Melbourne price correction - post examples

Discussion in 'Property Market Economics' started by mues, 10th Nov, 2018.

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  1. JamesP

    JamesP Well-Known Member

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  2. berten

    berten Well-Known Member

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    Does anyone know how long “price withheld” properties take to filter through into the data?

    Almost everything I see go through is price withheld...
     
  3. willister

    willister Well-Known Member

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    This downturn has been steeper and quicker than I initially envisaged.
     
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  4. Ian87

    Ian87 Well-Known Member

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    420 is still double what you paid. It might be best to get out while you can, or hold for the very long term. Presumably if you paid 200 it is highly positively geared, unless you have taken equity out. You can try a different agent but if the buyers are not there then not much a new agent can do.
     
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  5. Phineas

    Phineas Well-Known Member

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    As a QLDer can I ask what other suburbs are of interest for a PPOR in your case? And is it because of city proximity, aesthetic, school catchment, safety, or something else... just curious and trying to get a better feel for Melbourne, thanks :)
     
  6. aushousingcrash

    aushousingcrash Well-Known Member

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    3-4 weeks after settlement.
     
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  7. JamesP

    JamesP Well-Known Member

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    Who cares about this "crash". This whole free market thing is more of a controlled market.

    The whole thing slowed down due to lending restrictions. If that didn't happen people would've paid more. If it gets too bad they'll cut rates and people will pay more!
     
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  8. TMNT

    TMNT Well-Known Member

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    Im glad you can summarise the entire housing market down to 1 or 2 factors
     
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  9. willister

    willister Well-Known Member

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    Pretty much, all boom and bust cycles.

    There was the Mainland Chinese money, all but evaporated now and things don't look good on the Mainland with Trump's trashing of Made in China 2025 and what not.

    Then there were those FOMO and low interest/IO loans that were lent out willy nilly. That's stopped so that market has also stopped.

    I'd dare say there are/were more who caved in and bought in FOMO and thinking "prices can never go down", I'd rather get on the bandwagon before it gets any worse.There are probably fewer who stood their ground and held onto their cash and have the ability to borrow and buy today. IMHO anyone who purchased pre 2016 wouldn't have made a lot but still in the black, those who purchased after depending on how close you were to the peak are in for a very seriously sad time.
     
  10. mues

    mues Well-Known Member

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    Had an agent say to me today. The market went up 6-8% per year and since its only dropped 10-15%. First time in a while I reckon an agent has said “only dropped 10-15%”
     
  11. sash

    sash Well-Known Member

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    Yep...this pull back will give some people a whopping...should the grin off the people who bought in North Ryde for 700k and then saying when it doubled to 1.4m it would not go down.

    Given the current pull back it could end up at just over $1m. That is about a 25% pull back......dems how the market rolls.....wait till thr sob stories from the Druie flow through....
     
  12. mues

    mues Well-Known Member

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    You love picking on druie. I’m gonna google where that is.
     
  13. TMNT

    TMNT Well-Known Member

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    Ive got friends looking at areas such as kew, hawthorn, doncaster, footscray and even point cook

    Me personally id look at east such as doncaster region or inner such as st kilda, or even sth yarra
    My kids are getting older and dont need or want backyard, nor do i.
    I dont want an apartmnet. But town house would be good.
     
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  14. mues

    mues Well-Known Member

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    I think Doncaster and St Kilda will have higher % drops than similar suburbs. Due to the heavier push and development in those spots.
     
  15. kaibo

    kaibo Well-Known Member

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  16. Triton

    Triton Well-Known Member

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  17. berten

    berten Well-Known Member

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  18. adrian_christian

    adrian_christian Well-Known Member

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    Final chapter in this debacle over to much relief.

    Received offer of $400k, subject to finance on a 5% deposit of a self employed 28yo.. and subject to B&P and a asbestos check. Told the REA to tell them to **** off. By now we have $450k as our sold price (see historical prices above), a week later we get a $410k, they couldn’t possibly do another $1, 24 hours later it was $420k, we still said no, 72 hours later and with 72 hours to go with the exclusive authority with the REA they find another $12k from parents apparently, so the offer is now $432k.

    We still say no, we hear stories about how the first home buyer from Heidelberg’s fiancé is in tears because they can’t get it @ $432k..

    With 24 hours before the REA loses exclusive authority they come back with $445k, we all sign, the B&P report says due to the age of the unit “it may” include asbestos. They come back as say because of the findings of the report is there a “price adjustment” to be discussed? We very blankly say no, because the report didn’t actually find anything. Buyer blinks first, they accept $445k, went unconditional on the 27/12 and settlement mid January.

    Funds from the above sale give us a springboard to purchasing in Feb 2019 onwards in a different part of Melbourne, and while there’s no rush to find the bottom, or jump into the first property we like, boy, are we going to have some fun as a buyer in 2019 :)
     
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  19. sash

    sash Well-Known Member

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    Noice work.... :0
     
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  20. mues

    mues Well-Known Member

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    God that’s poor work from the buyer.