Generalis Posted April 15, 2008 Share Posted April 15, 2008 Is anyone really worried about this? Every day I put the news on and its in all the headlines and frightening the life out of me and husband. We put our house on the market last week and getting very worried we'll be in for a long and rocky journey. Does anyone know if oz is experiencing the same problems? If we get less for our house (that's if we can even sell it) not going to be able to afford that house we want in oz, you know the 4 bed, pool, room for a pony! ha ha Are house prices stablising/dropping in oz. We are looking Brisbane, Mango Hill, Narangba, Redland Bay etc. Link to comment Share on other sites More sharing options...
TheBrammies Posted April 15, 2008 Share Posted April 15, 2008 While the credit crunch continues house prices will fall all over the world house prices in oz are starting to fall as well they have higher interest rates than us and renting is more common anyway. People are getting worried so will tend to stay put but the positive side of this is you may have to sell your house cheaper in uk but you will get a cheaper house in oz . worrying times but not stopping me from moving. Link to comment Share on other sites More sharing options...
sarahb23 Posted April 15, 2008 Share Posted April 15, 2008 Is anyone really worried about this? Every day I put the news on and its in all the headlines and frightening the life out of me and husband. We put our house on the market last week and getting very worried we'll be in for a long and rocky journey. Does anyone know if oz is experiencing the same problems? If we get less for our house (that's if we can even sell it) not going to be able to afford that house we want in oz, you know the 4 bed, pool, room for a pony! ha ha Are house prices stablising/dropping in oz. We are looking Brisbane, Mango Hill, Narangba, Redland Bay etc. hi there -our house is up too and it is worrying. been waiting so long for visa ( still not got it) but then probably end up waiting for house to sell. my friend moved to perth in jan and says things are slowing there too. we're off to brisbane so hope that's the case there. doon't think there s a lot we can do about it really, houses are still selling but very slowly - good luck xx Link to comment Share on other sites More sharing options...
Guest talisman Posted April 15, 2008 Share Posted April 15, 2008 Is anyone really worried about this? Every day I put the news on and its in all the headlines and frightening the life out of me and husband. We put our house on the market last week and getting very worried we'll be in for a long and rocky journey. Does anyone know if oz is experiencing the same problems? If we get less for our house (that's if we can even sell it) not going to be able to afford that house we want in oz, you know the 4 bed, pool, room for a pony! ha ha Are house prices stablising/dropping in oz. We are looking Brisbane, Mango Hill, Narangba, Redland Bay etc. Hi, yes we are the same looking at news everyday wondering about getting a house sale. Put house up in november, feel fed up with all the negative news now. Had 5 viewers and one crap offer. Estate agents want us to reduce it again. Should we reduce it and go with less? Or wait and see? Cant believe this was our dream home and now cant wait to get rid of it! :twitcy:good luck to all house sellers jane Link to comment Share on other sites More sharing options...
Guest mandisfam Posted April 15, 2008 Share Posted April 15, 2008 Hi, I agree it is a worry. Its only a worry because banks have stopped or are being funny about lending to 1st time buyers, without 1st time buyers the market will stay still....... We plan to put our house on the market when the visa application goes in, it took our neighbour 6 mths to find a buyer for there house but that was a year ago. I think if you are keen to move then you need to be realistic in your price. I was under the impression the oz market was fairly stable. But as I don't live there yet, I probably got that totally wrong...... All the best Mandisfam Link to comment Share on other sites More sharing options...
Generalis Posted April 15, 2008 Author Share Posted April 15, 2008 I wouldnt reduce it as our estate agent said if you start chipping away at the price people start to think there is something wrong with it or your desperate to sell and put in even further reduced offer. Also if you do that makes people panic into reducing their house and that also causes problems as house prices are really falling then if you get my drift and I think it will further fuel problems. Link to comment Share on other sites More sharing options...
Tracyb37 Posted April 15, 2008 Share Posted April 15, 2008 Funny cos Our agent has told us we need to reduce the price! We seem to be getting conflicting info from everywhere at the moment and it is hard to know what to do for the best. one hand we need enough equity to clear our debts and have enough to put down on a new place in perth but then if we don't sell we will be looking at forking our £5k for a validation trip! we do have a bit of equity to play with and the indications are that the prices in Oz are also coming down so it could all be swings and roundabouts!! :arghh::arghh::arghh: Link to comment Share on other sites More sharing options...
Guest funkzig Posted April 18, 2008 Share Posted April 18, 2008 Hi all, Dont mean to be the bearer of bad news but I've read a fair bit about house prices in Oz and from what I can tell they are still on the up. Hopefully they are slowing down compared to last year - Perth certainly is but Adelaide, Brisbane and Melbourne are all 15%+ growth in the past 12 months with more predicted although at a slower rate. I really hope you are right TheBrammies in what you are saying about the crunch affecting the world market but I am not convinced..... Cheers funkzig Link to comment Share on other sites More sharing options...
the hutchies Posted April 18, 2008 Share Posted April 18, 2008 hi all this doom and gloom in the media really depresses me all you hear about is no mortgages for first time buyers and very little for the ones who want to move up the ladder. we "sold" our house at the beginning of feb surveyor came out within the week and said they were getting one hell of a house for the price we were selling at ( we have only reduced 5k from the original asking price when put on market 11mnth since) still cos the buyer is first time (we know him ) and he is self employed but contracting and in long time contract he has had to literally had to give blood to prove he is who he says he is!!! hopefully he has got all his docs together after all this time so we can at least try and start to think YES! we are going tomoro!!!!! good luck and think positive xxxx Link to comment Share on other sites More sharing options...
KIRK AND CO Posted April 20, 2008 Share Posted April 20, 2008 just back from perth checked out suburbs. prices have slowed but not going down levelling out you might say. eugene Link to comment Share on other sites More sharing options...
Guest Mel.R Posted April 20, 2008 Share Posted April 20, 2008 From what I have been told at work (I work in a London finance based company, and my boss regularly updates us all) Credit crunch has swept in from US towards Europe. The Middle East, Asia etc has not yet been affected and lending is still looking good at most levels. I would suspect that at the present time Australia is still in a pretty healthy way Hope this helps Link to comment Share on other sites More sharing options...
Guest Les & Woz Posted April 20, 2008 Share Posted April 20, 2008 Is anyone really worried about this? Every day I put the news on and its in all the headlines and frightening the life out of me and husband. We put our house on the market last week and getting very worried we'll be in for a long and rocky journey. Does anyone know if oz is experiencing the same problems? If we get less for our house (that's if we can even sell it) not going to be able to afford that house we want in oz, you know the 4 bed, pool, room for a pony! ha ha Are house prices stablising/dropping in oz. We are looking Brisbane, Mango Hill, Narangba, Redland Bay etc. Hi there The market in Oz is very strong at the moment and their prices are rising. However, don't worry about the credit crunch here. Just put your house up for sale and see what happens, that's what we are going to do within the next 6-10 weeks. It is a buyers market but people still have to move and not everyone is up to their eyes in debt. If it delays your journey to Oz then so be it or sell cheaper in case prices drop further. We are in Kent and things here are pretty stable. Good luck. Les:goofy: Link to comment Share on other sites More sharing options...
Guest eye_sea Posted April 21, 2008 Share Posted April 21, 2008 Hi there We sold up in the uk last September and emigrated to Mornington in Victoria on the 1/1 this year. The house prices have been rising in Australia but, following a number of consecutive interest rate rises (most banks standard variable rates around 9.3%) the property market seems to be levelling out, finally! The other issue that severly affected us was the low exchange rate..in Aug last year peaked at 2.5ish, last time I looked it was around 2.17 which is a massive difference and can make all of the difference, especially when you are talking of transferring between tens of thousands of pounds. The value for money varies immensly in Oz for property. Unfortunately for us, Victoria (in and around Melbourne) is one of the most costly places to live, compared to income ratios. I'm not too sure what the property market is doing in Brisbane. I suppose the bottom line is to review why you are moving to Oz in the first place, I would guess not just for a nice house, but the lifestyle that goes with it. Good luck with the sale and hope all goes well and this can be of some use. Is anyone really worried about this? Every day I put the news on and its in all the headlines and frightening the life out of me and husband. We put our house on the market last week and getting very worried we'll be in for a long and rocky journey. Does anyone know if oz is experiencing the same problems? If we get less for our house (that's if we can even sell it) not going to be able to afford that house we want in oz, you know the 4 bed, pool, room for a pony! ha ha Are house prices stablising/dropping in oz. We are looking Brisbane, Mango Hill, Narangba, Redland Bay etc. Link to comment Share on other sites More sharing options...
Guest chris_mac Posted April 21, 2008 Share Posted April 21, 2008 We pulled out all the stops when our house went up for sale. We painted every single room soft cream (Neutral) glossed all the doors frames etc. Removed every single personal object including photos, did both the front and rear garden, pots with plants in etc just to tart the house up and it sold within 3 weeks. We to where worried sick that the house wouldn't sell and hold us back, thats why we put it up a few weeks ago on the chance that it would still be up in 12 months time.! Use multiple agents to get maximum exposure, Just 200 quid on a bit of paint and coloured bark chippings did it for us! Now its panic stations that i pass the practuical in July! We went to bris in 2005 and 2008 by which time properties had dropped in price... It seems that each small area has in some way their own little market.! Just trends... When one estate gets built the one before becomes cheaper... Good luck with the house.. Link to comment Share on other sites More sharing options...
Guest longland Posted April 21, 2008 Share Posted April 21, 2008 House prices are still on the up on the Sunny Coast - have they slowed down? D'no. We looked at a house last week, that has been on the market off and on for just over 12 months. It went to auction, didn't sell then went on open sale for $580k. It was then taken off the market in May 07, then put back on the market October 07, with no renovations or any work done on the house it is now still available for $697k, when we viewed the agent mentioned she had just had a contract fall over on Friday and she was confident she would sell it within days. As for selling your house use the 4 P's - presentation, promotion, person that's selling the house and price. Link to comment Share on other sites More sharing options...
Guest skimbles Posted April 26, 2008 Share Posted April 26, 2008 Our house went on the Market beginning of March. No viewings yet!! reduced by 15k! $ bed detached built in 1996 Completely redecorated (neutral colours) new kitchen, in ground heated pool near the sea on the Norfolk coast all for 215k!! Give-away price! Good old credit crunch!! Have a job in Adelaide waiting Going on a 457 visa Nurse reg application at the Nurse Board South Aus going through O'Gady Peyton Link to comment Share on other sites More sharing options...
Guest HPRYCE Posted April 26, 2008 Share Posted April 26, 2008 We moved to Melbourne last November and when we arrived the property market was red hot. However with more interest rate rises the market has turned in Victoria and in the Age newspaper today front page article says ' Home prices dip as rates bite' it then goes on to say ' Melbourne house prices have recorded their biggest quarterly fall in value since 1993 as interest rate rises and fears of a slowing economy dulls buyers appetites for homes. The median price for a detached home in Melbourne in the March quarter was $432,500 a slide of 8.4% from the december quarter median of $472,250. The sharp fall will raise the hopes of many people who have been locked out of the housing market in the nations housing affordability crisis' Even some of the perceived premier areas have seen afall in the last quarter (Brighton median price -4%) Although this article is specific to Melbourne I think many other areas will see a correction in the next 12 months or so and I for one will not be buying at the moment. Hope this may offer a ray of light. Link to comment Share on other sites More sharing options...
Guest Kate Posted May 1, 2008 Share Posted May 1, 2008 It's as tough in Oz as it is here, I guess. I put this on the "negative only" thread too... The mortgage monster Author: David Koch Date: April 27, 2008 Publication: Sydney Morning Herald The combination of the highest relative property values in the world with the highest official interest rates naturally produce high home loan repayments. Just how high and how painful is now becoming more than obvious. Anecdotal reports of rising repossessions and a huge increase in forced sales are now spreading from so-called blue collar suburbs to properties in the $1 million to $5 million valuation range. Mortgage stress is spreading across all cities, suburbs and demographics. Overgeared families are obviously the most vulnerable but wealthier Australians are now being caught as they liquidate assets to meet margin calls on highly leveraged share portfolios caught in the equities downturn. The latest research from Fujitsu Consulting claims more than 900,000 Australians will suffer mortgage stress by September, 400,000 of those will be in severe stress and 80,000 could lose their homes because they can't meet the loan repayments. Severe stress is defined as being unable to meet repayments without refinancing, with many having to put repayments on their credit card. They are sobering figures. Yet probably the scariest finding from the Fujitsu report is that once someone is in severe stress there is a 20 per cent chance of being forced to sell the property and there is only a 50 per cent chance of getting out of mortgage stress altogether. While inflation reached a 17-year high during the week, these mortgage stress levels should send shockwaves through next month's Reserve Bank board meeting. Yes, the CPI figure is outside of the Reserve Bank's target range but the price increases are not the result of a wild spending spree by heartland Australia. Retail sales are down, housing finance has slumped, consumer sentiment has crashed and the property market is down. It's not as if everyone is out partying. A case can be made that much of the CPI increase is imported through the impact of higher oil, food and health prices. For an indication of just how savage our interest rate levels are, official rates in the US are 2.25 per cent, Canada 3 per cent and Britain 5 per cent. Compare that to Australia's official rate with 7.25 per cent. Australian home loan borrowers are paying triple the repayments of American property owners. So it's not surprising that more and more consumers and businesses are sinking into debt. Too many people are sinking further into debt as each week passes. Link to comment Share on other sites More sharing options...
Guest Pandy12 Posted June 21, 2008 Share Posted June 21, 2008 I am also going through the dilema of whether to sell or rent, it looks like many people have had their house on the market for a while according to this thread, haven't put mine on the market yet and may just rent. I live in Lancs and the local newspaper has had less and less advertisements for local estate agents the last few weeks and focusing articles on which particular estate agent is selling the most. Plus a house across the road to me has been up for sale for over a year and there are a few along our road too. Am wondering whether many of you are now deciding the rental option because of the credit crunch? thanks pandy Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted June 21, 2008 Share Posted June 21, 2008 Hi Well we have dropped our house price now from 289990 to 250000 in the space of 10 weeks and only had a couple of viewings. House is only 4 years old. Agent we are going to go with on 1st July said even the rental market is flooded cos people are going to put their homes out for rent as they cant sell. Problem with that is they are only 3 or 6 month short lets and no guarantees of people always being in. AND............ if no one is in home you would still have to pay percentage of council tax, buildings insurance and contents insurance plus risk burglary or squatters if it lies empty while you are on the other side of the world, oh and if you have a garden, you would need to arrange a gardener as well, so all costing you. We was told that if we dropped to 250000 it would sell, well that is what we paid for it 4 years ago so by the time we pay our fees etc we have made a loss. Caz Link to comment Share on other sites More sharing options...
Guest Pandy12 Posted June 21, 2008 Share Posted June 21, 2008 Hi Well we have dropped our house price now from 289990 to 250000 in the space of 10 weeks and only had a couple of viewings. House is only 4 years old. Agent we are going to go with on 1st July said even the rental market is flooded cos people are going to put their homes out for rent as they cant sell. Problem with that is they are only 3 or 6 month short lets and no guarantees of people always being in. AND............ if no one is in home you would still have to pay percentage of council tax, buildings insurance and contents insurance plus risk burglary or squatters if it lies empty while you are on the other side of the world, oh and if you have a garden, you would need to arrange a gardener as well, so all costing you. We was told that if we dropped to 250000 it would sell, well that is what we paid for it 4 years ago so by the time we pay our fees etc we have made a loss. Caz Hi Caz, Thanks for your reply, sorry to hear that you are having problems selling, its such a fustrating time. Makes me wonder if the estate agent told you that about the rental market as they are just eager to get their commission from the sale but I also know what you mean about the house being left empty when you are in another country. It is a worry when it is empty and you are not about, i have had that experience before. At least we are moving to sunnier climes. Good luck with your new life in Oz. Best wishes pandy Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted June 21, 2008 Share Posted June 21, 2008 Hi Pandy Thanks for your wishes............ The Estate Agent I am with at present which I will be dumping on July 1st rang to say someone wanted to come round today at 2pm and would we be around. I said Yes so she said I will contact the viewers and let them know. Well 2pm came and went as did 2.30pm so I rang the agents and asked where my viewers were. Oh we forgot to ring them to confirm that it would be Ok to call round and view your home she said. I will do that straight away and get back to you. Well she did ring them and they called round but they have not even got their house on the market yet, what a waste of time in this climate crunch. I was thinking that if they forgot this time, how many more times in the 10 weeks that we have been with that agent have they forgotton to arrange any viewings AAAAARRRRGGGGHHHHHH Well let's hope a change of agents helps. Roll on July 1st for new agent and Visa. Good Luck to you also Caz Link to comment Share on other sites More sharing options...
Guest zosie20 Posted June 22, 2008 Share Posted June 22, 2008 Hi We are in same position as you. We are currently waiting on Visa and need to sell in UK. We are also going to Brisbane - Redcliffe area. I wouldn't worry about houses over near Brisbane, my sister lives in Queensland and says housing market is slowing down there too! Hopefully if you lose at this end, you should still be able to gain at the other end also. Cheers, Zoe Link to comment Share on other sites More sharing options...
Guest ac man Posted June 22, 2008 Share Posted June 22, 2008 Hi Everybody, I also think that the property prices in Australia will fall with the way the financial market is going. The only good thing about the Australian market is when they reduce their property price they do it in big chunks i.e. 20,000 to 50,000 dollars which is good for us here. I think if it were not for the exchange rate at the moment then we would all be happier dropping knowing that we would still be able to afford a reasonable house in Australia with less of a mortgage. I think at the moment its the whole thing i.e. our house prices, their house prices the interest rate and their high interest rates. Anyway having said all that something will have to give soon ! I am seriously considering at the moment part-exing my home, just to open my options so that I can get to Australia quicker Good luck everyone:cool: Link to comment Share on other sites More sharing options...
Mongrel Posted June 22, 2008 Share Posted June 22, 2008 just back from perth checked out suburbs. prices have slowed but not going down levelling out you might say.eugene Difference here is there are no small houses very little 2 beds all new builds are mostly 3 and 2 upwards but the difference in oz you buy a plot and get a builder to build on I have noticed plots are getting smaller cottage plots being the new trend they are about 280 to about 400 metres Malx aka Billy Nm Link to comment Share on other sites More sharing options...
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