What is the biggest price drop you have ever seen ?

At least 30% median price from the top in Syd and bit later Mel will follow. Adelaide and probably Brisbane are not on the list. Adelaide didn't have a boom so it'll not fall a lot maybe 10% a lot depends on rentals, Brisbane is the new attraction for those non crash believers that are looking where to invest, so it's still need to make the top. Perth will fall further 20% maybe more.

 

As much as I'd love this to happen so I can buy a PPOR in Sydney, but a $700k median in Sydney would only come about through panic selling, which would only eventuate with 1000's of people losing their jobs and unable to service the loans, or IR rising, which isn't going to happen in the next year.

Right now unemployment is stable and net immigration into Melbourne and Sydney is 100,000 per year. There will just be a surplus of apartments for the next couple of years (2017/2018) we all know this, but a shortage of standalone housing will continue.

.2c

 

What's made you so optomistic all of a sudden? Those numbers look like a correction, not a crash.

When it is all said and done, I think it will be worse than this.

 

Optimistic. I'm trying to be in line with the majority of this forum.
Maybe it'll get worse, let's wait and see.

 

Why median, it means nothing, what about asking about real loss when you had to sell. Don't hold your breath for honest answers, most would never tell you.

 

Too true but www.onthehouse.com.au will spill the beans.

Here's a couple that are 'close to home' for me, not a capital city but not a mining town either. Should get you started @R377

Onthehouse.com.au: Your Home for Property Research

Oct 2007: $1,950,000
Feb 2014: $1,475,000

Onthehouse.com.au: Your Home for Property Research

Feb 2007: $925,000
Aug 2013: $754,000

2007 - that's a vintage that SE QLD sellers will savour and buyers will put in the bottom draw with the cooking sherry.

In all seriousness though, it sent a lot of people broke very quickly, a lot of builders and developers went under, tradesmen were owed stupid amounts of money, some ended up losing their own homes, for others relationships and friendships dissolved with it.

There can be great times, AMAZING times even, chasing CG and flipping property but there can also be times when it pays to be patient and improve other areas of your life because...

Here's the upside:

20 Currawong Street Noosa Heads Qld 4567 - House for Sale #121949466 - realestate.com.au

Jan 2008: $655,000
April 2011: $560,000
Currently on the market at $795,000

I looked at this place in 2011, purchased elsewhere because to me it's poorly located (in Noosa terms) but they've still done very well.

 

Did you end up getting this, Perthguy? I live quite close and the sold sign was posted really quickly (over a few days I think) despite development sites in Cloverdale taking a lot longer to sell now.

 

I am not buying yet. For me it is still too early in the correction cycle.

 

I once had a loss of 8 grand on a block of land. Timing was wrong, it was a new estate, I was overseas and couldn't go on with the building of the house (I was given 2 years to build), because I couldn't come back. So I had to sell. Do I regret - yes. I have made a few BE during the years but no more losses.

 

It can also be a trick. Sometime price dropped was not literally. it was because
1. joint owner sold his/her share to his partner/third party.
2. subdivision

 

I'm sure this can sometimes be the case but my examples fall into neither of those categories.

Let's just say...they're in my neighbourhood.