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Rocket Salad

Housing Bubble thread.

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58 minutes ago, Cottoneyes said:

Better question will be when will the big 4 banks panic and call in the loans they gave to those that can't afford the higher interest rates.  Don't think anyone saw a banking royal commission or the crap uncovered when this started

Just as an aside, its interesting to note that customers that falsified documents, lied and otherwise misled various financial institutions in order to get large mortgages that they havn't got a hope in hell of paying off have (so far) got off completely without blame.  

Be interesting to know the numbers of people who are now unable to refinance because they simply don't have the means to pay the mortgage off.

AJ 

 

 

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On 19/11/2018 at 3:22 PM, Peter said:

Probably a better question for RS is. 

What year did you buy your house ?

how much did you pay?

how much is it valued today. 

Then compare it with a house bought in Syd year or Melbourne at the same time. 

I don’t think Syd year and Melbourne people care about a small correction. 

And if we go back 2 years where you predicted a crash you never answered what % a crash was. 

5% or 50%? Other? 

 

Still waiting.....

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Peter,

I honestly don't know what the number is. I'm just a dumbass working in the suburbs here in Noosa. My personal opinion about what the number is doesn't really matter. However if you really want me to give you a number here it is.

22.6%

The flow on effect is what really worries me. A lot of peoples jobs could be affected by this. My job relies a lot on tourism as does lots of Queenslander I suppose.

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You live in Noosa. Every Victorian goes there. 

There are a lot of rich people. 

Youll be fine for work. 

When people can’t afford to go os they go local. 

Gold Coast. Sunny coast.  

 

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On ‎22‎/‎11‎/‎2018 at 9:34 AM, Peter said:

RS you should look into investing 

here are a few places

 

I wouldn't want this house as my pool and tennis court are a lot closer to each other than the one shown here :). Less time wasted going between the two. Besides if I owned this house, I wouldn't have a need to do marathons to keep fit.

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Spoke to an agent last night. He said he had an offer on a place for 1,933,000....the owners were haggling over an extra $2000 ie: $1935000. They ended up selling 3 months later for $1.6M Ouch! This was on the Northern beaches.

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Every three months a so called expert pops out on TV and the net to warn of impending doom. People go into a panic and talk about when the crash comes.

Interest rates have been steady for close to ten years, inflation and wages are low. Are people supposed to wait until rates are high to borrow?

The Fundamentals remain consistent, there should be a minor correction with the banks in the spotlight over dubious lending practices and a gradual improvement in the American economy.

Given our move to slave labour wages the demand will have to come from investors, rasing the question of who rents as we are hell bent on creating serfs

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28 minutes ago, BarryBevan said:

Every three months a so called expert pops out on TV and the net to warn of impending doom. People go into a panic and talk about when the crash comes.

Interest rates have been steady for close to ten years, inflation and wages are low. Are people supposed to wait until rates are high to borrow?

The Fundamentals remain consistent, there should be a minor correction with the banks in the spotlight over dubious lending practices and a gradual improvement in the American economy.

Given our move to slave labour wages the demand will have to come from investors, rasing the question of who rents as we are hell bent on creating serfs

Have a look when this thread started. That’s when all the talk started. 

JUNE 2015

Re rates. I work very close to reserve bank and the ten year futures with the securities exchange suggest the next interest rate rise will be 

March 2020. 

Will be interesting to see how accurate the forecast is. 

Edited by Peter

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13 minutes ago, Rocket Salad said:

Negative equity.

Get used to hearing this. You will hear this a lot in 2019.

About 2000 people a week move to Melbourne. They have to live somewhere! 

 

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2 hours ago, dazaau said:

About 2000 people a week move to Melbourne. They have to live somewhere! 

 

Isn't that why they keep doing The Block? :D

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People need to wake up that cities and large mortgages aren't everything, move to a regional centre, de-stress and have a life.  Plenty of jobs for those prepared to look and really there is not that many jobs in the city skyscrapers that couldn't be done from the deck of Bonny Doon lake - in fact most could probably be done better and quicker without micromanaging bosses and meetings about future meetings.

On second thoughts, you all stay there in the cities, it's pretty damn good the way it is here in the country.  You definitely would not like the 4 bedroom new brick houses going on 1200m blocks here for under $450K...

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22 minutes ago, Cottoneyes said:

People need to wake up that cities and large mortgages aren't everything, move to a regional centre, de-stress and have a life.  Plenty of jobs for those prepared to look and really there is not that many jobs in the city skyscrapers that couldn't be done from the deck of Bonny Doon lake - in fact most could probably be done better and quicker without micromanaging bosses and meetings about future meetings.

On second thoughts, you all stay there in the cities, it's pretty damn good the way it is here in the country.  You definitely would not like the 4 bedroom new brick houses going on 1200m blocks here for under $450K...

Shhhhhh ! 

We are full down here ! 

I had to surf the other day with 4 guys I’m the water !!! 

Farrking crowded !

 

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Know the feeling, my commute of 15kms to work took 11 minutes instead of 10 the other day.  How long does a 15km commute in Sydney or Melbourne take these days?  Is it 3 or 4 hours?

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11 hours ago, Cottoneyes said:

Know the feeling, my commute of 15kms to work took 11 minutes instead of 10 the other day.  How long does a 15km commute in Sydney or Melbourne take these days?  Is it 3 or 4 hours?

Overnight. Need to pack pjs & toothbrush

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19 hours ago, dazaau said:

About 2000 people a week move to Melbourne. They have to live somewhere! 

Agree.  

These people want to pay rent somewhere. 

People that have investment properties can't lose in Melbourne.  

Sydney would be the same too.

Sure the 10 million dollar properties might fall, but if you own a townhouse place you are renting to a family of 3 or 4, it will return nicely.

People need to stop believing the newspapers.

Edited by Peter

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On ‎4‎/‎12‎/‎2018 at 5:10 PM, Rocket Salad said:

Negative equity.

Get used to hearing this. You will hear this a lot in 2019.

You mean like this from yesterday:

 

https://www.news.com.au/finance/real-estate/selling/one-million-aussies-could-become-prisoners-in-their-own-home-as-falling-prices-put-them-in-negative-equity/news-story/1921b57f528eee0629ac52ab390b5816

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Had a HR type call me from Melbourne about a job in their Brisbane office.

He almost fainted when the google maps estimate from my suburb to their office was only 15 minutes drive.

 

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2 hours ago, Tyno said:

Had a HR type call me from Melbourne about a job in their Brisbane office.

He almost fainted when the google maps estimate from my suburb to their office was only 15 minutes drive.

 

I rode in 22 minutes yesterday  

Motorbike in 9

when in Sydney it was an hour 15.  

Sold in Syd and bought her for cheaper. 

Id never move back to Sydney now. Life is too short to spend in traffic. 

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10 hours ago, Cottoneyes said:

Imagine how good you could get it in Adelaide Peter...

Never. 

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20 hours ago, Peter said:

I rode in 22 minutes yesterday  

Motorbike in 9

when in Sydney it was an hour 15.  

Sold in Syd and bought her for cheaper. 

Id never move back to Sydney now. Life is too short to spend in traffic. 

Mate you lived in Mt Colah. No wonder your commute was long. You can live closer to the city. I live in the 'burbs and my cycle to the city is 45 minutes and that includes a ride across the Harbour bridge with views of the Opera House. Plenty of people live within 20 minutes of the CBD.

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38 minutes ago, Mr Flower said:

Mate you lived in Mt Colah. No wonder your commute was long. You can live closer to the city. I live in the 'burbs and my cycle to the city is 45 minutes and that includes a ride across the Harbour bridge with views of the Opera House. Plenty of people live within 20 minutes of the CBD.

Or you could try Brisbane Peter.

55 minute ride to the city (25km), and you're on 1.5 acres in a new 350sqm home with town water, for less than a 3 bedroom squat that far out in Sydney.

I'm currently aching over a 40 acre block 15km out but just can't afford it.

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13 hours ago, Mr Flower said:

Mate you lived in Mt Colah. No wonder your commute was long. You can live closer to the city. I live in the 'burbs and my cycle to the city is 45 minutes and that includes a ride across the Harbour bridge with views of the Opera House. Plenty of people live within 20 minutes of the CBD.

Correction. Hornsby.  

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12 hours ago, Ex-Hasbeen said:

Or you could try Brisbane Peter.

55 minute ride to the city (25km), and you're on 1.5 acres in a new 350sqm home with town water, for less than a 3 bedroom squat that far out in Sydney.

I'm currently aching over a 40 acre block 15km out but just can't afford it.

I own a townhouse in enoggera. Never seen it in 10years. Apparently it’s a good location. 

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3 hours ago, Peter said:

I own a townhouse in enoggera. Never seen it in 10years. Apparently it’s a good location. 

I grew up about 3km closer in at Ashgrove. Enoggera is taking off for units & townhouses due to the railway, and the demand from the army barracks. My brother bought a unit there a couple years ago & is happy with the area. Myself, I couldn't handle living close enough to hear the neighbours TV any more.

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