Market Check! Is where you live booming?

Discussion in 'Property Market Economics' started by Jess Peletier, 23rd Nov, 2020.

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Is your local area booming?

  1. Yes - going nuts

    93 vote(s)
    43.3%
  2. Yes - better than previously

    77 vote(s)
    35.8%
  3. About the Same

    28 vote(s)
    13.0%
  4. Nah, it's pretty flat.

    13 vote(s)
    6.0%
  5. Nah, it's falling

    4 vote(s)
    1.9%
  1. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,932
    Location:
    Brisbane
    Our agent friend told me today his team has sold 126 houses in four months. He can't get enough stock. People are buying sight unseen at times and many people are moving to Brisbane.

    I think he said at the start of Covid he thought prices might slip back, but they are surging in our area, by between 10 and 20% (I think that's what he said).

    I was concentrating on several things but that is my memory of what he said about our local market.
     
    chindonly, Toon, Codie and 3 others like this.
  2. Nathan Prasad

    Nathan Prasad Well-Known Member Business Member

    Joined:
    6th Sep, 2020
    Posts:
    193
    Location:
    Brisbane
    I'm purchasing across Brisbane, Moreton Bay area and Logan. All areas are booming.
    I also started looking in Noosaville (Sunshine Coast) for a holiday home for a client, that market has jumped tremendously in the past 6 months. With all these areas it's driven by families and low supply, so anything that comes to market gets snapped up at the first open home.
     
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  3. icic

    icic Well-Known Member

    Joined:
    16th Dec, 2016
    Posts:
    1,109
    Location:
    sydney
    i am seeing over half of the listings has under offer label on it for a number of suburbs in Brisbane, don't think it was ever the case since i started invest there since 2014. reminded me of Sydney back in 2013 to 2015
     
  4. ww2_nut

    ww2_nut Active Member

    Joined:
    18th Jun, 2015
    Posts:
    43
    Location:
    Mildura
    Mildura market is going crazy here, agents cold calling in need of properties to sell. Properties are lasting no more than 7 days on market with multiple offers.
    Similar story for Bendigo, I get multiple calls a week from agents needing listings.
     
    Toon likes this.
  5. Nathan Prasad

    Nathan Prasad Well-Known Member Business Member

    Joined:
    6th Sep, 2020
    Posts:
    193
    Location:
    Brisbane
    Yea it's always been pretty competitive but over the past 6 months I have noticed a massive difference when negotiating for properties. Agent's are now very aware of the market and prices have risen quite a bit. Zillmere is a good example.
     
  6. RedHat

    RedHat Well-Known Member

    Joined:
    13th Jan, 2017
    Posts:
    128
    Location:
    Sydney
    Carlingford has been doing very well mate! Look at the latest sales achieved for original condition houses

    upload_2020-12-13_14-25-36.png
     
  7. MWI

    MWI Well-Known Member

    Joined:
    17th Jul, 2017
    Posts:
    2,287
    Location:
    Lower North Sydney NSW
    Totally agree in this area Willoughby and surrounding, going nuts!
    See next door suburb in Castlecrag, 1 BED sold for $3.8M....!
    56 The Bulwark, Castlecrag, nsw - Property Sold Price
    https://www.realestate.com.au/sold/property-house-nsw-castlecrag-134689646

    upload_2020-12-13_20-23-51.png
     
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  8. KinG3o0o

    KinG3o0o Well-Known Member

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    17th Jul, 2017
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    1,074
    Location:
    Sydney
    i think its going alright a semi half the size sold same price as i bought mine 12 months back, slight difference is that semi u dont need to reno, mine u need to.
     
  9. maroon

    maroon Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    182
    Location:
    Sydney
  10. MWI

    MWI Well-Known Member

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    17th Jul, 2017
    Posts:
    2,287
    Location:
    Lower North Sydney NSW
    Agree but still you need extra funds to redevelop or to renovate it. Can make it into $6M or even $8M home. As ECB (Established Capital Benchmarks), much higher priced properties exist in this suburb or street? One still needs such funds to buy it though, wouldn't you agree?
     
  11. craigc

    craigc Well-Known Member

    Joined:
    25th Jun, 2016
    Posts:
    1,575
    Location:
    Melbourne
    I’d be very careful basing any forecasts around info from Martin North.
    One day it may crash the 40% as he predicts, but so far he’s 0/40 (approx) strike rate for every year that he’s predicted it to occur.
     
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  12. DueDiligence

    DueDiligence Well-Known Member

    Joined:
    27th Jan, 2020
    Posts:
    439
    Location:
    Sydney, Australia
    I give him heaps on his channel. Even he now has a scenario for prices rises. Pretty sure an entire swath of bear followers have unfollowed him , furious at the n+1 market interventions Scomo and co keep cooking up.

    There are no fire sales coming, it won’t be allowed, banks won’t allow it and have no need to since they can just keep changing the rules and taking QE and Wayne Byers can continue his navel gazing.
     
  13. Melbourne_guy

    Melbourne_guy Well-Known Member

    Joined:
    4th Aug, 2019
    Posts:
    499
    Location:
    Melbourne
    Do you foresee a situation where international conditions dictate what happens with banks more than internal Australian conditions? At that point, Australian banks have to take action they don't really want to take but market conditions dictate they have to.
     
  14. DueDiligence

    DueDiligence Well-Known Member

    Joined:
    27th Jan, 2020
    Posts:
    439
    Location:
    Sydney, Australia
    Thats upon us now, but yes it could change. Being a sovereign nation , I believe we can just issue currency ad infinitum though and keep can kicking.

    I wouldn’t be surprised if they keep engineering fiat they way they’re engineering virus statistics, the klaus schwab reset we “must have” , Ze post corona airah (era). Fiat to confetti, print , print, print, and stuff it into everything
     
    Last edited: 20th Dec, 2020
    Codie likes this.
  15. Codie

    Codie Well-Known Member

    Joined:
    6th Mar, 2018
    Posts:
    1,623
    Location:
    Brisbane
    I agree. There’s no end to the ability to print. I wouldn’t be surprised to see a $2m Sydney median soon, with other states following % wise.

    It’s not house prices running away as you know, you just need more currency to get the same thing. I think core inflation is and has been happening, headline & what’s reported has not. The US is Likley running close to double digits inflation yet only reporting 2-3%

    Properties about to boom here, gold & metals will go through the roof. I just hope it somehow feeds through to wages sometime soon
     
    Mulianto likes this.
  16. DueDiligence

    DueDiligence Well-Known Member

    Joined:
    27th Jan, 2020
    Posts:
    439
    Location:
    Sydney, Australia

    I’ve noticed some groceries are up too. How’s the car market ... absolute madness, we are definitely seeing inflation in some areas.

    The average punter on here should get a grip on the QE thing. There is no money being printed... it’s all just reserves created and thrown at the doorstep of corporate entities like banks. Those banks are then obliged to give up something in exchange and then lend the reserves out. The only game in town is mortgages and that’s working for now, but you have to consider at what point does this break down and for what reasons.

    Here’s where it’s all going for now..

    Australia Home Loans | 2002-2020 Data | 2021-2022 Forecast | Historical | Chart | News

    Once the central bank can put money in the hand of the government itself, who can then put it in the hands (accounts) of citizens.. then it really starts to get interesting. The US Federal reserve act of 1913 currently prevents this but check out the FRED TGA, where is that 1.6 Trillion going?

    It’s Bretton Woods 2.0 with cheap oil, such a weird time.
     
    Last edited: 23rd Dec, 2020
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  17. Jana

    Jana Well-Known Member

    Joined:
    19th Apr, 2016
    Posts:
    458
    Location:
    Sydney
    All these things are short-term. Government will stop if things go far better than they thought. It looks things are far too good. We will see the effect from March onwards.
     
  18. DueDiligence

    DueDiligence Well-Known Member

    Joined:
    27th Jan, 2020
    Posts:
    439
    Location:
    Sydney, Australia
    I don’t think there is a “far too good” anymore. If March looks dodgy, they’ll keep cooking it up.
     
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  19. skater

    skater Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    10,222
    Location:
    Sydney? Gold Coast?
    With the way the virus keeps popping up, things are going to look dodgy until there's a working vaccine and a good number of the population have had it, I feel.
     
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  20. Omnidragon

    Omnidragon Well-Known Member

    Joined:
    17th Oct, 2015
    Posts:
    1,693
    Location:
    Victoria
    Melbourne inner east. Just bought a place this week. Not sure if booming is the right word - better than before maybe.
     
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