I read a feature in today's Sunday Telegraph which put the increase in Queanbeyan houses (just next to ACT- where I live and have couple of properties) at 45.8% over the last year. After a number of flat years.
I talked to my local agent yesterday (before I saw this)- he was saying that the house prices have stabilised in the area, and in some places, perhaps even dropping a little.
But unit prices are still on the rise.
A friend had a 1BR property in Qbn which he sold at (what he then considered was way over the market) at $48K- in about March last year. Check out the intial post on http://www.somersoft.com/forums/showthread.php?s=&threadid=136 (especially the bits about the crazy lady).
A 1BR unit in the block was asking $72K just recently.
Why?
Sydney (or elsewhere) investors coming in, disillusioned by Sydney returns.
The agent has had people coming in from Sydney, asking for a 2BR unit for $60K to $70K. The first reply is, "you're about three years too late". 2br are $90K to $100K.
They ask to see the unit- but, because it is tenanted, the agent is obliged by law to give the tenant two days notice.
So Sydney Investor doesn't worry. He sees the returns are much better than Sydney, and writes a cheque for 10% deposit on the spot.
Lowball offers are of no use in that sort of market.
So thank you Sydney people- presumably with some push frm Mr Kiyosaki.
I talked to my local agent yesterday (before I saw this)- he was saying that the house prices have stabilised in the area, and in some places, perhaps even dropping a little.
But unit prices are still on the rise.
A friend had a 1BR property in Qbn which he sold at (what he then considered was way over the market) at $48K- in about March last year. Check out the intial post on http://www.somersoft.com/forums/showthread.php?s=&threadid=136 (especially the bits about the crazy lady).
A 1BR unit in the block was asking $72K just recently.
Why?
Sydney (or elsewhere) investors coming in, disillusioned by Sydney returns.
The agent has had people coming in from Sydney, asking for a 2BR unit for $60K to $70K. The first reply is, "you're about three years too late". 2br are $90K to $100K.
They ask to see the unit- but, because it is tenanted, the agent is obliged by law to give the tenant two days notice.
So Sydney Investor doesn't worry. He sees the returns are much better than Sydney, and writes a cheque for 10% deposit on the spot.
Lowball offers are of no use in that sort of market.
So thank you Sydney people- presumably with some push frm Mr Kiyosaki.
