Melb prices up!!

[Bigtone]

http://www.spionline.com.au/2011/09/median-house-prices-climb/

Don't know what drugs they are on but they must be taking plenty if they think melb prices on average have increased, just goes to show again what crap these short term figures are

 

[Aaron_C]

Woohoo another 5%

 

[Player]

http://www.spionline.com.au/2011/09/median-house-prices-climb/

Don't know what drugs they are on but they must be taking plenty if they think melb prices on average have increased, just goes to show again what crap these short term figures are

LOL

I also got that in my inbox.The staff reporter is not named. With such a bullish slant to it, could be related to Christopher Joye.

Quarterly data is entertaining from the viewpoint of the headlines it creates. Anything less than a year in timeframe is misleading to say the least.

 

[Ed Barton]

LOL

I also got that in my inbox.The staff reporter is not named. With such a bullish slant to it, could be related to Christopher Joye.

Quarterly data is entertaining from the viewpoint of the headlines it creates. Anything less than a year in timeframe is misleading to say the least.

the REIs data does not adjust for composition. all the other data providers show drops in melbourne. this data just shows that more expensive property is selling atm.

 

[Aaron Sice]

I love this crap. Goes to show who has a barrow to push, who has vested interest and who not to listen to.

But wait... I thought we were all bullish....? Lol

 

[Jamie M]

http://www.spionline.com.au/2011/09/median-house-prices-climb/

Don't know what drugs they are on but they must be taking plenty if they think melb prices on average have increased, just goes to show again what crap these short term figures are

It's like RP Data saying Canberra had experienced growth recently......seems pretty flat at the moment from where I'm sitting...good to be buying, sucks to be selling.

Cheers

Jamie

 

[RightValue]

Our firm had a valuers meeting a couple of weeks ago.

Everyone was asked to number the decline in value in their patch of Melbourne since the start of the year.

EVERYONE said 10%, some said 10-15%.

The statistics are way behind the market these days.

 

[Fifth]

10% overall decline would be close to accurate. 5.4% gain? No chance.

It will be fascinating to watch things unfold in Melbourne. We were getting too big for our bootees and a correction was, arguably, called for. But just how much of a correction we'll see is anyone's guess. Interesting times, interesting times.

 

[Aaron_C]

RightValue - Surely this depends on what the property is. I can't imagine triple-A bluechip properties falling by 10%

 

[Springtime]

I guess if a certain property did fall by 10%, then it can't have been triple-A bluechip after all...

 

[Deltaberry]

Depends on what 'fall' means I guess.

If somebody paid 20% over what most people would regard as 'market value' in the middle of 2010 (and some do and did), then a reversion back to market value at the time would've been 20%. If the market did in fact fall 5%, that's a 25% fall?

 

[andrew_de_a]

RightValue - Surely this depends on what the property is. I can't imagine triple-A bluechip properties falling by 10%

I sell property in Camberwell, Hawthorn, canterbury etc and almost ALL properties have gone down by 10-20% in the last year.

 

[Indifference]

http://www.spionline.com.au/2011/09/median-house-prices-climb/

Don't know what drugs they are on but they must be taking plenty if they think melb prices on average have increased, just goes to show again what crap these short term figures are

Ahem..... this IS actually quite feasible.

I am continually shocked at the lack of fundamental understanding between MEAN and MEDIAN.....

That article said MEDIAN went up... it did NOT say the MEAN went up. It is is not uncommon for a MEDIAN to rise whilst a MEAN falls... this is simply a change to the distribution parameters and indicates that the data does NOT fit a normal distribution.

I implore everyone to contain their initial shock and try to understand the context of what is actually being said and not to draw ill-founded conclusions. This article does NOT refer to mean prices..... the MEDIAN is an often misunderstood statistic used to shape perception... guess what! It works... this thread proves it!

I do NOT intend to offend anyone. I am only trying to aid in understanding.

 

[BayView]

RightValue - Surely this depends on what the property is. I can't imagine triple-A bluechip properties falling by 10%

I used to think this as well.

But one of my mates lives in a very nice house in a very nice part of Beaumaris, and he keeps a very close eye on property values in his area.

His house has gone backwards this year according to him; down from about $1.8m to $1.5m.

 

[TomW]

The idea that bluechip properties don't fall seems to be one of those shibboleths for which there's little to no evidence.

 

[Bigtone]

The idea that bluechip properties don't fall seems to be one of those shibboleths for which there's little to no evidence.

all properties fall in value at some time, bluechip fluctuations are probably not as wild but they def move in cycles

melb market is very interesting at the moment, very very segmented, some areas and price ranges are way down and other niche's are holding very firm

those that bought IP in melb in 2010 were very brave

i have been waiting 15-18 months for the segment i want to buy into (PPOR) to drop and it has hardly moved so this week i finally took the plunge and signed up

 

[BayView]

i have been waiting 15-18 months for the segment i want to buy into (PPOR) to drop and it has hardly moved so this week i finally took the plunge and signed up

And you know what?...

many around you will be saying "you're buying a property, NOW??? - you must be crazy."

But in 10 years, they will be saying "you had a lot of luck" or "the rich just get richer, and the poor get the picture"

I would give my left arm (not really) to be able to buy wunnathose $5 mill "distressed" properties in Brighton or Toorak right now.