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Australian House Prices, Most Overvalued In World. (Read 24727 times)
Ex Dame Pansi
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Re: Australian House Prices, Most Overvalued In World.
Reply #60 - Apr 27th, 2011 at 7:39pm
 
nails....and lisa, you guys might be interested in this:

Housing debate in June


Anyway, last week we mentioned we’d been invited to appear at a housing debate in June.  According to the organiser of the event, there will be six people on the panel.  On the housing-bubble side will be Professor Steve Keen from the University of Western Sydney, David Collyer from Prosper – the group organising the buyers’ strike – and your editor.
(editor of money morning)

On the no-housing-bubble side will be AMP economist Dr. Shane Oliver, Mr. Harley Dale from the Housing Industry Association, and Mr. Christopher Joye from property index firm Rismark.

We’ve been told the date to pencil in is 7 June

moneymorning.com

I'll let you know where and when the debate is closer to the date.
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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longweekend58
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Re: Australian House Prices, Most Overvalued In World.
Reply #61 - Apr 27th, 2011 at 7:52pm
 
Ex Dame Pansi wrote on Apr 27th, 2011 at 7:39pm:
nails....and lisa, you guys might be interested in this:

Housing debate in June


Anyway, last week we mentioned we’d been invited to appear at a housing debate in June.  According to the organiser of the event, there will be six people on the panel.  On the housing-bubble side will be Professor Steve Keen from the University of Western Sydney, David Collyer from Prosper – the group organising the buyers’ strike – and your editor.
(editor of money morning)

On the no-housing-bubble side will be AMP economist Dr. Shane Oliver, Mr. Harley Dale from the Housing Industry Association, and Mr. Christopher Joye from property index firm Rismark.

We’ve been told the date to pencil in is 7 June

moneymorning.com

I'll let you know where and when the debate is closer to the date.


whenever there is anting about a property bubble there is Steve Keen and almost nobody else. and nobody asks about Keen's persnal experiences which is why he treats the issue like a religious mania.
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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."
 
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Ex Dame Pansi
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Re: Australian House Prices, Most Overvalued In World.
Reply #62 - Apr 27th, 2011 at 8:23pm
 
They're building commercial properties....apparently. They mustn't like the used commercial premises that are empty because the businesses have gone broke. Does anyone know what happened to Qld's first resources boom? they keep referring to the second resources boom  Huh

................................................................

QUEENSLAND'S housing sector is so bad, it's comparable to the post-GST crash of 2000, according to Deloitte Access Economics' latest Business Outlook for the March quarter.

It says apart from concern over interest rate rises and the withdrawal of major stimulus packages, part of the reason for the construction decline in Queensland is because of difficulties accessing finance.

"It is harder to get a loan in the Sunshine State than elsewhere in Australia, and that difficulty in finding finance is weighing on both housing construction, especially of apartments, and perhaps most notably on the Gold Coast and commercial construction in Queensland," the report states.

It sees light at the end of the tunnel for builders in the form of commercial contracts, which had been falling sharply since 2008.

Private commercial construction is expected to grow 3.7 per cent in 2010-11, while private housing investment is expected to see a 4.1 per cent decline in Queensland.

Released today, the report says "an uptick of late suggests there is life in non-residential building activity ahead".

That "uptick" of commercial work already under way includes about $4 billion in several major projects around the Gold Coast, Brisbane, Cairns, Mount Isa, and Mackay. That includes the $1.8 billion, 750-bed Gold Coast University Hospital due to be completed in 595 days. That project is so big, it has 10 cranes on site, covers almost 20ha and needs about 6.5 million construction worker hours to complete.

More than $3 billion worth of commercial contracts are also in the immediate pipeline for Queensland, including work in Ipswich, the Sunshine Coast, and the Gold Coast.

While engineering starts are below the peak seen in 2008, significant work is under way in transport and resource-based projects, with more to come in coal gas seam development.

Keith and Polly Birchall are among the fortunate small family companies that have managed to remain flexible in the face of dwindling pickings in construction in Queensland, keeping their 10 employees and a host of sub-contractors in work.

Their Kingaroy-based construction company, K&P Homes, has firmly shifted towards commercial contracts, which now make up about 75 per cent of its workload.

"The residential market is absolutely dead," said Polly Birchall.

"We tendered for small commercial work and we fortunately won a couple of the tenders, most of which were state or federally funded, and that will help us get through this year."

For the Birchalls, the future lies in small commercial contracts linked to Queensland's second resource boom.

http://www.couriermail.com.au/business/housing-slump-gets-deeper/story-e6freqmx-1226045207121
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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Sir lastnail
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Re: Australian House Prices, Most Overvalued In World.
Reply #63 - Apr 28th, 2011 at 12:02am
 
longweekend58 wrote on Apr 27th, 2011 at 7:52pm:
Ex Dame Pansi wrote on Apr 27th, 2011 at 7:39pm:
nails....and lisa, you guys might be interested in this:

Housing debate in June


Anyway, last week we mentioned we’d been invited to appear at a housing debate in June.  According to the organiser of the event, there will be six people on the panel.  On the housing-bubble side will be Professor Steve Keen from the University of Western Sydney, David Collyer from Prosper – the group organising the buyers’ strike – and your editor.
(editor of money morning)

On the no-housing-bubble side will be AMP economist Dr. Shane Oliver, Mr. Harley Dale from the Housing Industry Association, and Mr. Christopher Joye from property index firm Rismark.

We’ve been told the date to pencil in is 7 June

moneymorning.com

I'll let you know where and when the debate is closer to the date.


whenever there is anting about a property bubble there is Steve Keen and almost nobody else. and nobody asks about Keen's persnal experiences which is why he treats the issue like a religious mania.


jees property is really selling well at the moment Smiley LOL

record median house prices but no buyers Cheesy LOL
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"Moderna has transformed from a science research-stage company advancing programs in the promising-but-still-
unproven
field of messenger RNA (mRNA)"
 
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Sir lastnail
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Re: Australian House Prices, Most Overvalued In World.
Reply #64 - Apr 28th, 2011 at 12:04am
 
Ex Dame Pansi wrote on Apr 27th, 2011 at 7:39pm:
nails....and lisa, you guys might be interested in this:

Housing debate in June


Anyway, last week we mentioned we’d been invited to appear at a housing debate in June.  According to the organiser of the event, there will be six people on the panel.  On the housing-bubble side will be Professor Steve Keen from the University of Western Sydney, David Collyer from Prosper – the group organising the buyers’ strike – and your editor.
(editor of money morning)

On the no-housing-bubble side will be AMP economist Dr. Shane Oliver, Mr. Harley Dale from the Housing Industry Association, and Mr. Christopher Joye from property index firm Rismark.

We’ve been told the date to pencil in is 7 June

moneymorning.com

I'll let you know where and when the debate is closer to the date.


asking a HIA dude is like asking dracula for advice on donating blood Smiley LOL

hopefully by june the bear market will have gathered momentum Wink LOL
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"Moderna has transformed from a science research-stage company advancing programs in the promising-but-still-
unproven
field of messenger RNA (mRNA)"
 
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Bobby.
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Re: Australian House Prices, Most Overvalued In World.
Reply #65 - Apr 28th, 2011 at 12:11am
 
Hi Nail,
The fact is that the prices are still too high.
People live on housing estates out of the city
& spend $100 a week on petrol to commute
in order to have a place to live at a resonable price.

The median price in the top 60 suburbs is over $1 million in Melbourne
& that could be for a borer infested old dump.  Embarrassed
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Sir lastnail
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Re: Australian House Prices, Most Overvalued In World.
Reply #66 - Apr 28th, 2011 at 12:15am
 
Bobby. wrote on Apr 28th, 2011 at 12:11am:
Hi Nail,
The fact is that the prices are still too high.
People live on housing estates out of the city
& spend $100 a week on petrol to commute
in order to have a place to live at a resonable price.

The median price in the top 60 suburbs is over $1 million in Melbourne
& that could be for a borer infested old dump.  Embarrassed


yes a corrupt negative gearing system that supports recycling old dumps made in the 1920's whilst inflating the bubble Sad
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"Moderna has transformed from a science research-stage company advancing programs in the promising-but-still-
unproven
field of messenger RNA (mRNA)"
 
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longweekend58
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Re: Australian House Prices, Most Overvalued In World.
Reply #67 - Apr 28th, 2011 at 8:30am
 
the only people NOT buying are you two twits. you lack the ballas and the money to own a home. no surprise there.
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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."
 
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Bobby.
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Re: Australian House Prices, Most Overvalued In World.
Reply #68 - Apr 28th, 2011 at 8:32am
 
longweekend58 wrote on Apr 28th, 2011 at 8:30am:
the only people NOT buying are you two twits. you lack the ballas and the money to own a home. no surprise there.



Twit - I've owned my own home for years.
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longweekend58
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Re: Australian House Prices, Most Overvalued In World.
Reply #69 - Apr 28th, 2011 at 8:36am
 
Bobby. wrote on Apr 28th, 2011 at 8:32am:
longweekend58 wrote on Apr 28th, 2011 at 8:30am:
the only people NOT buying are you two twits. you lack the ballas and the money to own a home. no surprise there.



Twit - I've owned my own home for years.


like you say you had 6 yrs of uni and that you personally know toenail and IM FULLOFIT and they both have luxury cars etc etc etc. no one believes a WORD you say. you still live in a basement with your mum sleeping with your stuffed animals.
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AUSSIE: "Speaking for myself, I could not care less about 298 human beings having their life snuffed out in a nano-second, or what impact that loss has on Members of their family, their parents..."
 
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Sir lastnail
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Re: Australian House Prices, Most Overvalued In World.
Reply #70 - Apr 28th, 2011 at 11:25am
 
longweekend58 wrote on Apr 28th, 2011 at 8:36am:
Bobby. wrote on Apr 28th, 2011 at 8:32am:
longweekend58 wrote on Apr 28th, 2011 at 8:30am:
the only people NOT buying are you two twits. you lack the ballas and the money to own a home. no surprise there.



Twit - I've owned my own home for years.


like you say you had 6 yrs of uni and that you personally know toenail and IM FULLOFIT and they both have luxury cars etc etc etc. no one believes a WORD you say. you still live in a basement with your mum sleeping with your stuffed animals.


and no one believes anything you say except for the fact that you are on new start and are having a tough time finding customers for your new hair dressing salon Smiley LOL
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"Moderna has transformed from a science research-stage company advancing programs in the promising-but-still-
unproven
field of messenger RNA (mRNA)"
 
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Ex Dame Pansi
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Re: Australian House Prices, Most Overvalued In World.
Reply #71 - Apr 28th, 2011 at 12:31pm
 
Sir lastnail wrote on Apr 28th, 2011 at 11:25am:
longweekend58 wrote on Apr 28th, 2011 at 8:36am:
Bobby. wrote on Apr 28th, 2011 at 8:32am:
longweekend58 wrote on Apr 28th, 2011 at 8:30am:
the only people NOT buying are you two twits. you lack the ballas and the money to own a home. no surprise there.



Twit - I've owned my own home for years.


like you say you had 6 yrs of uni and that you personally know toenail and IM FULLOFIT and they both have luxury cars etc etc etc. no one believes a WORD you say. you still live in a basement with your mum sleeping with your stuffed animals.


and no one believes anything you say except for the fact that you are on new start and are having a tough time finding customers for your new hair dressing salon Smiley LOL



And while he/she is accusing others it keeps the heat off him/her. Good diversion tactic....very over-used though, the government still use it all the time.
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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Bobby.
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Re: Australian House Prices, Most Overvalued In World.
Reply #72 - Apr 28th, 2011 at 1:00pm
 
longweekend58 wrote on Apr 28th, 2011 at 8:36am:
Bobby. wrote on Apr 28th, 2011 at 8:32am:
longweekend58 wrote on Apr 28th, 2011 at 8:30am:
the only people NOT buying are you two twits. you lack the ballas and the money to own a home. no surprise there.



Twit - I've owned my own home for years.


like you say you had 6 yrs of uni and that you personally know toenail and IM FULLOFIT and they both have luxury cars etc etc etc. no one believes a WORD you say. you still live in a basement with your mum sleeping with your stuffed animals.



I don't have a luxury car - never said that I did -
Nail has a luxury car - not me.
I have 6 years of tertiary education.
I left home when I was only 19 & live in my own home
which I bought outright many years ago -

as for you - you're a Walter Mitty loser full of delusions of grandeur.
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Ex Dame Pansi
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Re: Australian House Prices, Most Overvalued In World.
Reply #73 - Apr 28th, 2011 at 1:31pm
 
<<you lack the ballas and the money to own a home>>
........................................................................

That's the weirdest real estate spiel I've ever heard. So only ballsy people buy at the peak then lose.....mmmm I suppose, brainsy people wouldn't.
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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Ex Dame Pansi
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Re: Australian House Prices, Most Overvalued In World.
Reply #74 - Apr 29th, 2011 at 5:07pm
 
Home prices see biggest quarterly slump in 12 years


CAPITAL city home prices have posted their biggest quarterly fall in at least 12 years, as more stock in the housing market allows prospective buyers to wait for bargains, a survey shows.

Capital city dwelling values fell by a seasonally adjusted 2.1 per cent in the first quarter of the year, according to the latest RP Data-Rismark Home Value Index.

The quarterly change was the steepest since the index series began in June 1999, RP Data research director Tim Lawless said.

Prices were flat in the month of March and down 0.6 per cent over the past 12 months, with the national city dwelling value median price at $455,000.

The numbers were being dragged down by a recent rapid build up of housing stock into the market, he said.

"The amount of properties being advertised for sale is about 30 per cent higher than what it was last year," Mr Lawless told AAP.

With more dwellings available for sale, prospective buyers are negotiating for lower prices much more than they used to, he said.

"The simple fact that there's so much stock to choose from for prospective buyers is resulting in more negotiation in the markets (and) buyers are having to sell at lower than what their expectations were.

Seller were now selling properties about 6.5 per cent lower than the original asking price on average, compared with about 5.2 per cent the same time last year.

Recent extreme weather events, including the flooding in Queensland, may also be impacting on the lower numbers, Mr Lawless
said.

"Also, you have the fact that interest rate speculation seems to be building, that they're going to be going up sooner rather than later, particularly with the CPI figures out just recently."

The survey found that while residential properties may not have seen any capital growth over the past 12 months, many are seeing robust increases in rental yields.

"In contrast to the fall in home values, gross rental yields have been improving with apartments and houses now delivering a gross return of 4.9 per cent and 4.2 per cent respectively in March 2011," Mr Lawless said.

The capital city average for property values were being pulled down considerably by the two weakest performers of Brisbane and Perth, down 4.6 per cent and 3.4 per cent respectively in the quarter to March, he said.

http://www.news.com.au/money/property/home-prices-see-biggest-quarterly-slump-in-12-years/story-e6frfmd0-1226046929370

some reader comments

"There are over 700 properties listed for sale just in my Brisbane suburb. So much for a housing shortage. "
............................................

"Panicked investors. Too much stock. Not enough suckers willing to pay ridiculous prices. Majority of buyers wised up to the scam. What's that I hear, a toilet flushing?"
........................................................

"Don't blame the mining/oil sectors; it's the greedy people who speculate that houses will keep rising in price that helps push up prices. How do you really expect people to pay upto 8-10 their salary for a house? The sooner the bubble bursts here in Oz the better. Remove the first home owners "grants" it's just my tax dollars. And parents, please stop "helping" your kids into propoerty, it's just adding fuel to the fire with increased house prices. i feel better now!!"
................................................................................


"But surely all these homes are being snapped up because of the housing shortage that the Real Estate Industry keeps spouting on about."
................................................................................
...

This is the beginning of the great real estate BUST  Grin Grin Grin Grin Grin Grin
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"When the power of love overcomes the love of power, the world will know peace." Hendrix
andrei said: Great isn't it? Seeing boatloads of what is nothing more than human garbage turn up.....
 
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