QLD Brisbane house prices set to fall 8%?

Every day it's different.
This one says everywhere except Brisbane will fall:
http://www.theadviser.com.au/breaki...ices-forecast-to-fall-in-seven-capital-cities
One day an article comes out with an expert saying our market is 30% overvalued. Next day another one saying now only 12%:
http://www.news.com.au/finance/busi...ow-12-overvalued/story-e6frfkur-1227440321518

 

I found an magazine article written three years ago by "property and economic experts"

June 2012 to June 2015 predictions total growth.
Sydney 17% over 3yrs (they had 17%pa virtually each yr)
Perth 17%
Brisbane 12%
Adelaide 6%
Melbourne 1%

You would prob have more chance of predicting lotto numbers than predicting each states property prices....

 

Hey Sash, had the vendor actually signed the contract prior to the Saturday open? Seems strange to me that an open would still be held if the contracts had already exchanged? That'd make me suspicious that the vendor hadn't signed and would have the agent say it's sold to try and milk in higher offers from other buyers... or am I missing something?

 

It had a trustee involved...

 

That's how agents in QLD do things. They hold opens and even take back up contracts.

 

mainstream media. meh

 

Hahahah I was going to add this to a response but you beat me to it.

Oh Kent, I'd be lying if I said my men weren't committing crimes.

 

Got out-offered on a house < 10km from the CBD today.

I felt my offer was pretty strong but with two dozen groups thought and being in a nice precinct of the suburb, there was clearly some strong interest. Agent said the offer that came over the top of my final was considerably over.

Hot hot hot.

 

Queensland's State Budget has just been delivered.. Interesting to see where the Government is putting its money..

http://budget.qld.gov.au/budget-papers/documents/bp3-2015-16.pdf

 

My friend just bought one in Canberra, they had another open house the following weekend, the agent told all attendees it was already sold. I find it odd, but I guess if they've already got it booked, and the sale falls through they don't have to start again.

 

That's too bad, but stick with it. You're obviously doing the right research, make sure you don't get drawn into a bidding war and pay more than your maximum bid.

 

I'm not fussed. Plenty of excellent properties coming on the market every week.

Only a matter of time

 

Yep exactly. For those looking in Brisbane, please still keep in mind the fundamentals when assessing a property. Things are tightening up but there's still plenty of time to get in and you still need to buy the right property.

 

Indeed. Panic/emotional buying is not in my repertoire.

 

That's the ticket. When are you back up there?

 

I'm flying up to chat with some property agents and some open inspections on 15th August Saturday.
Happy to meet up if anyone is keen.

 

Having just bought one in Brisbane, there's a reason why agents there take backup. In Canberra, there's (usually) no contract until it's unconditional. There's usually no issue with B&P since the vendor provides it (and gets reimbursed on sale), and I've not had a contract signed until finance was sorted either; before then it's an unwritten discussion between the vendor, agent and solicitors. So no finance or B&P to worry about, so actual contract = unconditional. Until then, to the agent it's "sold" rather than sold...

OTOH, in Brisbane at the moment the Saturday viewing's not over and there's 5 signed contracts given to the agent, all subject to finance, B&P, and the weather (well, a lovely "due diligence" for my last ).Vendor picks one and then there is the 14 day (or other) wait on conditions. For my last, I wasn't picked first, but three weeks later got the call that the picked one had fallen through and would I like a turn based on my contract (slightly amended).

 

I'd be a bit careful with 'due diligence' clause - I nearly lost a place on this alone. Not sure this clause works in a heating/hot market. Too wide open for them. (B&P will do anyway).

 

Saturday.

And the next.

And the next.

As above, I'll be in town. If you have time in the afternoon lets meet up. There was a handful of us on the weekend. Nice mini-meet-up. Would be nice to do it again.

 

There is an article almost daily on SMH along these lines. It's not inconceivable that this could happen, but quite unlikely in my opinion.

Trust your own research and due diligence. Do you really want to always be following the herd of SMH pessimists? I'm sure there will be another article this week complaining that no one can afford to live in Sydney either.