Whats happening in top end Perth?
- Thread starter Samwise
- Start date
I've almost doubled my money in Melbourne over 3 years in areas where there are hardly any foreigners. You can't blame foreigners for everything mate. There's more to price growth than race.
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Who said anything about race? I said overseas interest. That's how I think in terms of other people. Simply as a group of people. And blame?? Your really on different plane than I my friend.
It's hard having a simple conversation with someone when there on competely different plane dont-cha-know
that's "glass half full" if i've ever read it.
more like "banks still aren't lending to anyone outside personality and employment typeset "A1".
stump up more equity for typeset "A2"
"A3" > "Z9" - take a hike.
stump up more equity for typeset "A2"
"A3" > "Z9" - take a hike.
the market has probably had about 10-15% rise in the last year, so that's not a bad result but prices are still below 2006 levels. IMO - and really it's worth nothing as no one ever knows what will happen - we could see a level out for a further 12 months and then as the mining boom gathers steam we could see a break out. a good 30% or so to take it back onto the trendline.
the real danger is housing in non-resource states. IRs will hike significantly as the mining sector dwarfs all others. the only ones that can afford to pay for these IRs will be the beneficiaries of resources. This is not to be feared and is merely reallocation of resources from less efficient sectors of the economy. Reviews such as the henry report recognise this, suggesting stamp duties shoudl be lowered to assist the mobility of labour from non productive yet well populated states such as NSWand Vic to the areas that require labour. It will assist the population shift from the south east to the north and west... somehtign thiscountry should have done 50 years ago anyway.
the danger will be if China stumbles there could be hiccups. For the rust belt states it will be a case of heads we lose, tails you win.
then we need to look at the next pahse, that is in 20 to 30 years when these resource projects ease off. we need to have diversifed the economy and make sure we have a high level of uranium processing to see us thru the future.
the real danger is housing in non-resource states. IRs will hike significantly as the mining sector dwarfs all others. the only ones that can afford to pay for these IRs will be the beneficiaries of resources. This is not to be feared and is merely reallocation of resources from less efficient sectors of the economy. Reviews such as the henry report recognise this, suggesting stamp duties shoudl be lowered to assist the mobility of labour from non productive yet well populated states such as NSWand Vic to the areas that require labour. It will assist the population shift from the south east to the north and west... somehtign thiscountry should have done 50 years ago anyway.
the danger will be if China stumbles there could be hiccups. For the rust belt states it will be a case of heads we lose, tails you win.
then we need to look at the next pahse, that is in 20 to 30 years when these resource projects ease off. we need to have diversifed the economy and make sure we have a high level of uranium processing to see us thru the future.
Perth Defies Gravity
I have just come back to Sydney from Perth after 2 weeks in the West. As always I check out the residential real estate from Cottesloe to Fremantle. When I was last there 1.5 years ago I was staggered at what was being paid for entry level for 500sqm of dirt (with a knock down) in Cottesloe at around $1.6m to $2m.
Compare this to what you could get in the same range in more expensive parts of Sydney, Melbourne & our other capital cities & there looks a big disparity / an imbalance in costs..
And at that time (1.5 years ago) prices in the Western Suburbs of Perth had dropped from the peak!!!
And i know that Cottesloe & surrounding suburbs are unique, have limited supply, are near the ocean & have high demand because people with coin want to live there. But what a cost.... i was convinced there would be further correction with more to fall.
So when i was back this time i was amazed to see that in the past 1.5 years prices appear to have moved up in this area??? From what i could see entry level now sits around $1.8m to $2.3m. This is excluding Curtin Ave & other main roads.
What’s the future??? A cabbie to the airport told me “mate Perth is the 3rd most expensive city in the world. You know... its just behind Tokyo. Do ya get that??? How do you afford to buy a place in this joint???”
Perhaps Perth is an anomaly all to its self driven by the gloves insatiable demand for resources. Perhaps you pay a premium to be there, after all its got beautiful beaches & a unique life style. But at the end of the day affordability is a reality. Either Australia & the rest of the world catch up, Perth adjusts or Perth continues to do its own thing & defy gravity through the next resource boom......
Philip
I have just come back to Sydney from Perth after 2 weeks in the West. As always I check out the residential real estate from Cottesloe to Fremantle. When I was last there 1.5 years ago I was staggered at what was being paid for entry level for 500sqm of dirt (with a knock down) in Cottesloe at around $1.6m to $2m.
Compare this to what you could get in the same range in more expensive parts of Sydney, Melbourne & our other capital cities & there looks a big disparity / an imbalance in costs..
And at that time (1.5 years ago) prices in the Western Suburbs of Perth had dropped from the peak!!!
And i know that Cottesloe & surrounding suburbs are unique, have limited supply, are near the ocean & have high demand because people with coin want to live there. But what a cost.... i was convinced there would be further correction with more to fall.
So when i was back this time i was amazed to see that in the past 1.5 years prices appear to have moved up in this area??? From what i could see entry level now sits around $1.8m to $2.3m. This is excluding Curtin Ave & other main roads.
What’s the future??? A cabbie to the airport told me “mate Perth is the 3rd most expensive city in the world. You know... its just behind Tokyo. Do ya get that??? How do you afford to buy a place in this joint???”
Perhaps Perth is an anomaly all to its self driven by the gloves insatiable demand for resources. Perhaps you pay a premium to be there, after all its got beautiful beaches & a unique life style. But at the end of the day affordability is a reality. Either Australia & the rest of the world catch up, Perth adjusts or Perth continues to do its own thing & defy gravity through the next resource boom......
Philip
yeah i was feeling a little light headed.
it's weird hey. i remember in about 2006 going to Sydney and thinking how cheap some of the premium property was, right on the harbour front. but then the cheaper housing seem so much more expensive than Perth. I think the syd/mel market is a flatter market
it seems perth doesn't drop - it just stagnates for AAAAAAGES then picks up.
Believe it or not. But theres just a little more to perth then the strip you visit so eagerly.
What is it with outsiders judging all of perth on its upper quartile?? I see it every fricken day it drives me nanas i tells ya. The Cott to Freo is not an indication of perth in general. Trust me on that one.
These high price high cost property stories of struggle for the middle classes make me cringe.
But im ever so glad that people choose to see perth this way. It makes my life as an investor in perth so much easier.
Perth is not a rising market, it's all over the place, I guess my "glass is half empty".
Cheers, MTR