Oz Property about to become much more affordable!

[immy21]

With the UK housing market grinding to a FULL STOP over the last 6 weeks (i'm an Estate Agent, to qualify that remark.) I was wondering what is happening down under and it is a relief to see the same thing. So we all should 'sell low and buy low'

Read this
None of this is good news for the property market. But rather than focus on our own little bubble, we’d like to take another trip Down Under this morning, to find out what the state of the Aussie housing market can tell us about the future of our own…
Many people thought the Australian housing market had achieved the holy grail of a ‘soft landing’. But that‘s looking more and more like wishful thinking. Stories are emerging of negative equity and of houses in Sydney being sold at well below prices fetched in 2004.
One particular tale that has been enthralling Sydney-siders is the story of a house in the city’s western suburbs. It was bought for A$450,000 (about £180,000) in 2004. But the unfortunate owners ran into trouble making their mortgage payments, and the home recently sold again - this time for just A$260,000 (£104,000), a 42% drop over two years.
That’s pretty hefty. And so compelling was the tale that the Sydney Morning Herald recently revisited the street to interview neighbours about their housing plans.
Unsurprisingly, most are planning to stay put. Several have had valuations from estate agents that have put their house price below what they paid for it.
But what was far more telling was the way the residents were talking about property. Here’s a quote from local homeowner Judith Marshall: “Our house was valued two years ago at about A$330,000 [£132,000] and since the market has come back we’re thinking it would be about A$300,000 [£120,000], maybe less. Bricks and mortar is supposed to be the most solid investment of your life, but for many people these days, I think you’re better off renting.”

[becky c]

Interesting reading Immy, as I'm a seller in the UK can you give me your thoughts, any predictions for the market over the next few months? We've had no interest in our property, whichy has been on the market for 8 weeks. We're thinking about renting it out so we can get off to Oz as soon as we get our visas. It's a real worry at the mo,

Bec x

[stevebison2000]

Originally Posted by immy21

With the UK housing market grinding to a FULL STOP over the last 6 weeks (i'm an Estate Agent, to qualify that remark.) I was wondering what is happening down under and it is a relief to see the same thing. So we all should 'sell low and buy low'

Read this
None of this is good news for the property market. But rather than focus on our own little bubble, we’d like to take another trip Down Under this morning, to find out what the state of the Aussie housing market can tell us about the future of our own…
Many people thought the Australian housing market had achieved the holy grail of a ‘soft landing’. But that‘s looking more and more like wishful thinking. Stories are emerging of negative equity and of houses in Sydney being sold at well below prices fetched in 2004.
One particular tale that has been enthralling Sydney-siders is the story of a house in the city’s western suburbs. It was bought for A$450,000 (about £180,000) in 2004. But the unfortunate owners ran into trouble making their mortgage payments, and the home recently sold again - this time for just A$260,000 (£104,000), a 42% drop over two years.
That’s pretty hefty. And so compelling was the tale that the Sydney Morning Herald recently revisited the street to interview neighbours about their housing plans.
Unsurprisingly, most are planning to stay put. Several have had valuations from estate agents that have put their house price below what they paid for it.
But what was far more telling was the way the residents were talking about property. Here’s a quote from local homeowner Judith Marshall: “Our house was valued two years ago at about A$330,000 [£132,000] and since the market has come back we’re thinking it would be about A$300,000 [£120,000], maybe less. Bricks and mortar is supposed to be the most solid investment of your life, but for many people these days, I think you’re better off renting.”

Hello

I've heard that Sydney properties are stagnant lately but my sister is currently purchasing a house in Brisbane and she tells us that the prices have gone up A$ 50,000 in the last 6 months (since she has been there)
She tells us that Brisbane and the Gold Coast are experiencing a massive property boom.
We are planing to go over there next year June / July and are a little concerned that we will be ending up buying at the end of the boom when prices are at their highest!

[koala12]

I was very surprised to read about the property market in Sydney having lived here for just over a year. When we arrived we were told the market was in a slump and it would be better to buy than rent and since we have bought we have noticed property prices going up, in fact a place the same as ours sold a few weeks ago for $50k more than we paid for ours! I think that perhaps like most things it varies from area to area and in some parts of Sydney property is starting to go back up whereas in others it's either staying the same or still declining. One of our neighbours is in Real Estate and he reckons that in our area property is starting to creep back up.....
Karen

[THE JONEZYS]

Might be the case in Sydneys Western burbs............but it's not the case where we are.
Houses prices on the Mornington Peninsula are rising rapidly and a valuation on a lump of land we own has shown a jump of $65000 since feb!!

[calNgary]

Brisbnae prices seem to be on the up too ,,we have seen a big change in prices in the last year ,just wish we had enough money to buy an investment property now!!!
Cal x

[Bobcat]

Originally Posted by immy21

With the UK housing market grinding to a FULL STOP over the last 6 weeks (i'm an Estate Agent, to qualify that remark.) I was wondering what is happening down under and it is a relief to see the same thing. So we all should 'sell low and buy low'

Read this
None of this is good news for the property market. But rather than focus on our own little bubble, we’d like to take another trip Down Under this morning, to find out what the state of the Aussie housing market can tell us about the future of our own…
Many people thought the Australian housing market had achieved the holy grail of a ‘soft landing’. But that‘s looking more and more like wishful thinking. Stories are emerging of negative equity and of houses in Sydney being sold at well below prices fetched in 2004.
One particular tale that has been enthralling Sydney-siders is the story of a house in the city’s western suburbs. It was bought for A$450,000 (about £180,000) in 2004. But the unfortunate owners ran into trouble making their mortgage payments, and the home recently sold again - this time for just A$260,000 (£104,000), a 42% drop over two years.
That’s pretty hefty. And so compelling was the tale that the Sydney Morning Herald recently revisited the street to interview neighbours about their housing plans.
Unsurprisingly, most are planning to stay put. Several have had valuations from estate agents that have put their house price below what they paid for it.
But what was far more telling was the way the residents were talking about property. Here’s a quote from local homeowner Judith Marshall: “Our house was valued two years ago at about A$330,000 [£132,000] and since the market has come back we’re thinking it would be about A$300,000 [£120,000], maybe less. Bricks and mortar is supposed to be the most solid investment of your life, but for many people these days, I think you’re better off renting.”

How current was that report? I was under the impression the median price in Sydney was well in excess of $500K .............. so the area quoted in Sydney must be pretty rough .............and not have too much going for it ...........if we are talking sale prices being round the $300K mark?

Here is an up-to-date recent quote from RP Data research director Tim Lawless, "Sydney, the most expensive capital with a median price of $561,199, continued to record the slowest growth. But while house prices rose only 4.1 per cent for the year to July, 3 per cent of this was in the previous quarter, showing growth had accelerated. The Australian market is "pretty much bullet-proof" with the four interest rate rises since the beginning of last year and the recent liquidity crunch from the US subprime crisis having little impact."
NB : Up-to-date as in being last week October 3rd 2007

The market is flat here in Perth............. but it's not all doom and gloom. Granted......... genuine buyers are very much a rare commodity these days........... visitors to Home Opens other than for nosey parkers and tyre kickers are as rare as rocking horse t***s; the market here in Perth has most definitely slowed right down............ but I have no immediate plans to ferret the tools out of the shed and go back to being a plumber.

It is still very much a buyer's market here in Perth............ there are still bargains galore to be had................. it's all a question of conducting thorough research before you buy.

[liddylou]

Have to agree with the Brisbane folks I am afraid......We have been in Cairns for 6 months and the prices are rocketing with no sign of dropping back down. So concerned we might get priced out of the market we are now in the process of building.

A 700 sq mtr block of land in a decent estate was $120,000 when we arrived and you can't get anything under $165,000 now !!! Luckily we got in before the last hike and only paid $140,000

Saying all this and with the little I do know about Cairns it too is booming mainly as a result of a huge chunk of people from Sydney buying up buy to let properties and many of them moving up here. Every other person we have met has moved up North from Sydney complaining about the house prices and general problems that a big city has.

I was an estate agent in the uk living in south wales and even though the market there has leveled out again, there is no sign of it dropping, however, my sister lives in Hampshire and the prices are coming down.

[immy21]

Market in Bromley is bad very bad we have not sold a property since 20th September we would have expected to have sold at least 14 properties. I'm told by other agents in the South East that this is becoming normal.
my accountant friend in Pacific Pines says 'market slowing here also'

[immy21]

Originally Posted by jo n paul

Sunshine Coast house prices are on the up too...
I have just today started training to be a real estate sales person and bloomin 'eck they do things so different here..

Will have to speak to you then as I intend to start my Real Esate person training as soon as I get over there