Interesting article
http://news.smh.com.au/breaking-news-business/property-boom-appears-to-stall-20100531-wq7t.html
Cheers, MTR
http://news.smh.com.au/breaking-news-business/property-boom-appears-to-stall-20100531-wq7t.html
Cheers, MTR
Property Market Stalling
- Thread starter MTR
- Start date
Good. Sick of competing at auctions.
Not sure about stalling but definately cooling.
Had 2 agents ring me on the weekend asking if I was still looking to buy.
I looked at some places with them in January and this is the first time they have done a follow up call!!!
Had 2 agents ring me on the weekend asking if I was still looking to buy.
I looked at some places with them in January and this is the first time they have done a follow up call!!!
As usual, you cannot just take a broad brush and paint the whole property market with one stroke.
Yes, on the cooling side I see:
1. Agents actually calling back to follow up. Firstly, this indicates that they have the time (which they did not have before) and secondly, that they might actually need you as a buyer (which they did not before).
2. Figures have been showing for a while that housing finance demand is down.
However, there are pockets (as always) where this is not true.
1. Opens are still very well attended. Quality property is still being sold at or prior to auction.
2. Houses & units of quality and that are priced right are still sold within hours or a few days at most.
3. Really good property getting multiple offers above asking price.
It must come back to buying in areas where there is sales demand and rental demand that are the drivers of CG. So, no, you can't just buy anywhere and expect to do well (sorry that sounds a bit like MY
). This was really brought home to me a few weeks ago where I attended an Open where there was just me and one other couple looking at a well-priced property. A few suburbs away (in an areas that we like to buy for our clients) it was a different story. I arrived 10 minutes before the Open and already there were 3 couples waiting and this was followed by a steady stream of people for the next 30 minutes - same town - different suburbs.
Yes, on the cooling side I see:
1. Agents actually calling back to follow up. Firstly, this indicates that they have the time (which they did not have before) and secondly, that they might actually need you as a buyer (which they did not before).
2. Figures have been showing for a while that housing finance demand is down.
However, there are pockets (as always) where this is not true.
1. Opens are still very well attended. Quality property is still being sold at or prior to auction.
2. Houses & units of quality and that are priced right are still sold within hours or a few days at most.
3. Really good property getting multiple offers above asking price.
It must come back to buying in areas where there is sales demand and rental demand that are the drivers of CG. So, no, you can't just buy anywhere and expect to do well (sorry that sounds a bit like MY
). This was really brought home to me a few weeks ago where I attended an Open where there was just me and one other couple looking at a well-priced property. A few suburbs away (in an areas that we like to buy for our clients) it was a different story. I arrived 10 minutes before the Open and already there were 3 couples waiting and this was followed by a steady stream of people for the next 30 minutes - same town - different suburbs.I wonder whether the changes to foreign investment has anything to do with it?
i wonder how many be here in a year how long are your pockets lol
I couldn't have said it better myself
Yep.....definitely cooling. Too early for bargains....they are probably about 3-6 mths away.
It will certainly be interesting towards the end of the year as we head towards a Federal and NSW election. Property tends to track sideways when this happens. Particularly given that Labor might only be a one term govt.
Now all I need is the RBA to up rates another 0.5%.....
It will certainly be interesting towards the end of the year as we head towards a Federal and NSW election. Property tends to track sideways when this happens. Particularly given that Labor might only be a one term govt.
Now all I need is the RBA to up rates another 0.5%.....
Our pockets are deep enough.
Have you heard of risk minimisation?
Some examples below to spoil your day
Money parked in an offset account for the difficult times
Redraw ability on nearly paid off loan
Shares which can convert to cash on short notice
Mrs BV is ready to go to work full time if necessary
Superannuation which can be accessed under conditions of hardship.
etc etc
Just yesterday I had an agent ring me for the first time in 6 months. Late last year I was looking for a property in Kensington Melbourne but was lucky to even get a smile due to the oversupply of buyers/shortage of sellers. Suddenly out of nowhere a phone call comes in. Lets hope this keeps going as it can only be seen as a sign that the ratio of buyers to sellers is starting to swing.
Oh my god! you got a phone call! the market must be crashing!!!!!!!
me liquid to the hilt no super but a pile of useless metal ..Our pockets are deep enough.
Have you heard of risk minimisation?
Some examples below to spoil your day
Money parked in an offset account for the difficult times
Redraw ability on nearly paid off loan
Shares which can convert to cash on short notice
Mrs BV is ready to go to work full time if necessary
Superannuation which can be accessed under conditions of hardship.
etc etc
dont have to even worry if a job is about
Better not be crashing Andrew, but considering agents now either have the time or better still have the need to ring investors up to see if they are still in the market that's got to be better than getting very short, sharp answers to valid questions at OFI's ie: Me "excuse me,will the vendor consider an offer before auction day?" Abrupt agent "No, it's definately going to auction" while not even bothering to look in my direction.
It is nice to know as a buyer that the market has obviously changed enough that agents are calling.
Crash - No. A decent correction - I hope so.