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Australian property crash |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Whale, your new mini-me is an absolute gem - but not as smart as you! ... and I don't think 3BM will be too pleased with that "compliment"! So, what number do YOU put on the cost of Labor's property policies? ... go on, have a crack, rustard won't, even though I've answered his "conservative" scenario - that was costing > $1.5s TRILLION! ... or will prices go up!!!
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Yep, that's wrong, based on any assumption! ... care to explain how you came to that, or would you like me to embarrass you again? So why have you changed your ridiculous argument "that is doesn't matter, because you are making a capital gain, no matter how much it has been compromised by these regressive policies"? ... did you meet someone who owns a residential property? BTW, why do you have such an unnatural obsession with "Bushy" - you talk about him ALL the time!!! ... is it jealousy, same reason you stalk me? ... because he is a successful multimillionaire, and you are a failure?
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Why would you NOT buy off the plan macca? That place was already completed and had been given the stamp of approval for occupancy, and it's insured anyway. Plenty of work for the lawyers coming up! ... owners could do well if they can get their purchase prices back - particularly if Labor gets in, and the market is destroyed by their proposed changes to NG and CGT ... there WILL be bargains!!! Just need to know what you are doing, or have the best advice ...
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Isaac soloman
Champion Joined: 13 Oct 2015 Status: Offline Points: 6085 |
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The title of this thread is looking ominous.
Is it price crash or building crash
Sydney evacuation: 'She’ll be right' building culture a worry, say expertsSafety fears at the newly-build Opal Tower at Sydney Olympic Park have prompted a builders’ group to air their concerns that regulation and compliance are not strong enough in Australia's building industry. The Builders Collective of Australia told SBS News it was worried regulation and compliance are not strong enough in the nation's building industry, after concerns were raised over the high-rise apartments, when residents say they saw and heard cracking in the 38-storey complex.Residents of 51 units in the Sydney Olympic Park building remain barred from returning to their homes while engineering assessments are carried out. Authorities originally feared the 38-storey building was at risk of collapse. The Builders Collective of Australia's national president Phillip Dwyer said the exact nature of the problem was still being worked out. "We haven't got anything specific at this stage. There's a lot of scuttlebutt at the moment and we are just not quite sure of what the exact problem is but most definitely there are footing issues and so on," he said."The actual regulation and compliance of the industry is nowhere near strong enough and that is the core issue of why we exist and why we are concerned. It is too early to say what the issues are with the Sydney high-rise but most certainly we are not terribly surprised that something like this could happen." Mr Dwyer said a 'she'll be right' culture of regulation in the building industry was a major concern. “There are buildings that have been compromised and there are any amount of builders and maybe even sub-trades and so on that really don't have the expertise to be doing what they are doing within our industry,” he said. NSW Treasurer Dominic Perrottet commended emergency services' handling of the Olympic Park high-rise evacuation.“The relevant authorities have ensured that all residents are safe. I understand that a number of residents have returned to the building and that is the biggest concern for the government and we'll work through those issues,” he said. “The planning department has stated that they will conduct an investigation into the issues around that building.” NSW Planning and Housing Minister Anthony Roberts confirmed an investigation was underway. "I have ordered my department to comprehensively investigate and report to me all steps taken to ensure this building's structural integrity," Mr Roberts said. However, Australian developer Ecove, which spent $165 million on the tower according to the ABC, defended the high rise's builder Icon. "We’re waiting on further information from the engineers, but we understand the issue is with a concrete panel. Importantly, the authorities have deemed it safe for people to re-enter and they have isolated the issue to a small number of apartments," Ecove's director Bassam Aflak said. "It’s a high-quality building. Ecove has delivered a project that is well above the industry standard. Until now it’s a project that’s gained attention because of its quality." Fire & Rescue NSW Superintendent Adam Dewberry said he didn't expect the other 51 units to be declared safe any time soon. "It's not as if it's going to be tomorrow or the next day because there needs to be an element of work done, now it's just how quickly that work can be done by the engineers to get in and get a really good thorough assessment," Supt Dewberry told AAP on Tuesday. He said authorities weren't yet aware of how many people were affected. "The actual number we're not sure of, because of the time of year, because of the evacuation and people have sorted out their own accommodation and got themselves moved on." Residents of the 51 units that are considered unsafe were escorted back to their homes to gather essential belongings on Tuesday. |
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Isaac soloman
Champion Joined: 13 Oct 2015 Status: Offline Points: 6085 |
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maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
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Many developers go under & I expect the early bird doesn't get the worm. |
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Isaac soloman
Champion Joined: 13 Oct 2015 Status: Offline Points: 6085 |
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wasnt there someone on here suggesting australia was becoming a third world country?
not far of now https://www.theguardian.com/australia-news/2018/dec/27/sydney-opal-tower-crack-highlights-industrys-shell-be-right-attitude-experts-say
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maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
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When you see the Pollies with the morals of a mouse & add Hanson Young , Lambie etc to that , . we have to go under , eventually. |
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Isaac soloman
Champion Joined: 13 Oct 2015 Status: Offline Points: 6085 |
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ironically it could ease the migrant question; who would want to come here
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Redemption
Champion Joined: 09 Apr 2017 Location: Melbourne Status: Offline Points: 5387 |
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2 houses about 3 streets away from me, were expected to sell for around 1.1mil.
They were both passed in, and both sold for $890,000 one week later. People that bought into the trendy 1 million mark, are not only on the verge of losing 200,000 to 400,000 on their investment, they ARE already. Its not if, its not when, its NOW. Australia is ever so slowly sliding to one of the most epic housing bubble bursts in history. People here had this totally delusional idea that property only goes up in value. |
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Redemption
Champion Joined: 09 Apr 2017 Location: Melbourne Status: Offline Points: 5387 |
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Ive been saying it for several years. Our employment figures are fudged Most jobs are part-time,or casual, and most are taken by Indians etc, doing Uni courses. Australia is a bunch of accountants. Producing nothing, but thin air, and crumbling buildings Dan Andrews recently took bribe hush money from Victorian Fire Authorities, due to all the illegal apartment cladding, which is highly flammable We dont even have a maglev train. Our internet is rubbish. Heck, Melbourne cant even build a Disneyworld style monorail to the airport. Something that could have been done 40 years ago. And here is the sad part, the aforementioned statements are the good points. |
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ExceedAndExcel
Champion Joined: 20 Dec 2008 Status: Offline Points: 16243 |
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Can you give us some addresses of these places where people bought for $1m and sold for a $400k loss? Should be easy if it’s happening now. How about the addresses of these two houses that sold for $890k? |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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That's why I wouldn't get advice from you on the subject, if I were you!
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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[
Why would you NOT buy off the plan macca? That place was already completed and had been given the stamp of approval for occupancy, and it's insured anyway. Plenty of work for the lawyers coming up! ... owners could do well if they can get their purchase prices back - particularly if Labor gets in, and the market is destroyed by their proposed changes to NG and CGT ... there WILL be bargains!!! Just need to know what you are doing, or have the best advice ... [/QUOTE] > too many ways to do your money Doc. ( I've no experience of that , just word of mouth ) Many developers go under & I expect the early bird doesn't get the worm.[/QUOTE] That's why I wouldn't get advice from you on the subject, if I were you! [/QUOTE]
Oh my the man love in is over What happened Doc, did he disinherit you
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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A Bill Shorten government, with his NG and CGT changes that "will make houses more affordable" but "won't have much impact on property prices", will cost them another couple of hundred thousand ... they might be better off renting ... oh, of course, I almost forgot - investors will jack rents through the roof under Labor ...
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Many developers go under & I expect the early bird doesn't get the worm.[/QUOTE] That's why I wouldn't get advice from you on the subject, if I were you! [/QUOTE]
Oh my the man love in is over What happened Doc, did he disinherit you [/QUOTE]
It's ok Whale, he's just like all of us - he doesn't know what he doesn't know.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Wonder who "expected" them to sell for $1.1 million? Houses are like racehorses - nothing enhances their value like ownership! Seems like they are just reflecting the normal correction - Labor policies, however, WILL fcuk everyone's property values ... worse to come in the "Recession we had to have" under Bill ... What were the addresses R? (it's public record what they sold for).
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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ExceedAndExcel
Champion Joined: 20 Dec 2008 Status: Offline Points: 16243 |
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What you will find is that this story from Redemption is likely a load of rubbish. We won’t be given any addresses because they almost certainly don’t exist. |
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37145 |
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I also have a real example of how the market is performing here in Sydney. I have a friend who is involved in a messy inheritance affair with his siblings. They put the family home up for auction on the lower north shore 16 mths ago. They had a reserve of $1.7 million - & it was passed in at $1.65 million. It has been on & off the market ever since with at least 4 Real Estate agents. A few weeks ago it was auctioned again & was passed in. The reserve was $1.3 million. It is now under negotiation.
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JudgeHolden
Champion Joined: 16 Apr 2011 Status: Offline Points: 11728 |
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How many siblings would that extra 50G been spread amongst? Hard to feel too sorry for them.
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37145 |
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JudgeHolden
Champion Joined: 16 Apr 2011 Status: Offline Points: 11728 |
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A bizarre mentality seemed to creep into the real estate market after around 2000 (aided and abetted by those in the industry who actually spuiked such things), that you could never really lose. Well, no.
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31416 |
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The only thing I can infer from that information, in the absence of any offers, is that they set the reserve too high.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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It's not so far-fetched EE - people are all much the same when it comes to "their own" property value - there probably was a $1 million sale nearby at the peak of the market - which of course makes your property worth 10% more "because it's clearly much better", so it was probably never worth more than $1 million, and it has realized a sale price about 10% below the true peek as we are in a normal period of correction. |
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37145 |
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Refer ALP Election Promises
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ExceedAndExcel
Champion Joined: 20 Dec 2008 Status: Offline Points: 16243 |
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Agree it’s not far-fetched that someone might expect $1m but only get $890k. I’m more talking about the other part of the post claiming people have bought for $1m and then sold for a $400k loss. We will not be provided with any addresses where this happened because it is another of the regular made-up stories from Brooke. |
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31416 |
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Oops- missed that bit. Well their greed got the better of them- tough titty.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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I suspect that their original reserve was too high, they got a sucker up to what was, in fact, a ridiculous bid, as oneone mentioned, when the market was at its peak, and they were just too greedy ... and still counting their losses! It's hard enough when you are an individual or a couple on the same wavelength trying to sell, but when you have 3 different entities, you only need one who is too greedy and gullible to create problems - they would have shopped for real estate agents, and been forced to agree on the one that told them what they wanted to hear - that the place was worth more than any of the other agents said it was! ... and when it didn't reach that reserve ... well the rest is history.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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I don't know anyone anywhere who really thinks they need Bill to destroy the value of their property in any market ... and if there is someone, they can be rusty's BFF - Lord knows he needs one!
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31416 |
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You should never expect to sell at the top of the market on any investment. “Buy on the sound of cannons, sell on the sound of trumpets”. "Buy when there's blood in the streets, even if the blood is your own."
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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