REIV quarterly update

[JamesGG]

The REIV took their sweet time about it (as they usually do) but their March 2008 quarterly update has been posted online recently.

http://propertydata.reiv.com.au/Members/PDF/Property_Update.pdf

Lies, damned lies and statistics; I know, but, it makes for an interesting read.

 

[BayView]

Thanks for the link James.

Interesting to see the % changes of the different demographic areas.

I picked 2 out as a search - Brighton and Boronia.

Brighton is your upper-end "postcode" suburb for very high income earners and wealthy as a general rule. It dropped by 16.3%.

Boronia is where I bought my first property - a PPoR and is still mostly FHOB territory, and below the medians. It went up by 2.8% Not a lot - but still up, in a sea of down.

My conclusions for this would be:

1. Brighton - that possibly the higher end has dropped as the overleveraged higher income earners - many who work in the Finance/Banking/IT sector, as well as a number of higher end property developers and property related industries, Law and Medicine and so on, had to sell in the tough time due to GFC or the Stock Market crash and received margin calls, and did so at losses, or below market value to stay ahead of the Banks and courts.

2. Boronia - has experienced some of the FHOB scurry to buy cheaper properties.

Don't know that this is the real story, but there were other similar comparisons, and we have all seen the FHB's and the GFC have their affects over the last several months.

Comments, anybody?

 

[pieman]

From the coal face and going to a few auctions a week Id say this is
quite "old" data. You simply can't buy middle brighton land for under 200$sq ft
Last weekend 2 auctions I went to had more than 5 bidders. Good signs, Id expect a 20per cent change in their stats next qtr.
If you could buy at their prices currently u would be buying 15/20 under market.

 

[JamesGG]

Yes, there would be old data included; the stats are from January to March this year, so the earlier range is six months old now. As we know, a lot has happened in that time.

Just out of curiousity, I logged into sales database this morning.


Jan - Mar 2009 median for houses in Brighton (per report): $1,402,500
Apr - Jun 2009 median for houses in Brighton (per database): $1,450,000

The latter figure is based on 116 transactions including 60 auctions (82% clearance) and was last updated on the 20th of June.


Same exercise for Boronia;

Jan - Mar 2009 median for houses in Brighton (per report): $365,000
Apr - Jun 2009 median for houses in Brighton (per database): $374,000

The latter figure is based on 80 transactions including just 8 auctions (100% clearance) and was last updated on the 16th of June.

 

[Player]

Living nearby, I'm also finding better $ale$ figure$ and higher clearance rates around pieman's locale compared to even three months ago, when things looked pretty grim.

There is also little by way of stock on offer so anything decent has some bidding competition and sells. In another three months or so as the seasonal busy period of spring arrives, it will be interesting to see what prices are achieved. These areas may bounce back aggressively as the carnage (attributed more than likely to BayView's conclusions above) was more intense.

Thanks for the link James.

 

[RE rocks]

Can you please private message me the figures for Mentone & Clayton South

I'll really appreciate that

Yes, there would be old data included; the stats are from January to March this year, so the earlier range is six months old now. As we know, a lot has happened in that time.

Just out of curiousity, I logged into sales database this morning.


Jan - Mar 2009 median for houses in Brighton (per report): $1,402,500
Apr - Jun 2009 median for houses in Brighton (per database): $1,450,000

The latter figure is based on 116 transactions including 60 auctions (82% clearance) and was last updated on the 20th of June.


Same exercise for Boronia;

Jan - Mar 2009 median for houses in Brighton (per report): $365,000
Apr - Jun 2009 median for houses in Brighton (per database): $374,000

The latter figure is based on 80 transactions including just 8 auctions (100% clearance) and was last updated on the 16th of June.