Melbourne

[gailh]

From: Gail H


Hi,

Real estate data is leading to headlines "Boom is over". Although there is a shortage of stock on the market, which is leading to some phenomenal results here and there, prices didn't increase over the March quarter.

Reserve bank has also warned of significant market correction in some areas of the market (like unrevovated shacks going for $600,000, but that's just my view).

Anyway, just some food for thought for Melbourne people who were wondering whether to rush out and buy.

Gail

 

[WebBoard]

Reply: 1
From: Gordon Austin


Gail,

Having the same thoughts myself. On the front page of Saturday's AGE the major story was entitled "Warning: house prices too high". A number of negative articles have been hitting the press lately so it will be interesting to see what happens in the next 12 months. I certainly saw a few highly priced shacks in Port Melbourne over the weekend.

Gordon

 

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Reply: 1.1
From: Mark Pardi


Another interesting quote from the weekend papers was words to the effect

"a 2% interest rate rise......over the current average mortgage value....would have the same equivalent impact as 17% rates over the average mortgage value back in those days "

 

[khurram]

Reply: 1.1.1
From: Khurram Saeed


I think it will be great if we have correction...i am looking forward to it. It will scare off the average investor who thinks they can make big bucks....year in year out with the SAME investment strategy....
It will finally give negotiation power back to the investors...i am looking forward to it
Khurram