show this.
So in this period some houses in some suburbs will still be strong, other bad. overall trend holding steady. Even with rate rises and media doom and gloom.
Might be that a drop of 1% for Melbourne in this time period is actually the lowest drop for a three month period to Feb in the last 5 years? So the market is still strong???
Main thing is, don't put too much into what the media say.
I was driving around like a mad man
Half the properties that got passed in were in good locations and i was surprised to see them passed in, who really knows when it comes to property.
But I did notice today, that all the properties and dont qoute me on this were sold just above the reserve.
Hi windsor.
Me and my partner just bought a 2bd apartment close to Camberwell and Hartwell over the weekend. The auction passed in but we did not pay above the reserve price the vendor wanted. I thought we made a good deal on that though.
Monique Wakelin was on the radio on Saturday.
She said that this time of year there's a lot more houses on the market, so the lower clearance rate from last weekend was linked to there being more auctions, and that a lot of places that were passed in were still selling within a week.
I'm astounded that with the RE market being such a slow moving beast, that the what happens between 11am and 3pm on just one day spells the end of the world. Utter rubbish. You dont get a REAL trend in RE without several months of data.
Apparently the clearance rate was up again on the weekend we just had anyway, so apparently the market crashed for 7 days. Come on. Are they serious!
She said that this time of year there's a lot more houses on the market, so the lower clearance rate from last weekend was linked to there being more auctions, and that a lot of places that were passed in were still selling within a week.
I'm astounded that with the RE market being such a slow moving beast, that the what happens between 11am and 3pm on just one day spells the end of the world. Utter rubbish. You dont get a REAL trend in RE without several months of data.
Apparently the clearance rate was up again on the weekend we just had anyway, so apparently the market crashed for 7 days. Come on. Are they serious!
