What is selling in your area & what isn't ?

[blaster]

Well - the yes and no threads not doen all that well and looks like it belongs in the too hard basket - New idea !

What is selling in your area and what isn't and what are they saying ?


In my areas the expensive coastal stuff has slid to a complete halt !
So has the holiday house department !
Allot of those properties at the cheaper end have dropped their prices 200k = a good 30% no kidding !
I have also noticed allot of ' in red ' [ price reduced ] on ads and ' make an offer ' . This was unheard off 12 mths ago along the coast here .

Inland , they say affordable houses are still moving well , as in anything practical and fairly priced a round the 200k mark - apparently above the 200k has slowed right off and more of the outa way regional towns away from handy to main towns have almost stopped .

I have also noticed Units in handy places seem to be getting good prices and moving well but don't quote me on that one .

I have also noticed plenty of new 'big' land sub releases - probly in response to the so called shortage and shires rushing some new ones through .
So I reckon be very careful of land as we will end up with a glut in slowing markets and could be left holding the baby .

Cheers .

 

[peteb]

in the st kilda area (vic) anything under 300K or over 1.5 mil are selling.

usually they go to auction , no one bids, it gets passed in on a 'vendor bid', negotiations atart and 2 weeks later it's sold.


the in betweens are very slow.

 

[LynnH]

A mix of results in our area.

Waterfront properties - many more than usual on the market. Only two sold - that I'm aware of. Another one has been up for auction 4 times without result. Remainder are usually withdrawn from market.

Acreage/part acreage properties - very few on the market (closely held, and always have been) - those that do go to market sell quickly and for near asking price, from what I've observed.

McMansions on pocket-handkerchief sized blocks - asking ridiculous prices and seem to be on the market for some time - results unknown, as I don't follow this sector of the market.

Older established homes - vendors are starting to have more realistic expectations, and these homes seem to sell without too many problems. Others, where vendors have not yet 'adjusted their expectations', stagnate and are eventually withdrawn from the market.

Have recently started looking in other areas, but don't know enough of the market in those other areas to offer an opinion at this time.

Cheers
LynnH

 

[PrimeCommercial]

In my area, Sydney Hills District it seems the middle of the market is suffering the most. The el-cheapo's are being snapped up quick, They would have a very attractive yield.
The top 5%-10% of the market also seems to be moving quickly.
I sold my place in 10 days in Beaumont Hills, My cousin sold his place within a week, Castle Hill border $950k+. The top end of the market is not flooded with the number of properties as the middle, and it seems there are plenty of people still around with money to spend.

 

[Aaron Sice]

i've seen WA still selling good properties - close to water/parks/infrastructure.

those 4x2s in shoalwater aren't doing too good though...sorry, bad joke.

anything under $300k is doing well in WA. anything over about $1mil is doing well as well - but again ,they aren't doing well if they're not close to anything.

it's a very picky market out there, but there are sales.

 

[blaster]

What's it usually mean when the sign just disappears , seen a lot of that lately along the coast here but still no one new in the house ?
Quietly taken of market or ?

 

[LynnH]

blaster

Yes, it usually means that it has been quietly taken off the market - have seen quite a lot of that around here of late, too.

Cheers
LynnH

 

[fatboy4]

Most interest here has been in cheaper houses (under 300k) Absolute beachfront (walk onto the sand) units have been selling (1.1M) and large single unit per floor (5 storey blg) up to 1.55M.

Bargara's median (houses) is about 360k. It is definitely slower but prices are holding up well and we have had more inquiry and sales since the rate cut.

 

[fernfurn]

Seems to be a few of the cheaper properties sold after the rate cut, and the top millions market (after substantial cost reduction) but basically still nothing selling here

 

[GoAnna!]

Interesting. So what does this say about the theory about paying around the median?

And what does it say about who is buying right now?

Are investors or FHB buying the cheapies? Is the upper end less effected by interest rates? I would have thought the share market would have lowered the budget at the upper end but it appears not.

 

[BayView]

Well - the yes and no threads not doen all that well and looks like it belongs in the too hard basket - New idea !

What is selling in your area and what isn't and what are they saying ?


In my areas the expensive coastal stuff has slid to a complete halt !
So has the holiday house department !
Allot of those properties at the cheaper end have dropped their prices 200k = a good 30% no kidding !
I have also noticed allot of ' in red ' [ price reduced ] on ads and ' make an offer ' . This was unheard off 12 mths ago along the coast here .

Inland , they say affordable houses are still moving well , as in anything practical and fairly priced a round the 200k mark - apparently above the 200k has slowed right off and more of the outa way regional towns away from handy to main towns have almost stopped .

I have also noticed Units in handy places seem to be getting good prices and moving well but don't quote me on that one .

I have also noticed plenty of new 'big' land sub releases - probly in response to the so called shortage and shires rushing some new ones through .
So I reckon be very careful of land as we will end up with a glut in slowing markets and could be left holding the baby .

Cheers .

I'm across the pond from you in Dromana, and over here the market is a bit slow right now.

Not a lot on the market either.

Mostly due to winter, a bit due to the interest rates etc.

Properties at the top end still sell if they are good value and with excellent views. Our house and our vacant block have continued to go up in value which is nice (both have excellent views), so the buyers with no credit issues are still out and about - but more selective.

http://www.realestate.com.au/cgi-bin/rsearch?id=3936&a=qfp&cu=fn-rea&t=sol&q=Go

I think the holiday house element is dead form the time being, unless it is at land value.

Development blocks are over-priced and just sitting there, although a few new projects of massive mansions, and smaller townhouse developments are in progress all over the suburb.

My guess is these were blocks bought 3-4 years ago.

 

[blaster]

Great replies so far thanks guys , I think we're getting a real picture here .

Very interested in anyone else's analysis but personally I'm reading it so far mostly as what seems to be going on around my area.
Not many investors which is no surprise and things far and wide do seem on definite common ground with a thinning down .
Sounds like the average person or family people that do actually need to buy are but they have also started being very careful about it .

Actually mostly the same with the wealthy end too . They sound like if they really want it they are buying but being pretty smart about it .

Cheers

PS . G'day Bayview . Yeah your right it's gonna be very interesting on both sides down at our end comming into summer isn't it

 

[Dazz]

It's absolutely zipping along here.

Rents are going through the roof - doubling mostly, and in some cases tripling, which is jacking up the value of the asset.

Saw an article a few days ago for Perth.

• Premium office rents at 900 psmpa, up 35% for the year.
• A grade office rents at 780 psmpa, up 40% for the year.
• B grade office rents at 610 psmpa, up something like 56% for the year.

Carparking rents thru the roof as well. Up to 900 pcbpm for undercover secured. Open bays are at about 650 pcbpm.

Good thing is the tenants ability to pay via increased profits is far outstripping the increases imposed by the Landlords. Supply is severely restricted and not likely to alleviate any time soon. Yippee. Everyone is making lotsa money digging up stuff from the ground.

Cos the Banks are so risk averse, most won't fund new building supply until the tenants are signed up, so any new stock that is built doesn't help tenants at all in finding new digs. Yippee.

Roll on our market review in Feb next year and absolute freedom from the job. Yippee.

This strong market has been charging along full bore since mid-05 and looks like it has another 18 months to two years left. Properties which come up for sale are strongly competed for and there is a tidal wave of funds looking for a secure home.

It continues to be, and is looking very rosy indeed for the near future. Good time to be in the property market. Yippee.

 

[blaster]

It's absolutely zipping along here.

Rents are going through the roof - doubling mostly, and in some cases tripling, which is jacking up the value of the asset.

Saw an article a few days ago for Perth.

• Premium office rents at 900 psmpa, up 35% for the year.
• A grade office rents at 780 psmpa, up 40% for the year.
  
• B grade office rents at 610 psmpa, up something like 56% for the year.

Carparking rents thru the roof as well. Up to 900 pcbpm for undercover secured. Open bays are at about 650 pcbpm.

Good thing is the tenants ability to pay via increased profits is far outstripping the increases imposed by the Landlords. Supply is severely restricted and not likely to alleviate any time soon. Yippee. Everyone is making lotsa money digging up stuff from the ground.

Cos the Banks are so risk averse, most won't fund new building supply until the tenants are signed up, so any new stock that is built doesn't help tenants at all in finding new digs. Yippee.

Roll on our market review in Feb next year and absolute freedom from the job. Yippee.

This strong market has been charging along full bore since mid-05 and looks like it has another 18 months to two years left. Properties which come up for sale are strongly competed for and there is a tidal wave of funds looking for a secure home.

It continues to be, and is looking very rosy indeed for the near future. Good time to be in the property market. Yippee.

Wow , thems lots of apples , there ya go . Now for the rude question - where's here , WA mining areas or ?
Tapping into a newy before she goes of would be the art of it wouldn't it .
I see a lot of that type of thing for sale a round Melbourne inner especially the car parks but I always feel a bit suss , no mining as such to send it off here !

Cheers

 

[eggnog]

Hey Dazz, not sure if you keep your ears open to these but how about inner-perth retail. And what about well located industrials. Are they showing the same gusto as perth cbd.

 

[Dazz]

Hey Dazz, not sure if you keep your ears open to these but how about inner-perth retail. And what about well located industrials. Are they showing the same gusto as perth cbd.

G'day cashflow plus,


Don't keep an eye on retail - the tenants are far too fickle and poncy for me. There may be good money in it, but it's not my cup of tea. I do here that King St has really taken off in the last 12 months or so, with all of the bling bling crowd setting up shop there.


Well located industrials - now ya talking. The data I have shows that the raw land value has been zipping along even faster than CBD dirt, so we are well pleased. I'm talking Ozzy Park, Welshpool and anywhere near the airport, like Belmont.


Owner occupiers (people running businesses) aren't too impressed with rental reviews being imposed on them, so they are bidding up premises and moving in.

 

[Ausprop]

Cos the Banks are so risk averse, most won't fund new building supply until the tenants are signed up, so any new stock that is built doesn't help tenants at all in finding new digs. Yippee.

Roll on our market review in Feb next year and absolute freedom from the job. Yippee.

so true... and the valuers are doing heir usual trick of dismissing all market signs and scrounging around to find the worst sale ever as a direct comparison, so yes with the valuers and the banks in cahoots with each other to ensure that only the real cream of deals ever see the light of day you can rest assured that little new supply will be coming into this market. Stick your feet up Dazz, rent rates are going nowhere but up.

 

[Player]

Not only are rents going up, but Perth has been named the world's tightest office market. It has a vacancy rate of just 0.3% according to research by Colliers International.

Perth was also the highest ranking of the Australian cities for having the highest average A grade office rents.

Dazz, as the time for your rent reviews comes around, the yippee's may not cut it as far as conveying the true emotion of leaving the JOB. More colourful language may be appropriate at that time. Make sure (as no doubt you would have) they're all stitched up and enjoy your well deserved future freedom.

 

[Mooze]

Our area of Canberra (Weston Creek) is doing well - everything under around 550k moving well, anything over that is high end for the area and not doing great but still moving, just slowly.
Lots on the market overall in Canberra, moving but not as fast as last year. Not many price reductions, the ones that have been would have tested the market even last year.

 

[INVSTOR]

A mix of results in our area.

Waterfront properties - many more than usual on the market. Only two sold - that I'm aware of. Another one has been up for auction 4 times without result. Remainder are usually withdrawn from market.

Acreage/part acreage properties - very few on the market (closely held, and always have been) - those that do go to market sell quickly and for near asking price, from what I've observed.

McMansions on pocket-handkerchief sized blocks - asking ridiculous prices and seem to be on the market for some time - results unknown, as I don't follow this sector of the market.

Older established homes - vendors are starting to have more realistic expectations, and these homes seem to sell without too many problems. Others, where vendors have not yet 'adjusted their expectations', stagnate and are eventually withdrawn from the market.

Have recently started looking in other areas, but don't know enough of the market in those other areas to offer an opinion at this time.

Cheers
LynnH

hi LynnH - what suburbs and price range? Thanks