Parley Posted July 3, 2015 Share Posted July 3, 2015 The roaring property market on Australia's east coast is not in a bubble and will keep growing say a majority of economists. http://www.theage.com.au/business/the-economy/sydney-and-melbourne-real-estate-not-off-the-bubble-yet-20150703-gi3cqe So if you are waiting on the sidelines for the market to crash before you buy, this may be a bad strategy. Better to jump in and buy the house you want now. Link to comment Share on other sites More sharing options...
newjez Posted July 3, 2015 Share Posted July 3, 2015 The roaring property market on Australia's east coast is not in a bubble and will keep growing say a majority of economists. http://www.theage.com.au/business/the-economy/sydney-and-melbourne-real-estate-not-off-the-bubble-yet-20150703-gi3cqe So if you are waiting on the sidelines for the market to crash before you buy, this may be a bad strategy. Better to jump in and buy the house you want now. Hand on heart, you think that is a good strategy for Sydney and Melbourne? You don't think some risk is involved? Link to comment Share on other sites More sharing options...
Parley Posted July 3, 2015 Author Share Posted July 3, 2015 A year ago I thought it best to wait and it has continued to move up, so I have rethought. I don't see a correction until there is a sharp increase in interest rates which is probably at least 2 years away if at all. So if I was looking to buy it would make sense to do it rather than pay rent for another 2 years. Link to comment Share on other sites More sharing options...
CaptainR Posted July 4, 2015 Share Posted July 4, 2015 We are visiting yet another open house today where we live on the very outskirts of Sydney and in our suburb no house seems to remain on the market more then a month, most often they are under contract within a week of listing. From the price advertised, we always see the statements from the agents on Facebook 'Sold for $50,000 over the asking price' etc, and so have realised for whatever house we like, the advertised price is a load of balls, and we need to offer more, also need to have our paperwork ready to make an offer immediately. The whole process is frustrating. Link to comment Share on other sites More sharing options...
JockinTas Posted July 4, 2015 Share Posted July 4, 2015 ^^^^ Same where we lived in Sydney. Didn't matter if it was a house, townhouse or a unit - sold within a month. When we put out house up for sale it was sold after the first open day. Link to comment Share on other sites More sharing options...
WeegieDave Posted July 4, 2015 Share Posted July 4, 2015 I just can't see how Sydney can sustain the propersty prices if they keep rising. It's a false economy inflated by wealthy foreign investors (mostly from Asia it seems). I can see a lot of young Australians having to leave Sydney due to the unaffordable price of property...It's a rather sad situation for young 'wannabe' first time buyers now and the debt levels being racked up by people desperate to get on the property ladder must be dangerous. There seems to be such a big hype to get on the property ladder in Australia. It is set up for a major crash should Australia hit any significanteconomic woes! Property prices are actually dropping in Perth due to the end of the mining construction boom. Link to comment Share on other sites More sharing options...
flag of convenience Posted July 4, 2015 Share Posted July 4, 2015 There is massive risk involved but those with vested interests don't want to see beyond the latest price increase figures and continue to applaud the obscenity that constitutes Sydney housing. Nothing good at all about the increasing over inflating prices. Especially being largely on the backs on investors and a quarter, possibly more being Overseas buyers with no intent other than park likely ill gained money into the Australian and other countries housing market. Not only does it create the mother of all bubbles as well as over expose banks ever more into the Ponzi housing lending scheme it ties up ever more money from productive investment as well as fuels the fire to social discontent and worse. What we should be saying is hopefully the market will be brought under control soon for the benefit of all including those rubbing their hands in glee. Definitely not a time to buy. The point of correction appears to be around 2017 now with latest estimates although WA and NT are feeling the cooling breeze already if not quiet the wind just yet. Link to comment Share on other sites More sharing options...
flag of convenience Posted July 4, 2015 Share Posted July 4, 2015 I just can't see how Sydney can sustain the propersty prices if they keep rising. It's a false economy inflated by wealthy foreign investors (mostly from Asia it seems). I can see a lot of young Australians having to leave Sydney due to the unaffordable price of property...It's a rather sad situation for young 'wannabe' first time buyers now and the debt levels being racked up by people desperate to get on the property ladder must be dangerous. There seems to be such a big hype to get on the property ladder in Australia. It is set up for a major crash should Australia hit any significanteconomic woes! Property prices are actually dropping in Perth due to the end of the mining construction boom. Simple it can't. Of course the declining dollar makes real estate ever cheaper to the Asian market where buys can still appear to be good deals. All part of the process of making us a poorer nation of course. Although a cleaver trick could be to raise interest rates down the line and deflate the value of those overseas properties that would enable Australians to buy them back at cheap prices again? With a treasurer with several properties in the Sydney market though he and a lot of government are up to their eye balls with carrying on the present Ponzi scheme. It won't end at all well I am increasingly convinced. Link to comment Share on other sites More sharing options...
movingback Posted July 4, 2015 Share Posted July 4, 2015 I've given up thinking about it. The only people I know who are buying have been given a million $ from their parents OR bought a house 20 yrs ago and are moving up/down. Impossible for the average person to start out. Makes Sydney a mini London and not a place I want to be any longer Link to comment Share on other sites More sharing options...
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