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SusieRoo

How credible is the Australian TV program ’60 Minutes’?

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I have read many reports online recently about an Australian housing crash and like most internet news, I’m always guarded of fake and spurious information.

But having just seen the ‘60 Minutes’ documentary, I’m now worried that the housing market really is in bad shape. And it’s maybe not a good time to be thinking of buying a house in Australia.

Any thoughts?


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5 hours ago, SusieRoo said:

I have read many reports online recently about an Australian housing crash and like most internet news, I’m always guarded of fake and spurious information.

But having just seen the ‘60 Minutes’ documentary, I’m now worried that the housing market really is in bad shape. And it’s maybe not a good time to be thinking of buying a house in Australia.

Any thoughts?

Must admit I always found 60 minutes ok as a rule. They could venture into the odd sensationalist story but mostly pretty factual. I haven’t seen the episode you are referring to but the whole of Australia can’t all be in trouble can it? Sydney and Melbourne were way overheated for a while so could do with a correction but not sure a crash is imminent.

Having said that I have no economic credentials at all. I’m sure cleverer folk than me will be along.

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S

6 hours ago, SusieRoo said:

And it’s maybe not a good time to be thinking of buying a house in Australia.

Any thoughts?

If houses are at rock bottom surely that is a good time for you to buy something you want for the long term?

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1 hour ago, JetBlast said:

S

If houses are at rock bottom surely that is a good time for you to buy something you want for the long term?

Yes, but it can be quite hard buying a house in a downturn, partly because people don't sell unless they have to, so there might not be that much on the market, banks tighten their lending, people with cash jump much faster than those who have to raise finance.

Plus, you never know where the bottom is. Those in Ireland or Spain probably didn't pick up a bargain.

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7 hours ago, SusieRoo said:

I have read many reports online recently about an Australian housing crash and like most internet news, I’m always guarded of fake and spurious information.

But having just seen the ‘60 Minutes’ documentary, I’m now worried that the housing market really is in bad shape. And it’s maybe not a good time to be thinking of buying a house in Australia.

Any thoughts?

Adelaide seems to be going up.

A housing correction in itself isn't necessarily a bad thing.

But these things can feed upon themselves.

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Should be a great time to buy in the next 12 to 24 months I believe. Particularly in Sydney and Melbourne.

You want to take advantage of downturns not shy away from them.

If you don't already own and want to buy then you are in the box seat. Find a house you love and you should be able bargain hard.


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I'd say it is a good time to buy but might be even better if you wait for 12 months for the crash to take effect! It was a long time coming and very much needed.

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We're selling in Perth and they are about 15% down on what they were. I reckon there is another 15% to come as well.

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Not bad for those of us coming over with a decent deposit.

the problem often is that people don’t sell, they stay put, so there are fewer properties about.

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See it as a correction not a crash. Doom mongers on this forum have been predicting a crash for over 10 yrs and it hasn't eventuated. New builds, particularly units, are springing up all over Brisbane and I'd sooner put my faith in those dedicated building companies knowing where to sink their money than in doom mongers and 60 minutes. Housing markets are not immune to the capitalist cycle and just as the wise buy stock at the bottom of the cycle so should potential home buyers. See it as an opportunity to invest wisely.

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On Saturday, November 10, 2018 at 14:07, s713 said:

We're selling in Perth and they are about 15% down on what they were. I reckon there is another 15% to come as well.

15% down from their peak and nowhere near the price of Sydney or Melbourne. 

I teckon if you are in the market, see a nice house you like in an area you like and you want to live there for a few years then now is as good a time as any.

Never been into this buying for investment. Too risky. 

We've never regretted buying our place that we've been in since 92. Paid $135,000 for it and wondered how we were going to afford it at the time.

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Can’t see a down turn in the area we are living with land costs going up every month . The amount of houses being built in Newcastle and surrounding areas is on a industrial scale as are prices going in one direction up 

sydney is seeing a correction I think down to tightening of lending criteria and restricting Chinese investment , it makes me laugh when I hear people go on about price drops, not complaint when they were getting 20% yeileds every year 

Did a job for guy  who had sold over looking spit bridge in Mosman told me Chinese guy knocked on door and offered 25% above market value that’s where the real problem is 

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36 minutes ago, Paul1Perth said:

15% down from their peak and nowhere near the price of Sydney or Melbourne. 

I teckon if you are in the market, see a nice house you like in an area you like and you want to live there for a few years then now is as good a time as any.

Never been into this buying for investment. Too risky. 

We've never regretted buying our place that we've been in since 92. Paid $135,000 for it and wondered how we were going to afford it at the time.

I’m with you on this. I buy houses that suit my needs at the time. Obviously you never want to lose money but there’s never a cast iron guarantee of that. The last house I had in Australia wasn’t great but suited us. When selling it had an extremely narrow buyer market but still sold for $218000 more than I paid for it after just 4.5 years and that was in the hills outside Melbourne where the market has always been slower. I just happened to coincide with “boom” out there. Had I sold 4 months earlier I could have made more but the market had just started to cool when I sold and it didn’t suit me to sell earlier. Dumb luck really!

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I think it is dependent on where you're looking to build. Prices in WA dropped as mining levels/employment dropped. These are on the way up again so it's only a matter of time until prices rise although it takes time to build momentum. Sydney and Melbourne have well documented over pricing, but that is linked to supply and demand.


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17 hours ago, Paul1Perth said:

15% down from their peak and nowhere near the price of Sydney or Melbourne. 

I teckon if you are in the market, see a nice house you like in an area you like and you want to live there for a few years then now is as good a time as any.

Peak or not, like I said ours is 15% down on what I could have got for it. And the 'value' continues to fall, will do for a while I suspect.

I wouldn't buy now, I'd wait, they'll come down more. Been coming down since 2014, 2 or 3 more years of it yet.

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2 hours ago, s713 said:

Peak or not, like I said ours is 15% down on what I could have got for it. And the 'value' continues to fall, will do for a while I suspect.

I wouldn't buy now, I'd wait, they'll come down more. Been coming down since 2014, 2 or 3 more years of it yet.

Depends where you live too.

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