Australian Property Market

Prices still going gangbusters here and showing now signs of dipping just yet

1 Like

Where[quote=“Aceman, post:1222, topic:16344, full:true”]
Prices still going gangbusters here and showing now signs of dipping just yet
[/quote]

Where?

Its an affordability thing which is driving down prices in Sydney.

Crappy cheap western suburb stock isnt really decreasing, but the top end is (sydneys property close to water, cbd )

With borrowing capacity hobbled and heavy paper losses on the sharemarket i think buyers have just dried up at that end of the market.

Rents are just sky high again in lifestyle suburbs(afaik) but even then they arent really overtaking 2019 levels just yet.

Adelaide housing prices have increased by about 40% in the last 3 years and still going up. From friends in the industry they are all saying it’s because of the affordability in Adelaide is seeing interstate buyers push up prices. We have also seen the highest rent increase in the last 12 months but still our rent is the most affordable in the country if you can actually find a place to rent. Chronic shortage of rental properties

2 Likes

Makes sense. Work in Adelaide or teecommute to Sydney/Melbourne and pay half the amount for twice the place.

Geezus dumps cost a lot in Sydney.

And being nowhere near a seabreeze in an Aussie summer sucks.

2 Likes

Half a block on Bank St, Port Fairy, 238m2, up for sale for $800k. About 4 houses from the highway.

Half a Friggin’ block?
That’s pioneer prices.
Man, I wish I were rich.

And I super wish I bought in Geelong four years ago when I was going, hmmmm.

Do you mean this place ?

It is a nice street, especially down the waterfront end.

That’s it! It says 238m2 on the board out the front. I’d reckon 438m2 is right.

I’d always through the place was ripe for development, but 1/83 is a beautiful old bluestone.

Not like the big block on the corner of Regent and Sackville which has a dingy old weatherboard in one corner, but it’s heritage-listed. Sold for $2m or thereabouts though so they must have sub-division permission.

The churches should be forced to give up a lot of their free land, both Catholics and Anglican. So much unused land for so little use. Port Fairy desperately needs land which isn’t flood-plain to be made available.

And there’s an sub-division being sought on a close near the creek looking west from the highway. Existing owners have complained because they think they should have exclusive rights to the (fairly average) views across empty flood-plain paddocks to Albert Rd. Hope the council tells them to GF themselves.

The house on the corner of Bank and College (very end of Bank, in the western suburbs) is up for sale for somewhere around $900k, and 99 Bank recently went for $835K…just a bland brick house.

1 Like

I dont know port fairy but i find that pretty expensive compared to a coastal nsw town(byron excluded)

Yeah, it’s a beautiful town. Very neat, tidy with many of the original bluestone buildings still standing.

It’s probably a bit too far from Melbourne to warrant the prices (IMO) amd it’s not as much a ‘beach’ as you get on the other parts of great ocean road, or Mornington peninsula.

1 Like

Yes but it does have AN10, so prices are being driven up by his celebrity status.

1 Like

And @bomber5au is nearby.

For a price, visitors can arrange consultation over a cup of coffee or six.

East Beach is a good beach, as is Pea Soup, and good surfing along South Beach.

2 Likes

If it wasn’t so cold and windy, it would be a great place.

A counter to global warming?

1 Like

Not sure where else to post, but interested to get some opinions. What are people’s views on buying a house that has been recently underpinned? Would you just avoid or would it depend on the extent of the work done?

About 12k worth of underpinning work done, is that considered a lot or a little for a 3 bedroom house. There is some (not much at all) visible cracking on the exterior of the brick wall and sinking is visible on the concrete deck area (which has resulted in cracking), but aside from that internally there is no visible damage or leaning.

We haven’t had a builder go through it yet, but interested if any people with a degree of building nous can shed some light in the interim.

I can’t help you on how big or complete that underpinning is, or anything on the engineering side.

I do know when I worked in the UK for an insurer, underpinning was the last thing we’d do to fix subsidence issues (due to cost), but it was seen by the claims guys as rock solid making the issue go away forever. That may or may not be relevant to your situation.

(noting that in the UK home insurance covered subsidence, whereas Australian home insurance didn’t. Subsidence claims was a big driver of cost for home insurance policies so it got a lot of attention internally at the insurer)

1 Like

If it’s done we’ll, you shouldn’t have further problems. It’s a last resort because of cost but, as mentioned above, it should be a fix.

Don’t bother with builders, get a structural engineer to inspect. It’s likely the damage you can see is now purely cosmetic and an easy fix but spend the extra dollars to be sure.

4 Likes

3 thoughts…

  1. Someone started a job and realised it was all too hard. Do you really want to find out the hard way?

  2. If you’re going to do any work on a house, at least start with underpinning or reblocking. And then you can repair all the cosmetic stuff.

  3. If you know your stuff, it could be a bargain. Haggle the price down with the agent.

I’d assume any job that definitely required restumping or underpinning would have to result in cracking in a number of places. Plaster, brick work.

It cost me $10K to restump a house 13 years ago in Melbourne. But stumps are different.

1 Like

That’s what I would have thought. Internally there is no visible cracking at all. The only signs of any damage is some cracking on the back external brick wall, but that’s pretty minimal and honestly I wouldn’t even have bothered patch it up any further with how minimal it is.

The paint and plaster in the house all looks very new and clean for a house that’s 30 years old, so I suspect they may have patched some stuff up when the underpinning was completed.

1 Like

Depends on the house and how old it is.

Our house in Bacchus Marsh is about 130 years old and about 5 years ago the front was sinking into the ground. Underpinning was going to cost about $40,000 to do the front bits that needed it, plus it was very disruptive , meaning we could not live there for six weeks.

Instead we had this company called Mainmark, drill holes and pump in this polymer stuff the stabilised the ground and lifted the foundations back to level. Cost $12000 and has been great.

So find out more about what exactly was done.

In any case, recent under pInning is good, and should be viewed as a positive. All houses sink a bit.

2 Likes