Market Check! Is where you live booming?

I doubt my area is ever going to boom as it's very much a lifestyle/rural area. BUT I do see it becoming more popular and over time won't be the "affordable" haven it was when we bought it. My suburb has a minimum lot size of 10 acres so affordable is definitely a relative term but considering it's 32km from the perth CBD - you can buy 10 acres with a dated house out here for $750-$1.2m
For us it's the best of both worlds, we have peace and solitude but access to schooling/health/infrastructure within 20-30mins
I just checked the number of listings and there is only 2 available in our suburb so supply is wayyy down.

 

Not too sure, I have few investment properties. Agents were hunting for properties last few months. The mkt seems very artificial due to lack of stocks. No one need to sell as banks gave holidays and government gave free money. The high unemployment rate and lack of foreign students can easily trigger more properties in the mkt that kill the momentum.

See oil as exmaple, just 2% higher stock slashed the price by 40-50%. Just a sentiment. Now days investors are absent, mainly first home buyers. First home buyers generally have very limited deposit and income. Given their limited experience companies touch them first if redundancies happen. Inala and other region has higher portion of living on govt benefits, I don’t think they really bother about home ownership.

The real challenge will be in post March.

 

I have no doubt the government can (and probably will) cook up another set of “unfortunate “ NYE COVID numbers and kick that can well past March. I won’t be surprised if 2021 is the year of the virus, again.

The Spanish flu was a 3 year thing.I wouldn’t dare bet against this and another round of stimulus to make the last look like an entree.

The only thing that has been consistent this year is that bad news on main street is good news on Wall Street, and right now, Wall Street includes property and any other hard asset.Look at the absurdity of the car market, who would’ve seen that coming.

The practice of restricted stock and supply chain choking (engineered or not) has been the most influential factor in this entire experiment.At the risk of sounding tin foil hat, this absolute has become and will continue to be a great experiment.It’s possible as a result of this- seeing prices accelerate despite bad news- that hard assets literally only ever rise in nominal price.

 

The optimist in me suggests 2021 will be better than 2020.

 

I see this latest outbreak in Sydney as a massive opportunity, going to try and purchase a place in the first quarter of 2021.

 

Did this happen in Melbourne in the second round? If not, it wouldn’t happen in Sydney too. People now know mkt will be normal once COVID no reduces and they don’t need to sell. Bank gives holiday so nothing to worry..

I would buy if opportunity comes, but chances are very slim. May be 1% less..

 

yeahhhhhh, but... It doesn't have to be a sense of entitlement. I think it is natural (for many) to want to continue living in the same community you grew up in. Does that happen any more? Are there generations of families, and extended families living in the same area? Up until a few (several?) decades ago, that was an entirely plausible concept.

Cheers,
Inertia.

 

Its still entirely possible IMO

Your just buying a 2/3 bed apartment instead of buying the 800sqm block with a house on it.

But most don’t want to start within their means and build up, or simply don’t know how.

 

Would be interesting research to see if the generations living in the same place was also accompanied by little price growth and little social mobility.

Ten pound poms weren't that long ago......

 

I have not watched that idiot in ages for obvious reasons but now you got my interest. How far back should I go to see what you have noticed?

 

any of the ones with tarric brooker shows evidence of confusion and generally attempts to capitulate without capitulation.

heres a good one



Go to the bottom comment by Chris Mainwaring and review the Malarky.

 

Blackburn, postcode 3130 here..middle ring eastern Melbourne for those playing outside Melbourne...

everything is selling at the moment provided there’s nothing “odd” about the property or property shape.

“forthcoming auction” stickers are being replaced with “under contract” before the auctions are even taking place.

A valuation on our place 12 months apart:

March 2019 - bought $1.255m
December 2019 - bank val $1.35m
December 2020 - bank val $1.45m

 

Which suburb did you buy in @Omnidragon if you don't mind sharing?

 

Sydney 2020. Note. I believe the numbers are for all houses and units.
Home prices grew in all but two Sydney regions in 2020 — realestate.com.au

 

That was great reading hahaha

 

A broken clock is right twice a day.
Hmm - maybe just maybe Martin is onto something.
What is the job of Central bank anyway and government if it wasn't to keep the economy as steady as she sail captain. I Captain!

 

Definitely the norm in Europe and it will come here.

I grew up in a rented 1 bedder 40sqm, and my parents managed to buy a 2 bedder when I was in my teens.

 

I’ve noticed what looks like Underquoting in my area (Southside Brisbane) . I’m not sure if it underquoting or price falls. Interestingly, the metrics like SQM are detecting falls as they’re tracking asking price.