Australia housing bubble - Page 51

xkxlxm · 21-10-2022, 08:07 PM

Referencing my termite/alate posts a while ago on this thread: twenty minutes ago, sitting in back veranda, I saw alates floating about outside, right on cue: late October at the end of a warm day. They seem to be coming from a bottle brush tree in back yard of a house behind neighbour's house.

zilo · 22-10-2022, 02:39 PM

Biggest problem for those coming off fixed rates is they may not be able to do the shopping around anymore.

Good possibility that the house is valued less than the amount of the loan which either triggers a margin call by banks for more cash deposit or becomes a mortgage prison by not being able to switch anymore...or worse being recommended to sell up as the only option.

Fun times for some....laughter for those of us who knew better.

**PG2** · 22-10-2022, 08:09 PM

Quote:

Originally Posted by zilo

Biggest problem for those coming off fixed rates is they may not be able to do the shopping around anymore.

Good possibility that the house is valued less than the amount of the loan which either triggers a margin call by banks for more cash deposit or becomes a mortgage prison by not being able to switch anymore...or worse being recommended to sell up as the only option.

Fun times for some....laughter for those of us who knew better.

Zilo

Maybe I am being precious and taking the above the wrong way but...

I don't think the possibility of someone losing their family home is a laughing matter.

**FoxtrotGolfXray 5.0** · 23-10-2022, 09:04 AM

Just my observation within the local market here and only based on watching the local real estate pages:

Sales slowed somewhat when the interest rates increased, but prices didn't appear to correct too much. Just that the time increased from when the property was advertised to when it went to contract. But that time appears to have decreased once again. Whilst they haven't returned to the pre-interest rate rise pace, it has certainly decreased. And any price correction has been negligible.

Citroënbender · 23-10-2022, 09:28 AM

Hackney - I think you’re possibly the sole active poster who’s made a move - everyone else remains in the gallery. Hope the ACT is what you’re expecting of it.

FG-X, your town seems by comparison to others of similar distance from Melbourne and with similar amenity, still underpriced on the whole; not surprised it’s coming up steadily.

Local to me, one of the Chinese builders sold three semis at auction for an average of $2.147M last year, the most recent project 300m away with inferior Feng Shui sold for $2.026M apiece post auction (were passed in). They retained one of the semis for a relative or associate and the whole site cost them $3,3M. Absolute money for jam.

hackney · 23-10-2022, 11:34 AM

Quote:

Originally Posted by Citroënbender

Hackney - I think you’re possibly the sole active poster who’s made a move - everyone else remains in the gallery. Hope the ACT is what you’re expecting of it.

FG-X, your town seems by comparison to others of similar distance from Melbourne and with similar amenity, still underpriced on the whole; not surprised it’s coming up steadily.

Local to me, one of the Chinese builders sold three semis at auction for an average of $2.147M last year, the most recent project 300m away with inferior Feng Shui sold for $2.026M apiece post auction (were passed in). They retained one of the semis for a relative or associate and the whole site cost them $3,3M. Absolute money for jam.

We have been talking about it for awhile, yes we will go, no,we will stay, back & forth with decisions.The market coming back to us actually helped.We had to move eventually, had a very steep driveway & ver big garden(wife is a very big green thumb & passionate gardener) but things were getting tougher, in the garden area & drive way was not conducive for washing cars.I suspect this will be our last move.Great home though energy rating of 7.2.Hardly used the ducted A/C just don’t need to use it.

Yellow_Festiva · 23-10-2022, 09:48 PM

It's getting close to the end of the year when I said I would get back into the market for my next house.

There is not much for sale, and what is being advertised for auction is either selling before or getting passed in.

After 2 days of open houses my phone has rung hot with feedback and invitations for offers. Prices have come off the boil (SW Sydney) and there have been some surprising auction results (both good and bad).

Have my eye on one place that I really like, only problem is it's at the top end of my budget so if it sells for 10-15% over agents expectation I'm out. Reading the agent he will entertain selling before the auction, and I think it's time I stop kicking the tyres and put in an offer or 2.

Fingers crossed I guess.

hackney · 24-10-2022, 06:55 AM

Quote:

Originally Posted by Yellow_Festiva

It's getting close to the end of the year when I said I would get back into the market for my next house.

There is not much for sale, and what is being advertised for auction is either selling before or getting passed in.

After 2 days of open houses my phone has rung hot with feedback and invitations for offers. Prices have come off the boil (SW Sydney) and there have been some surprising auction results (both good and bad).

Have my eye on one place that I really like, only problem is it's at the top end of my budget so if it sells for 10-15% over agents expectation I'm out. Reading the agent he will entertain selling before the auction, and I think it's time I stop kicking the tyres and put in an offer or 2.

Fingers crossed I guess.

The only way is to make an offer, then you know we’re you stand financially.Good luck.

zilo · 26-10-2022, 12:27 AM

Quote:

Originally Posted by Yellow_Festiva

It's getting close to the end of the year when I said I would get back into the market for my next house.

There is not much for sale, and what is being advertised for auction is either selling before or getting passed in.

After 2 days of open houses my phone has rung hot with feedback and invitations for offers. Prices have come off the boil (SW Sydney) and there have been some surprising auction results (both good and bad).

Have my eye on one place that I really like, only problem is it's at the top end of my budget so if it sells for 10-15% over agents expectation I'm out. Reading the agent he will entertain selling before the auction, and I think it's time I stop kicking the tyres and put in an offer or 2.

Fingers crossed I guess.

Wait a while....another RBA meeting next week.

hackney · 26-10-2022, 06:46 AM

Quote:

Originally Posted by zilo

Wait a while....another RBA meeting next week.

Err,no.Just adjust what you can pay, & make sure that you build in a buffer ,no brainer.

Yellow_Festiva · 26-10-2022, 01:09 PM

Quote:

Originally Posted by zilo

Wait a while....another RBA meeting next week.

No sooner did I start paying for my DD, I opened my news feed to read that the RBA had predicted rates to 'possibly' reach mid 4's and prices to 'possibly' drop another 20%.

Will see of course, but need to take that into consideration when at the auction. The agent no longer wants to accept pre-offers. It's going to auction this Saturday and will sell for the highest bid. Fine by me.

Quote:

Originally Posted by hackney

Err,no.Just adjust what you can pay, & make sure that you build in a buffer ,no brainer.

Absolutely - have since revised down my maximum I'm willing to spend.

Another place I though was out of my budget went for well below my expectation so just need to turn up and see how I go.

**Charliewool** · 26-10-2022, 05:50 PM

Quote:

Originally Posted by zilo

Wait a while....another RBA meeting next week.

A saying my old man often used..
“The best time to buy real estate is yesterday”
And in the long term, it’s still applicable!

zilo · 27-10-2022, 12:50 PM

Quote:

Originally Posted by Charliewool

A saying my old man often used..
“The best time to buy real estate is yesterday”
And in the long term, it’s still applicable!

The apple never falls far from the tree I guess.

Standard disclaimer.

What is past performance disclaimer?

"the performance represented is historical" and that "past performance is not a reliable indicator of future results and investors may not recover the full amount invested."16 Aug 2022

xkxlxm · 29-10-2022, 02:15 PM

Just went to an auction (Melb.) as a spectator. Weatherboard house on biggish block (block next door has four units on it). Strong bidding. 'On the market' at 980 or 990, sold for $1,131,000. (Auctioneer was very good.)

Just before the bidding started a bloke asked a question about the vacant block behind ... trying to create doubt in other bidders' minds ... his mate, of course, joined in the bidding after a while and was the under bidder.

**Polyal** · 26-10-2022, 01:23 PM

Its very location dependent, there are plenty of places around and outside Hobart that are going for 5-10% over advertised price. And most of these places are nothing fancy and in the 600-800 range..not sure how the upper end of town is going.

Very limited market here and building is a bit tougher due to lack of labour etc.

hackney · 26-10-2022, 01:45 PM

Quote:

Originally Posted by Polyal

Its very location dependent, there are plenty of places around and outside Hobart that are going for 5-10% over advertised price. And most of these places are nothing fancy and in the 600-800 range..not sure how the upper end of town is going.

Very limited market here and building is a bit tougher due to lack of labour etc.

It is, but for some reason the A.C.T market keeps defying trends even though it has come back a little.But, mark my words it will rebound to strong levels once again.Market is insane.

**FTE217** · 26-10-2022, 02:23 PM

ACT has always been a high market due to the white collar % down there.
Sure it may have dipped some but with all the Gov jobs/embassy's its sure to recover better than anywhere in Oz imo.

Polyal, your last sentence is similar everywhere - not just lack of labour but slow supply of building materials/and house new appliancense's etc.....

We've just gone through a 3/4mth reno, re locate kitchen, 2 new bathrooms new laundry amongst other minor adjustments.
Getting th elines the wife wanted many times you had waits or find an alternative, many times.
Then between our Tradies getting them in line due to so much demand had its moments.

As for buying I'm with Hackney, the ones in trouble are always the ones who over extend themselves, you should always cover your b utt but thats me even when in the good times.
Nothing lasts forever.
The wife calls me the conservative, yep we sure could have invested more but we own everything.

blueoval · 31-10-2022, 12:08 PM

A recent subdivision in the Suburb of Oakden Rise South Australia went up for sale very recently. Oakden is an area close to Gilles Plains, Holden Hill and Yatala (where the prison is).

The smallest block of land there is 117sq.m. That's right, 117sq.m with 4.5m frontage! It sold for $164,000. The largest block of land there which is 450sq.m sold for $549,000.

While this might not be a surprise for some of you who live in the Eastern states, this is very surprising from a long term SA residents point of view.

The allotments had to go in a lottery due to the amount of interest and the emotion for those who happen to snap these up were polarizing. I mean, I am happy they got to buy some land, but at the same time I am perplexed at the perceived value in this.

Maybe Im old fashioned or just not with the times, but things escalated to light speed in a matter of months.

Citroënbender · 31-10-2022, 05:10 PM

That doesn’t surprise me, but I can understand where you’re coming from.

Look at Risdon Vale as a template for rocketing values near a prison. The buyers you saw, may well have considered this aspect for themselves. Plus those of the mindset who want “new” and on virgin ground (so to speak).

**mad2** · 31-10-2022, 05:25 PM

Quote:

Originally Posted by blueoval

A recent subdivision in the Suburb of Oakden Rise South Australia went up for sale very recently. Oakden is an area close to Gilles Plains, Holden Hill and Yatala (where the prison is).

The smallest block of land there is 117sq.m. That's right, 117sq.m with 4.5m frontage! It sold for $164,000. The largest block of land there which is 450sq.m sold for $549,000.

While this might not be a surprise for some of you who live in the Eastern states, this is very surprising from a long term SA residents point of view.

The allotments had to go in a lottery due to the amount of interest and the emotion for those who happen to snap these up were polarizing. I mean, I am happy they got to buy some land, but at the same time I am perplexed at the perceived value in this.

Maybe Im old fashioned or just not with the times, but things escalated to light speed in a matter of months.

seem to remember something similar down here where [i think?] all the blocks were auctioned off instead of a set price. would have got a way betterer price i'm presuming [?].

blueoval · 31-10-2022, 05:47 PM

Quote:

Originally Posted by mad2

seem to remember something similar down here where [i think?] all the blocks were auctioned off instead of a set price. would have got a way betterer price i'm presuming [?].

yes there was an inundation of interest for these blocks for some reason. I would presume the Auction was a success and they got more than advertised.

danzvtil · 31-10-2022, 07:38 PM

Quote:

Originally Posted by blueoval

yes there was an inundation of interest for these blocks for some reason. I would presume the Auction was a success and they got more than advertised.

My daughter just finished school near this site, it’s 20min from the CBD, 10mins from tea tree plaza, and central to almost every suburb north of the city. The area is full of hard working immigrants who value new builds over existing stock.

hayseed · 31-10-2022, 09:46 PM

Quote:

Originally Posted by blueoval

The smallest block of land there is 117sq.m. That's right, 117sq.m with 4.5m frontage! It sold for $164,000.

WTF are they gunna build on THAT...????

blueoval · 31-10-2022, 11:23 PM

Quote:

Originally Posted by hayseed

WTF are they gunna build on THAT...????

a full sick garage???

I reckon it will be a double storey row dwelling or townhouse of some description.

Citroënbender · 01-11-2022, 12:34 AM

What’s the DCP say for ridge or eaves/parapet height, setback, side boundaries, number of stories, parking requirements, FSR, green space/permeable surface?

blueoval · 01-11-2022, 04:08 PM

Quote:

Originally Posted by Citroënbender

What’s the DCP say for ridge or eaves/parapet height, setback, side boundaries, number of stories, parking requirements, FSR, green space/permeable surface?

DESIGN CRITERIA

https://villawoodproperties.com.au/w...nes_Oct22.pdf?

BEP

https://villawoodproperties.com.au/w...lope-plan.pdf?

Yellow_Festiva · 01-11-2022, 09:47 PM

Quote:

Originally Posted by hayseed

WTF are they gunna build on THAT...????

Slightly more than what I posted?

xkxlxm · 03-11-2022, 04:32 PM

Charliewool: Watsonia

Yellow_Festiva · 01-11-2022, 09:45 PM

Quote:

Originally Posted by blueoval

A recent subdivision in the Suburb of Oakden Rise South Australia went up for sale very recently. Oakden is an area close to Gilles Plains, Holden Hill and Yatala (where the prison is).

The smallest block of land there is 117sq.m. That's right, 117sq.m with 4.5m frontage! It sold for $164,000. The largest block of land there which is 450sq.m sold for $549,000.

While this might not be a surprise for some of you who live in the Eastern states, this is very surprising from a long term SA residents point of view.

From the 'Eastern States':

https://www.realestate.com.au/proper...atta-139715619

I really thought it was a mistake the first time... but alas it isn't.

Saved in my watch list for shi75 and giggles... as I'm sure many others have also done.

I can see the agent speaking to the vendor "Any time soon will be sold, it's being watched by 3,251 people! Amazing interest"!

zilo · 31-10-2022, 08:27 PM

I have a feeling it might be 0.5% tomorrow from the RBA.