connaust Posted October 26, 2011 Share Posted October 26, 2011 BRISBANE has won the race to the bottom with Adelaide to become the cheapest mainland capital in which to buy a house. Median prices have plummeted by 6.7 per cent in 12 months. The national median home price has now fallen for five successive quarters, marking an even worse stretch than during the global financial crisis in 2008, according to Australian Property Monitors' gloomy report on the September quarter. Brisbane has gone from boom to gloom, reversing years of steep growth in its property market to lead the downturn with a 2.7 per cent decline in the quarter. APM senior economist Andrew Wilson said market confidence had been battered, with global economic turmoil fomenting fears of job insecurity in Australia. Link to comment Share on other sites More sharing options...
Guest widesheds Posted November 11, 2011 Share Posted November 11, 2011 That's right the recent crash of the economic market worldwide has just left a wide gap to fill and this has also affected the real estate industry and the results are out for us to see. Though, things could be said off as slowly getting back to its normal way but how much time it would take to reach the way it used to be is hard to predict. Link to comment Share on other sites More sharing options...
dxboz Posted November 13, 2011 Share Posted November 13, 2011 not all house prices have dropped in all areas - some areas of some capital cities have actually gone up and some have gone down by as little as -0.5 after years of going up. Brisbane in particular has dropped because of floods. No super cheap houses up for grabs at the moment unfortunately! Link to comment Share on other sites More sharing options...
stevemalbec Posted November 13, 2011 Share Posted November 13, 2011 WITH Melbourne's property market in a deep freeze, vendors are dropping their asking price by as much as 25 per cent to wrap up a sale. Read more: http://www.news.com.au/money/buyers-in-the-drivers-seat-as-owners-offer-discounts/story-e6frfmci-1226193644092#ixzz1db5jMc00 Link to comment Share on other sites More sharing options...
fish.01 Posted November 13, 2011 Share Posted November 13, 2011 WITH Melbourne's property market in a deep freeze, vendors are dropping their asking price by as much as 25 per cent to wrap up a sale. Read more: http://www.news.com.au/money/buyers-in-the-drivers-seat-as-owners-offer-discounts/story-e6frfmci-1226193644092#ixzz1db5jMc00 "The vendor discount does not mean property prices in that particular suburb are falling - several suburbs in the top 10, including Vermont, Macleod and Somers have recorded price increases over the past 12 months. It does, however, show that vendors in these areas are being forced to retreat a long way from their dream figure if they are serious about wrapping up a sale. Strange :goofy: Link to comment Share on other sites More sharing options...
stevemalbec Posted November 13, 2011 Share Posted November 13, 2011 "The vendor discount does not mean property prices in that particular suburb are falling - several suburbs in the top 10, including Vermont, Macleod and Somers have recorded price increases over the past 12 months. It does, however, show that vendors in these areas are being forced to retreat a long way from their dream figure if they are serious about wrapping up a sale. Strange :goofy: Yes, just goes to show that price trends vary in different markets, but overall prices are going down! No big crash in my opinion, but a slow decrease until the market picks up again. The auction clearance rate this weekend for Melbourne was effectively 46%... not good for sellers. Planned auctions: 850 Postponed: 6 Withdrawn: 4 Sold before Auction: 60 Sold at Auction: 323 Sold after Auction: 0 Passed in: 330 (of which were passed in on vendor's bid: 214) Auctions with no result: 123 Missing auctions: 4 Clearance rate = 383/840 = 46% Link to comment Share on other sites More sharing options...
fish.01 Posted November 13, 2011 Share Posted November 13, 2011 Yes, just goes to show that price trends vary in different markets, but overall prices are going down! No big crash in my opinion, but a slow decrease until the market picks up again. The auction clearance rate this weekend for Melbourne was effectively 46%... not good for sellers.... Yeah, strange that that suburb could have heavy discounting but also increasing prices. Not a combination I thought was possible. House prices have been gradually decreasing for a year I think....good to take the heat out of them. Link to comment Share on other sites More sharing options...
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