Australia Property Prices set to plummet by 60%

[flybyknight]

he mounts a defense later in the thread, doesnt change the fact that his speculation is dodgy.

he was involved in a outfit that devalued around 50%. he obviously didnt see that coming!

i wonder if he has any property in oz? what motivates him?

[*Fiona*]

I heard that prices had actually risen slightly here in Perth at last count

[*Fiona*]

Prices fell 10% in Perth, then rose slightly at the end of last year. According to today's paper, FHOGs paid in December 2011 was the highest amount for 2 years. People are buying again.
My guess is Perth house prices will stabilise in 2012, then start rising again in 2013. That's if the Reserve Bank does the sensible thing and throws another 3 or 4 rate reductions people's way.
From personal experience, my wife has two sisters looking for houses at the moment and they are starting to sell quickly again. Just looking at realestate.com.au the amount of houses that have gone on since Xmas is significant. And they're selling.

Agreed.

[landv]

I heard that prices had actually risen slightly here in Perth at last count

In some suburbs, but not in others.

[The Pom Queen]

seems ropey to me!

That reminded me JIm Ropey Hoff where are you, it's strange how both you and Perthbum have been AWOL, umm have I stumbled on something here

[ErmintrudeMcMoo]

Well locally where I am prices did come down a bit (though certainly not 60%), but I`ve noticed that lately houses are starting to sell faster, though I`m unsure what the difference in listed price and accepted price would be.
I think if you are buying a home and intend to be in it long term and you didn`t overstretch yourself to begin with, it shouldn`t make much difference.

[*Fiona*]

I regularly watch the market where I live. Houses sell quickly...there seems little diff in the asking price than when we bought 16 months ago though an agent selling a property in my street told me my house was now worth 20k less than I pai for it..I didnt really believe him but irrelevant as like Moo says we're not planning on going anywhere anytime soon.

[Rachael R]

House prices cannot keep going up sooner or later they have to come down, just look whats happened in the UK.

[gpo1971]

Well locally where I am prices did come down a bit (though certainly not 60%), but I`ve noticed that lately houses are starting to sell faster, though I`m unsure what the difference in listed price and accepted price would be.
I think if you are buying a home and intend to be in it long term and you didn`t overstretch yourself to begin with, it shouldn`t make much difference.

One came on down the road from us and it was $50k higher than we paid 18 months ago. We scoffed a bit as we assumed they wouldn't get it but it sold in a week.
Any nice houses that come up are getting snapped up.

[Johndoe]

That reminded me JIm Ropey Hoff where are you, it's strange how both you and Perthbum have been AWOL, umm have I stumbled on something here

If PB is absent then so will Jim be......................he has nobody to argue with