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Rocket Salad

Housing Bubble thread.

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The main thing all these so-called experts have in common is that when China goes pop we're in deep sh!t.

Edited by Rocket Salad

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3 hours ago, Cottoneyes said:

I bet it's just the tip of the iceberg. There needs to be a royal commission into the banking sector.

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On 15/11/2017 at 1:00 PM, Rocket Salad said:

The main thing all these so-called experts have in common is that when China goes pop we're in deep sh!t.

I'm telling you the Indians have bought up melbourne. 

Not the Chinese. 

Then again we don't have the 20mill plus places everywhere like Sydney. 

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5 hours ago, Rocket Salad said:

I bet it's just the tip of the iceberg. There needs to be a royal commission into the banking sector.

As long as it doesn't affect the handsome dividends we receive from our shares in 3 of the Big 4!!

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6 hours ago, softy said:

As long as it doesn't affect the handsome dividends we receive from our shares in 3 of the Big 4!!

Exactly.  There's one way to beat the banks - own some of them....which every Australian with Industry or Retail Super Funds would do.

It's really not that hard to be smarter than the dopey bankers who pedal mortgages - just ensure the interest rate and repayment period is competitive/affordable.  Have a personal cash-flow budget to ensure the regular repayments won't kill you even if interest rates go up to 10%.  The bankers will always try to lend you more than you can afford (they have with us every time - farkin ridiculous amounts they said we could borrow - if we want to live like stressed out mortgage slaves), but do the sums yourself and don't over-extend.  Having a decent life is much better than having a McMansion.

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Another major international financial institution is worried about us.

http://www.news.com.au/finance/economy/australian-economy/another-big-warning-on-debt-for-australia-when-will-we-listen/news-story/0bbec05e47caf8c6e8606e24b72bd2fe

THE OECD warned Australia on its debt levels in March. The IMF warned us in October. Now the Bank of International Settlements has flipped on the alarms. That’s the whole set of global financial institutions sitting in our rear view mirror telling us to slow the heck down.

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It's already burst at Agnes Water near Gladstone. Saw waterfront land for sale for $400k that sold 4 years ago for $750k. Other properties are all sitting still in the market or selling well below what they were built/bought for.

Yet developers are still building more estates. go figure.

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3 minutes ago, Ex-Hasbeen said:

It's already burst at Agnes Water near Gladstone. Saw waterfront land for sale for $400k that sold 4 years ago for $750k. Other properties are all sitting still in the market or selling well below what they were built/bought for.

Yet developers are still building more estates. go figure.

But that's the sticks. 

When property in Sydney that sold for say 1 million today is selling for 500k. I'll admit the bubble has burst. 

Until then ....

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Seeing the same here in manly. Peaked around Easter really then plateaued and now down about 10%. 

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Mosman 5-10% off.  Few properties getting to auction as buyers take an early offer.  3 months or so now. 

About to rent for another 12 months having sold in April a few ks west of Rog aka Mr Manly

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You did well sold at the peak. No chance you would get the same sort of coin today. 

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Agree. Just bought and sold in the last 3 months in the gong.  Definitely cooled.  The real schmick places still go fast but heaps of other stuff sits.  

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Quote

A Melbourne real estate agency has been fined $880,000 for underquoting and ordered to put up public notices about its misleading and deceptive conduct.

The Federal Court on Thursday fined Fletcher & Parker in Balwyn $40,000 for each of the 22 properties that its Canterbury and Blackburn offices admitted underquoting during 2015.

Justice Bernard Murphy also ordered the real estate agent to publish notices about its misleading and deceptive conduct in full-page newspaper ads and on its website.

Ouch

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Seriously they could just go through old RE.com ads and fine each of them $22,000 for every ad, no more talk about budget deficits then.  The agent we sold through deliberately listed the price of the house for auction under what we said we were adamant we would take as a reserve from the very first discussion, and $100K under what a similar house sold for in our street less than 6 months prior.  "You want to get buyers from the lower price bracket to come and look, and like what they see compared to what they looked at and get the bidding going on the day of the auction"

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