Your market? How are things?

I was wondering what the feeling was on this forum for your market ... where you live, or where you invest.

I can comment a little on 'my' area - outer south western suburbs of Perth.
Prices: Were down about 5% from peak. Anecdotal evidence that prices are coming back up, albeit slowly. More properties are moving, though mostly in the under 400k range (the median). Sales of expensive 1m+ properties very, very slow.
Rents: Vacancy rates low. Slight increases in last 12 months for $.

So... still pretty flat with maybe a little glimmer of light.

I'm happy to answer any queries if anyone interested in this part of the world.

Would enjoy hearing thoughts on your preferred market.
 
My market is Canberra.

Basically, there seems to be bugger all for sale in the suburbs I'm interested in (typically 10 minute walk to City or Woden). First Home Buyers have gone nuts over the past few months and sucked up most of the cheaper stock, and builders don't seem to be keeping up with demand.

It's good in the short term for the properties I own, but makes it hard to find a bargain.
 
I've been tracking <$400k renovators in Brisbane..

Admittedly these always move like hot cakes due to their affordability, and especially with the FHO activity of late.. But finding a bargain is near impossible.. looking north & south of the river too. A recent renovator on the north side sold for more than the asking price - and it wasn't cheap considering it didn't have a bathroom & kitchen.. when they start selling for more than the asking price, something must be up :confused:
 
My Market is North Melbourne.

Not much stock at the moment.

Auctions are very busy. Usually 4-5 bidding parties.

High prices achieved.

Not a great environment to buy in. Good environment to sell in.
 
Most of Melbourne is moving real quick, just like it's prices. I purchased my 3rd IP on Friday last week in Frankston South, cause there's no way I'm missing the next boom! Paid market price, but who cares about buying a bargain when you can make money on the boom we are having right now!

Wait for a bargain and you'll miss the boom... well in Melbourne it's happening anyway. I reckon once the FHB grant ends, all of the investors will jump in and it will be even harder to find a bargain. And if it doesn't boom, who cares, will server me well long term anyway, but not willing to sit back on the sidelines and wait. Already did that in the passed and paid dearly for it.
 
Why do you thick investors will pile in when the grant finishes? What is it that will attract investors to the market in numbers large enough to create a boom?

As for my patch(es)

Inner West Sydney: prices staying steady, increased interest but volume of sales isn't increasing much.

Central Coast: Dead. Apparently FHBG demand has petered out.

I reckon once the FHB grant ends, all of the investors will jump in and it will be even harder to find a bargain. And if it doesn't boom, who cares, will server me well long term anyway, but not willing to sit back on the sidelines and wait. Already did that in the passed and paid dearly for it.
 
My market is Canberra - specifically Weston Creek

Anything coming onto the market is moving very quickly, a house three around from us is up for Auction in two weeks - number through at open homes has been ridiculous with our very minor residential street becoming a full on traffic jam. (Weston)

Duffy - again everything is moving quickly, including a house that was taken off the market six months ago, relisted at same price and sold within two weeks. Currently a good tester there which has listed about 40k over anything comparable nearby - will be watching to see what happens.
 
The good stuff sells fast for more than the asking price.

Some of the bad stuff has almost the same asking price as the good stuff, some is actually priced right, but it doesn't sell. When it does, it sells for a lot less than the asking price.

People out here do NOT want renovator's delights, but people with renovator's delights or subdivisible blocks think they can price their houses as if they are already renovated or already subdivided (totally forgetting that renovating and subdividing costs time and money), which doesn't help people like me who are sniffing for a *cheap* house with a bit of potential in it.

Crazy. Just crazy.
 
Perth.

upper end - slow. new estates dropping prices. construction at Burns Beach has pretty much stopped. block next door to me still not sold - not that it bothers me much. i'm confident in the long term prospects of this suburb and that's my only focus. being a PPOR i only want to leverage against it for one purchase, then i'm off.

lower end - hot to trot. partly from the FHB, but mostly investors snapping up new stock with good (~6%) yields. i have 112 (thats one hundred and twelve) units booked across 8 (eight) sites from 4 different companies / investment groups.

perth? i think i might try and get into the transportable market with Novus, T&R, McGrath etc. could be a lot of money there for "up north".
 
The good stuff sells fast for more than the asking price.

Some of the bad stuff has almost the same asking price as the good stuff, some is actually priced right, but it doesn't sell. When it does, it sells for a lot less than the asking price.

People out here do NOT want renovator's delights, but people with renovator's delights or subdivisible blocks think they can price their houses as if they are already renovated or already subdivided (totally forgetting that renovating and subdividing costs time and money), which doesn't help people like me who are sniffing for a *cheap* house with a bit of potential in it.

Crazy. Just crazy.

i think that's the same everywhere.

just bring them back to earth with you, then your husband seperately, making to stupid lowball offers for what it's really worth. that'll sort em.
 
Why do you thick investors will pile in when the grant finishes? What is it that will attract investors to the market in numbers large enough to create a boom?


A lot of them are waiting for the FHOG to end and once it does, they'll all jump in at the same time thinking there will be bargains galore. It's just another catalyst for property to start rising again. With Aus out of the GFC, confidence in the economy and jobs, people are starting to get their confidence back. It's happening right now!

Even when interest rates rise, it won't scare people. If anything, when property starts rising and interest rates start rising also, it makes people even more desperate to buy thinking they will miss out.
 
I cant see it happening but as always we will know in time, the rest of this year should be telling.

I don't think the fundamentals are there to bring in investors in numbers large enough to move the market.

Also, i don't like to think about all these people buying on circa 5% rates and then when the rates rise (which they will) it could get ugly.

Could be the catalyst for the opposite of a so called 'boom'.

A lot of them are waiting for the FHOG to end and once it does, they'll all jump in at the same time thinking there will be bargains galore. It's just another catalyst for property to start rising again. With Aus out of the GFC, confidence in the economy and jobs, people are starting to get their confidence back. It's happening right now!

Even when interest rates rise, it won't scare people. If anything, when property starts rising and interest rates start rising also, it makes people even more desperate to buy thinking they will miss out.
 
just bring them back to earth with you, then your husband seperately, making to stupid lowball offers for what it's really worth. that'll sort em.
The original '70s decor stone place I saw the other week was originally listed (in JANUARY) for $285k. Its on $60k of land, subdivisible only into two (which would also be worth $60k each) despite being on 4400sqm because of the location of the existing house. I swear its really worth $190k if not less, the house is big but really below par - dated worn out decor, threadbare carpet. That's a HUGE drop from $285k to $190k. They haven't had a single offer so far, apparently. If it was vacant land you could strata the thing into umpteen units (block is about 40x110m) but it is too expensive.

I'm not sure they'll go with that, but if its still for sale when my old house is sold and this one is subdivided and reroofed, I'll probably put in an offer of that much :D
 
Also, i don't like to think about all these people buying on circa 5% rates and then when the rates rise (which they will) it could get ugly.

Possibly, but Rudd has put in a nice policy in place which protects home owners from losing their homes if they default due to losing their jobs. They freeze interest payments for 1 year.

Generally if IR's go up, people cut back in other areas and will do almost anything to not lose their homes.

Can't speak for other states, but it really is ridiculous in Melb. A house I bought last year for $425 has now been valued at $480-500K. I't crazy.
 
Why do you thick investors will pile in when the grant finishes? What is it that will attract investors to the market in numbers large enough to create a boom?

As for my patch(es)

Inner West Sydney: prices staying steady, increased interest but volume of sales isn't increasing much.

Central Coast: Dead. Apparently FHBG demand has petered out.

I think they'll pile in because of this:

http://www.prosolution.com.au/news/email/Chart1.pdf

It's never been cheaper to hold an IP for the last 20 years.
 
Parts of regional Victoria, towns and cities...prices look to be steadily rising, auctions are getting dozens of people attending, (all kinds of property), spirited bidding, not just a few anymore.

Real estate agencies calling for more properties, (to sell-more buyers wanting stuff than is available, especially a house and few hectares), rentals seem to be renting well, the rents I have noticed are also increasing, I had put ours up 6 months ago, and am about the cheapest now, (3 b/r houses).

Some of the smaller towns just have buggar all properties coming onto market, anyone that has a decent sized house, reasonable condition doesn't even barely need to advertise, offers and calls start flooding in minute they get wind. Prices steadily increasing in these smaller towns too.

A relatively healthy market, turning over, what there is of it to turnover.

Shortage of well presented houses for sale and rent.

I think units are about the same...(relative shortage).

Definitely disabled accommodation ...rare as rare, great need for 2 b/r units suitable for disabled living.

I am building.:) For next few years.

Premium rentals for tight rental market.

What drought? you may well say.
 
Usual story for inner city, east and northern suburbs of Syd. No quality properties on the market and prices keep edging upwards. Would people stop moving to Sydney please? Plenty of buyers looking for quality homes with a piece of dirt on it. Anything up to $1.5M will have competition so don't expect a bargain. Then again its not really booming so I'd say a steady upward trending market.

Wheres our learned Professor Keen now? Was waiting for that $2M property in Mosman to fall to $1.2M, surprise surprise, it didn't happen.
 
South coast of NSW is rolling along.

Most noticable change is the sold signs everywhere. Started at the cheaper end but moving to pricier homes now.

Rentals are still very thin on the ground in more desirable areas.Larger residential developments are still hurting a bit as would be expected. Quality areas holding up well and showing a bit of price growth.

I will say that we are still way below 2004 peaks. My PPOR for example could have sold for around the $380,000 mark at the very top. Today it would probably go for around $325,000. But if i had to sell in a hurry 6-12 months ago i may have been lucky to get $300 even.

I would say most of our price drops happend before 2006-2007 and has been flat since then. Makes me laugh when people say there has been no price correction.There has in many areas.
 
North West Sydney

Hiya

Reporting on NW Sydney in my patch; has a friend (new migrant); budget 850-900K looking at Eastwood, Pymble,Epping, Beecroft, Pennant Hills area.

My, is he desperate for houses (quality) ones to look....very little stock.

jenn
 
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