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House price collapse already started !! (Read 19385 times)
Bobby.
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Re: House price collapse already started !!
Reply #75 - Jun 30th, 2018 at 6:35pm
 
Secret Wars wrote on Jun 30th, 2018 at 6:33pm:
Yes, there is still demand, and for owner occupiers they would rather sit around a candle eating dog food before they will sell at a loss.

The apartment market is another thing especially for off the plan where investors tend to cut losses early.


But we've never seen drops like this in only 3 months!



The median price for a unit in Elwood dropped by 16.9 per cent in the March quarter, according to the Real Estate Institute of Victoria (REIV).

In nearby Prahran and Port Melbourne, falls of more than 18 per cent were recorded, and unit prices also dropped in St Kilda East (-15.5 per cent), Carnegie (-12.3 per cent), Southbank (-9.3 per cent) and South Yarra (-7.9 per cent).
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« Last Edit: Jun 30th, 2018 at 8:29pm by Bobby. »  
 
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Mattyfisk
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Re: House price collapse already started !!
Reply #76 - Jun 30th, 2018 at 7:13pm
 
Frank wrote on Jun 30th, 2018 at 6:16pm:
Bobby. wrote on Jun 20th, 2018 at 7:02pm:
More from the ABC

http://www.abc.net.au/news/2018-06-19/fears-as-interest-only-loans-roll-into-pri...


Fears of housing 'fire sale' as interest-only loans roll into principal plus interest.

7.30
By Liz Hobday

Updated about 7 hours ago


As property prices in Australia have climbed over the past few years, thousands of Australians desperate to get a foothold on the property ladder have used interest-only loans.

But the interest-only period on these loans doesn't last forever.

Over the next three years, interest-only loans worth a combined total of about $360 billion will roll over to interest plus principal — and that means borrowers will face higher repayments.

"The kind of nightmare scenario is where a lot of people need to sell at once, and that's when you see a kind of fire sale mentality, and could see very significant downward pressure on prices," said Professor Richard Holden from the University of New South Wales Business School.

"That puts the banks under stress, and their balance sheets under stress, and it could lead to significant financial instability."



The 250,000 + immigrants a year will snap 'em up.


I say, dear, boy, how many of your rellos are blowing in from the old country?

Gordon has the right idea. Buy up the toilet blocks in the shtty immigrant suburbs.

There's good money in stool, nein?
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Sir lastnail
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Re: House price collapse already started !!
Reply #77 - Jul 1st, 2018 at 12:01am
 
Secret Wars wrote on Jun 30th, 2018 at 6:33pm:
Frank wrote on Jun 30th, 2018 at 6:16pm:
Bobby. wrote on Jun 20th, 2018 at 7:02pm:
More from the ABC

http://www.abc.net.au/news/2018-06-19/fears-as-interest-only-loans-roll-into-pri...


Fears of housing 'fire sale' as interest-only loans roll into principal plus interest.

7.30
By Liz Hobday

Updated about 7 hours ago


As property prices in Australia have climbed over the past few years, thousands of Australians desperate to get a foothold on the property ladder have used interest-only loans.

But the interest-only period on these loans doesn't last forever.

Over the next three years, interest-only loans worth a combined total of about $360 billion will roll over to interest plus principal — and that means borrowers will face higher repayments.

"The kind of nightmare scenario is where a lot of people need to sell at once, and that's when you see a kind of fire sale mentality, and could see very significant downward pressure on prices," said Professor Richard Holden from the University of New South Wales Business School.

"That puts the banks under stress, and their balance sheets under stress, and it could lead to significant financial instability."



The 250,000 + immigrants a year will snap 'em up.


Yes, there is still demand, and for owner occupiers they would rather sit around a candle eating dog food before they will sell at a loss.

The apartment market is another thing especially for off the plan where investors tend to cut losses early.


you can have all of the demand you want but if they can't get access to the cheap line of credit to pay for it then the demand is all academic ! That's how Ireland's property bubble burst. The banks either went broke or couldn't lend anymore at the ridiculously low rates they had been lending ! We didn't learn from Ireland's mistakes so now it's our turn. This won't be pretty and will have spill-on effects throughout the whole economy as we do not have a back-up plan Sad

Watch it and weep. It serves you lot right from not learning from the mistakes of the past !!




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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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freediver
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Re: House price collapse already started !!
Reply #78 - Jul 1st, 2018 at 7:22am
 
Bobby. wrote on Jun 30th, 2018 at 6:35pm:
Secret Wars wrote on Jun 30th, 2018 at 6:33pm:
Yes, there is still demand, and for owner occupiers they would rather sit around a candle eating dog food before they will sell at a loss.

The apartment market is another thing especially for off the plan where investors tend to cut losses early.


But we've never seen drops like this in only 3 months!



The median price for a unit in Elwood dropped by 16.9 per cent in the March quarter, according to the Real Estate Institute of Victoria (REIV).

In nearby Prahran and Port Melbourne, falls of more than 18 per cent were recorded, and unit prices also dropped in St Kilda East (-15.5 per cent), Carnegie (-12.3 per cent), Southbank (-9.3 per cent) and South Yarra (-7.9 per cent).


How do you know that Bobby?
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I identify as Mail because all I do is SendIT!
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Bobby.
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Re: House price collapse already started !!
Reply #79 - Jul 1st, 2018 at 8:04am
 
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.
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Sir lastnail
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Re: House price collapse already started !!
Reply #80 - Jul 1st, 2018 at 11:55am
 
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


We would have seen them drop during the GFC. I know I saw  houses for sale and vacant blocks of land around where I used to live and no action for 6 months or more until stupid Kevin Dudd kicked the can down the road and gave banks gov guarantee of depositors money, triple first home buyers scam, letting all of the chinese to come here and buy up the joint and then the bubble started to inflate again. And each time prices started to head south the gov of the day would step in and kick the can down the road with some hare brained scheme !
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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freediver
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Re: House price collapse already started !!
Reply #81 - Jul 1st, 2018 at 1:13pm
 
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


What was the previous biggest drop from all suburbs and market sectors in the last 20 years?
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I identify as Mail because all I do is SendIT!
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Sir lastnail
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Re: House price collapse already started !!
Reply #82 - Jul 1st, 2018 at 7:03pm
 
Wonder what will happen to all of those brain-dead mind-numbing house renovation shows on TV ?

Hey look at me. I can use a power tool that's made in China Cheesy LOL
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Bobby.
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Re: House price collapse already started !!
Reply #83 - Jul 2nd, 2018 at 4:52pm
 
freediver wrote on Jul 1st, 2018 at 1:13pm:
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


What was the previous biggest drop from all suburbs and market sectors in the last 20 years?



I'm not sure.
I'm sorry I can't seen to find a graph of the last 20 years
up to say June 2018.
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freediver
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Re: House price collapse already started !!
Reply #84 - Jul 2nd, 2018 at 9:20pm
 
Bobby. wrote on Jul 2nd, 2018 at 4:52pm:
freediver wrote on Jul 1st, 2018 at 1:13pm:
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


What was the previous biggest drop from all suburbs and market sectors in the last 20 years?



I'm not sure.
I'm sorry I can't seen to find a graph of the last 20 years
up to say June 2018.


That would be a lot of lines to put on one graph. You'd need a few thousands graphs, at least.

In other words, you don't have a clue. You cannot even put what you read into context.
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I identify as Mail because all I do is SendIT!
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Bobby.
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Re: House price collapse already started !!
Reply #85 - Jul 2nd, 2018 at 9:23pm
 
freediver wrote on Jul 2nd, 2018 at 9:20pm:
Bobby. wrote on Jul 2nd, 2018 at 4:52pm:
freediver wrote on Jul 1st, 2018 at 1:13pm:
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


What was the previous biggest drop from all suburbs and market sectors in the last 20 years?



I'm not sure.
I'm sorry I can't seen to find a graph of the last 20 years
up to say June 2018.


That would be a lot of lines to put on one graph. You'd need a few thousands graphs, at least.

In other words, you don't have a clue. You cannot even put what you read into context.



You'll just have to reply on my local expert knowledge.

Actually - I am wrong.
The last major drop was in the year 2000.
That's 18 years ago.
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freediver
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Re: House price collapse already started !!
Reply #86 - Jul 2nd, 2018 at 9:26pm
 
Bobby. wrote on Jul 2nd, 2018 at 9:23pm:
freediver wrote on Jul 2nd, 2018 at 9:20pm:
Bobby. wrote on Jul 2nd, 2018 at 4:52pm:
freediver wrote on Jul 1st, 2018 at 1:13pm:
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


What was the previous biggest drop from all suburbs and market sectors in the last 20 years?



I'm not sure.
I'm sorry I can't seen to find a graph of the last 20 years
up to say June 2018.


That would be a lot of lines to put on one graph. You'd need a few thousands graphs, at least.

In other words, you don't have a clue. You cannot even put what you read into context.



You'll just have to reply on my local expert knowledge.

Actually - I am wrong.
The last major drop was in the year 2000.
That's 18 years ago.


So again you are using your own ignorance of the history of the housing market as evidence that you are correct?
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I identify as Mail because all I do is SendIT!
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Bobby.
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Re: House price collapse already started !!
Reply #87 - Jul 2nd, 2018 at 9:39pm
 
freediver wrote on Jul 2nd, 2018 at 9:26pm:
So again you are using your own ignorance of the history of the housing market as evidence that you are correct?



Where have you been FD for the last 18 years?
Certainly not in Melbourne.

I'll state again but modified -

we haven't seen drops like this for 18 years.
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Mattyfisk
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Re: House price collapse already started !!
Reply #88 - Jul 2nd, 2018 at 9:43pm
 
freediver wrote on Jul 2nd, 2018 at 9:20pm:
Bobby. wrote on Jul 2nd, 2018 at 4:52pm:
freediver wrote on Jul 1st, 2018 at 1:13pm:
Bobby. wrote on Jul 1st, 2018 at 8:04am:
freediver wrote on Jul 1st, 2018 at 7:22am:
How do you know that Bobby?



I've been following the Melbourne market for over 20 years.


What was the previous biggest drop from all suburbs and market sectors in the last 20 years?



I'm not sure.
I'm sorry I can't seen to find a graph of the last 20 years
up to say June 2018.


That would be a lot of lines to put on one graph. You'd need a few thousands graphs, at least.

In other words, you don't have a clue. You cannot even put what you read into context.


Where do you live, FD? I'm curious.

Do you own or rent? Rural or suburban? Where?
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Gordon
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Re: House price collapse already started !!
Reply #89 - Jul 2nd, 2018 at 9:44pm
 
Bobby. wrote on Jul 2nd, 2018 at 9:39pm:
freediver wrote on Jul 2nd, 2018 at 9:26pm:
So again you are using your own ignorance of the history of the housing market as evidence that you are correct?



Where have you been FD for the last 18 years?
Certainly not in Melbourne.

I'll state again but modified -

we haven't seen drops like this for 18 years.


The falls are on the basis of fairly low volumes. It's not carnage out there,  don't panick yet
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IBI
 
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