Interested in everyone’s thoughts on the property market. Will the slide let up any time soon? Are we broadly headed to a full on recession which will extend the pain? Or are we finally seeing a long overdue, multi-generational correction and end to the bubble?
Do I look like Andrew Welsh?!
5 Likes
or disco or Bomber Thompson?
1 Like
Not sure, post a pick and I’ll tell you 
1 Like
I’m not getting very positive vibes about it. Going to sell an apartment we’ve had for a few years and put the money to better use.
I’m happy if it keeps sliding, might be able to take advantage. Brisbane seems more stable than Melbourne and Sydney, so not expecting anything crazy here. Some predictions of at least some recovery in 6 months or so, don’t know how credible that is
Slide?
The dip is done.
71% clearance rates in Melbourne on a day it friggin’ bucketed down.
There were bargains to be had for the last 12 months.
1 Like
No doubt the Liberals getting another term would have eased a lot of the fears that they themselves were drumming up.
2 Likes
Def bouncing back in northcote, tho I reckon you could probably still get something for less than it was worth 12 months ago.
Ask the agents, apparently it’s ‘always a good time to buy/sell’
1 Like
I agree with that, and they’ll take a little while to get back to that.
But if the OP was asking how much longer property prices will fall, ummm negative two or three months.
1 Like
You can watch these monthly Corelogic videos on YouTube for recent trends:
The market has found its floor…now that the ALP won’t be changing the system…and we have had one rate reduction, with at least two more expected…and APRA easing serviceability assessments…etc…there are many forces at work to see that property prices stabilise here. But stabilisation is what they want, not another boom…Of course, small localised divergences will occur.
Bumping this because I had a question on buying a property.
House in Essendon went on the market - range between $590k-$640k (not bad right?). 3 bedroom, 3 bathroom.
Anyway, emailed them to look at booking an inspection (in person or virtual).
When I got my response, they advised that the price is now $620K- $680k (changed in a day) and that I wouldn’t be able to look at the place until I agreed on the below. Is this dodgy?
Dunno. I guess it’s one way of making the most of those that are actually able to visit the property prior to purchasing. I agree it’s a bit unsavoury, but probably not manifestly dodgy.
1 Like
What did it last trade for?
Buyer feedback often changes price guidelines closer to auction.
Have you been given access to all the relevant documents relating to the property, infuding any caveats and mortgage.?
Hasn’t sold previously. Has been a rental property since it was built in 2010
Nope, I haven’t.
Maybe I’ll follow up and see if they’re going to send that through
Well with the agent saying the owner won’t take offers it sounds like there are multiple interested parties.
They will all be kicking around the 620k mark after the initial price guide and the agent will try and get a better result from there.
At auction throw in a low ball offer if noone else bids. Then wait it out and don’t reenter until late if it suits you
Dress well so everyone thinks you have deep pockets, but don’t use them.
My only ‘dads’ advice to buying at auction… No idea if it gets me cheaper property or not.
1 Like
I haven’t bought a house for ages, but last time round ( it wasn’t an auction) there was some duty on the Real Estate Agent to furnish the prospective buyer with Section something or other document with a heap of detail about the property.
A dodgy agent trying to get me to commit to a purchase kept on making excuses why he couldn’t give me the papers and pressuring me to sign an offer. I didn’t and found out later that his agency had lost their licence.
I’m an amateur in these things, but I do recall steps in the sale starting with Under Offer . Best to talk to some one who had recently bought or talk to a conveyancer.
1 Like