Jump to content
Rocket Salad

Housing Bubble thread.

Recommended Posts

Peter    1,612

The government should just ban interest only investment loans. 

It wouldnt burst the bubble but it would stop the rise and allow people to buy their own homes. 

 

Share this post


Link to post
Share on other sites
Ex-Hasbeen    3,874
5 hours ago, goughy said:

In my neighbourhood I know of 5 Coral built homes. One of those has waffle pods for the foundation, the other screw piers.

Only 1 with waffle pods? I can't recall a single house in this estate (about 80 in here) that wasn't on waffle pods. Even the one currently underway across the road, which I'm assuming has to be toward the million mark for the house construction alone is on waffle pods. I thought they were standard these days.

Share this post


Link to post
Share on other sites
goughy    2,147

Well, maybe our friend who's house has to be demolished had waffle pods, I don't know.  But our soil type here (highly reactive) and that we're on sloping blocks needing lots of cut and fill means they should be avoided. Our friends driveway has lifted nearly 10cms from the curb (built by Coral too, and by far the most moved driveway in the neighbourhood)

I remember the base price on the place we built was about 175k, but we had lots and lots of additions and size increases. But I still distinctly remember the appointment we had once they had got the engineering in and their faces told me that they expected us to walk away from it, cause to do our slab was going to cost an extra 30k on top. We already expected this and just looked at each other and went "ok". Think it shocked them.  Apart from the usual footings, much of our place has piers every metre, even under the pergola. Our neighbour was told by his builder, who was surveying his block while our slab was being done, that our house is never gonna budge!

Share this post


Link to post
Share on other sites
Ex-Hasbeen    3,874

I suppose our area is suited to the pods. Once you dig away 1 or 2 feet of topsoil, you are straight into a few metres of deco. When the soil tests came back for ours, the builders were disappointed. They had warned us early that it could be up to $20k extra, but they couldn't add anything to the original price.

Edited by Ex-Hasbeen

Share this post


Link to post
Share on other sites
goughy    2,147

Ideally you want fairly level ground where the whole slab can sit above the ground level. Plus you want a pretty good soil type. They say you definitely don't want hills, and places where you have to do a cut and/or fill. 

Share this post


Link to post
Share on other sites
oldschool69#2    136
On 4/19/2017 at 1:39 PM, Peter said:

A good agent would spend that much time on the phone hustling buyers.

I'd suggest (from my experience) that it's closer to 60 hours.

Its not just the 4 weeks of 2 open houses per week. (8hrs)

Actually signing the client and the prep with data and proposal would be at least 4 hours and you want that to pay off.

Then photos.

Getting there for building inspections.

Booking those people in and coordinating with vendors

Meetings with everyone at the agency about where you are at.

Then calls to followup or get new ones thru.

Then the auction day is a good 4hours per house.

then there is the work on monday post auction chasing the deposit and talking to the lawyers

then the followup calls to make sure everything is going to schedule.

then the pre settle inspection.

It's WAY more than 20 hours for a good agent.

Sure some agents can do none of that but then you won't get a good sale.

A good agent and a bad agent could be a difference of 10's of thousands of dollars.

and who wants to throw away 30-50K because you got a bad agent.

I see it weekly.  I love the bad agents (Note I am a buyers advocate)

Guess I was a bit out...

So 60hrs give or take for 40 odd k 

Not bad hey.... lol guess they have overheads to pay for like a BMW and a office and coffee machine a suit and tie ... (I am taking the piss)

As I said good on em thats the industry.

I reckon they should just have a flat fee they shouldn't get paid more for doing the same work if the are selling a unit or a mansion I cant see the reason for it.

Has any one looked into that purple brick site? 

Share this post


Link to post
Share on other sites
Peter    1,612

Once again the 40k isn't correct 

the agent makes about 12k of that. 

Still good money. But they are selling 1-2 a month now. Stock is really short. 

Purple brick is a scam. As is rate my agent. 

Youd honestly be better off putting a side up yourself and selling. On iPad but can type more later 

  • Like 1

Share this post


Link to post
Share on other sites
Peter    1,612

Read today there are only 3.1 home loans currently in Australia. 

I was surprised. 

Thats a fark load rents or owning outright. 

Share this post


Link to post
Share on other sites
TryTriB4Forty    640
51 minutes ago, Rocket Salad said:

You lost me.

3.1 home loans ?

 

 

Not sure what Peter was trying to say, but I think he was heading towards the fact that in Australia the following applies:

  • Approx one-third of homes are owned outright (ie without a mortgage or debt)
  • About a third are owned (with a mortgage)
  • About one-third are rented.

(ie, I think Peter was referring to the middle bit - that aprpox 30-odd percent of people own their home with a mortgage (perhaps he meant to say 31%, and not 3.1....)

Share this post


Link to post
Share on other sites
goughy    2,147

I wanted to be the .1! 

Share this post


Link to post
Share on other sites
Peter    1,612
4 hours ago, Cottoneyes said:

I took it as 3.1 million home loans

 

Correct.

Was on phone.  Sry

Share this post


Link to post
Share on other sites
Peter    1,612

There are only 3.1 million home loans in Australia. 

Therefore a lot more people own their homes outright than I would have thought. 

25 million people live here. 

They estimate there are 10 million homes. 

I would have thought a lot more people would have had loans. 

Share this post


Link to post
Share on other sites
Ex-Hasbeen    3,874
13 minutes ago, Peter said:

There are only 3.1 million home loans in Australia. 

 

And I've got 2 of them just on the one house. I had 3 on the last.

 

Don't ask, but it didn't actually cost me any extra, and made paying off easier.

Share this post


Link to post
Share on other sites
lawman    264
11 hours ago, Peter said:

There are only 3.1 million home loans in Australia. 

 

 

Does that include investment loans in residential property or just owner occupier, because yes it does seem light on.

  • Like 1

Share this post


Link to post
Share on other sites
TryTriB4Forty    640

Actually sounds about right ....

estimate of 9 million homes in Australia from the interweb (average 2.6 people per dwelling)

Approx one third of homes are occupied by owner who has a mortgage (so I guess this is your 3.1 million homes owned with mortgage figure?!)

One third of homes owned without mortgage

One third rented.

(I guess the 3.1 million figure is probably how many homes are owner/occupied with finance .... as opposed to the number of mortages.  I have 2 mortgages for each of my properties - half fixed interest/half variable for each).

Share this post


Link to post
Share on other sites
Peter    1,612
10 hours ago, lawman said:

Does that include investment loans in residential property or just owner occupier, because yes it does seem light on.

 

Yes.  

Share this post


Link to post
Share on other sites
Rocket Salad    1,068

Is this the start?

HOUSE prices in Australia’s capital cities fell 1.1 per cent in May, the latest sign Australia’s booming property market has finally peaked.

http://www.news.com.au/finance/economy/australian-economy/capital-city-house-prices-fall-11-per-cent-in-may/news-story/1673b01639bb27d8783c01113babb158

Share this post


Link to post
Share on other sites
roxii    4,115

Hows Noosa looking RS?? 

Im chipping away at the Mrs :lol: 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×