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Australian property crash

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Dr E View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 26 Dec 2018 at 4:21pm
Originally posted by Whale Whale wrote:

Originally posted by acacia alba acacia alba wrote:

You are so smart Rusty. Thumbs Up We all enjoy all your posts that go out of their way to make everyone else here look like idiots , and you look like some clever dick. Clap
Why do you lower yourself to come here and bother with us ?Confused
Oh yes.  Thats right. So you can put us all down and make yourself look smart.  LOL
Go join Mensa FF$ and see how you fare.  Thumbs Down
You crack me up  !LOL


Well no actually, just Doc who he makes look foolish Embarrassed  Taken over from 3BM who got bored with doing the same, was no challenge for him LOL

And by the way Doc is the one who calls everyone idiots, low Iq and countless other insults, not Rusty.

Take off those rose coloured glasses

Whale, your new mini-me is an absolute gem - but not as smart as you!LOL

... and I don't think 3BM will be too pleased with that "compliment"!LOL

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!Embarrassed ... or will prices go up!!!Clown
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 26 Dec 2018 at 4:41pm
Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Hey aa, have you noticed that whilst the Mensa wannabe argues with everything I have to say - but never actually argues the points that I make or the maths or comes up with any alternative outcomes or costs of the labor policies - he NEVER disputes ANYTHING that a self-confessed liar like CNNPT has to say on a range of subjects ... it's like he is auditioning to be Whale's very own mini-me! Wink

The problem is, that I think he has actually convinced himself that his irrational babbling means something that is remotely relevant when it is just blithering nonsense ...WackoLOL

Hey big guy, don’t get so down on yourself, I totally agree with your estimate that property values will still double over a 10 year period, under ALP policies.
An increase in values nationwide of $7 TRILLION !!!

Tell you what Doc, as soon as PT starts to quote musings from nobodies like your mate “Bushy” and promotes them as credible, then I’ll hook him to him as well.....


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?Embarrassed

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?Clap

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?Ouch
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 26 Dec 2018 at 4:49pm
Originally posted by maccamax maccamax wrote:

Originally posted by Isaac soloman Isaac soloman wrote:

rust what is going to the happen to the high rise apartment living now that one in Sydney is near collapse?

will be able to buy dirt cheap.

problem will be, who will live in it, let alone rent itLOL



The skilled ( imported ) workers would fit in there somewhere.

     Has been said recent that tradie's would soon join those other thieves
( Lawyers , Doctors etc )   as unaffordable.

     NEVER BUY OFF THE PLAN, AYE

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 ...
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Isaac soloman Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 12:29pm
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 experts

Safety 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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Isaac soloman Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 12:33pm
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Post Options Post Options   Thanks (0) Thanks(0)   Quote maccamax Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 12:35pm
Originally posted by Dr E Dr E wrote:

Originally posted by maccamax maccamax wrote:

Originally posted by Isaac soloman Isaac soloman wrote:

rust what is going to the happen to the high rise apartment living now that one in Sydney is near collapse?

will be able to buy dirt cheap.

problem will be, who will live in it, let alone rent itLOL



The skilled ( imported ) workers would fit in there somewhere.

     Has been said recent that tradie's would soon join those other thieves
( Lawyers , Doctors etc )   as unaffordable.

     NEVER BUY OFF THE PLAN, AYE

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 ...

     > 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.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Isaac soloman Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 12:36pm
wasnt there someone on here suggesting australia was becoming a third world country?

not far of nowLOL

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote maccamax Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 12:39pm
Originally posted by Isaac soloman Isaac soloman wrote:

wasnt there someone on here suggesting australia was becoming a third world country?

not far of nowLOL

https://www.theguardian.com/australia-news/2018/dec/27/sydney-opal-tower-crack-highlights-industrys-shell-be-right-attitude-experts-say


          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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Isaac soloman Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 12:42pm
ironically it could ease the migrant question; who would want to come hereLOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Redemption Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 4:04pm
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Redemption Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 4:14pm
Originally posted by Isaac soloman Isaac soloman wrote:

wasnt there someone on here suggesting australia was becoming a third world country?

not far of nowLOL



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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Post Options Post Options   Thanks (0) Thanks(0)   Quote ExceedAndExcel Quote  Post ReplyReply Direct Link To This Post Posted: 27 Dec 2018 at 4:21pm
Originally posted by Redemption Redemption wrote:

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.





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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 4:39pm
Originally posted by maccamax maccamax wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by maccamax maccamax wrote:

Originally posted by Isaac soloman Isaac soloman wrote:

rust what is going to the happen to the high rise apartment living now that one in Sydney is near collapse?

will be able to buy dirt cheap.

problem will be, who will live in it, let alone rent itLOL



The skilled ( imported ) workers would fit in there somewhere.

     Has been said recent that tradie's would soon join those other thieves
( Lawyers , Doctors etc )   as unaffordable.

     NEVER BUY OFF THE PLAN, AYE

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 ...

     > 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.

That's why I wouldn't get advice from you on the subject, if I were you!
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Whale Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 4:45pm
[
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 Shocked

What happened Doc, did he disinherit you LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 4:45pm
Originally posted by Redemption Redemption wrote:

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.


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"Confused, 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 ... Cry
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 4:47pm
Originally posted by Whale Whale wrote:

[
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 ...

     > 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 Shocked

What happened Doc, did he disinherit you LOL
[/QUOTE]

It's ok Whale, he's just like all of us - he doesn't know what he doesn't know.Big smile
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 4:52pm
Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Redemption Redemption wrote:

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.





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?

Wonder who "expected" them to sell for $1.1 million? 

Houses are like racehorses - nothing enhances their value like ownership! LOL

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).
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote ExceedAndExcel Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 4:54pm
Originally posted by Dr E Dr E wrote:

Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Redemption Redemption wrote:

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.





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?

Wonder who "expected" them to sell for $1.1 million? 

Houses are like racehorses - nothing enhances their value like ownership! LOL

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).




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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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.
Refer ALP Election Promises
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JudgeHolden Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 5:11pm
How many siblings would that extra 50G been spread amongst? Hard to feel too sorry for them.
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Originally posted by JudgeHolden JudgeHolden wrote:

How many siblings would that extra 50G been spread amongst? Hard to feel too sorry for them.
Total of 3 - & I agree Judge they were dopes. I told the one I know just that. The market had peaked a month or 2 earlier & was already on the slide. I asked him why  he thought the price would go up & not down further ? Anyhow - not a happy camper now.
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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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 5:40pm
Originally posted by oneonesit oneonesit wrote:

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.


The only thing I can infer from that information, in the absence of any offers, is that they set the reserve too high.
An honest politician is one who when he is bought will stay bought.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 5:49pm
Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Redemption Redemption wrote:

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.

 

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?

Wonder who "expected" them to sell for $1.1 million? 

Houses are like racehorses - nothing enhances their value like ownership! LOL

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).




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.

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.

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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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 5:52pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

Originally posted by oneonesit oneonesit wrote:

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.


The only thing I can infer from that information, in the absence of any offers, is that they set the reserve too high.
Well what you should be inferring tlaz is that in 16 months the property they are trying to sell went from 1.65 million (actually offered) down to 1.2 to 1.3 million. Not sure we need any more legislated dampening of the market from Mr Shorten here in Sydney
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ExceedAndExcel Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 5:55pm
Originally posted by Dr E Dr E wrote:

Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by ExceedAndExcel ExceedAndExcel wrote:

Originally posted by Redemption Redemption wrote:

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.

 

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?

Wonder who "expected" them to sell for $1.1 million? 

Houses are like racehorses - nothing enhances their value like ownership! LOL

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).




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.

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.


.




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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 5:58pm
Originally posted by oneonesit oneonesit wrote:

Originally posted by Tlazolteotl Tlazolteotl wrote:

Originally posted by oneonesit oneonesit wrote:

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.


The only thing I can infer from that information, in the absence of any offers, is that they set the reserve too high.
Well what you should be inferring tlaz is that in 16 months the property they are trying to sell went from 1.65 million (actually offered) down to 1.2 to 1.3 million. Not sure we need any more legislated dampening of the market from Mr Shorten here in Sydney

Oops- missed that bit. Well their greed got the better of them- tough titty.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 6:01pm
Originally posted by Tlazolteotl Tlazolteotl wrote:

Originally posted by oneonesit oneonesit wrote:

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.


The only thing I can infer from that information, in the absence of any offers, is that they set the reserve too high.

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.
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 6:06pm
Originally posted by oneonesit oneonesit wrote:

Originally posted by Tlazolteotl Tlazolteotl wrote:

Originally posted by oneonesit oneonesit wrote:

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.


The only thing I can infer from that information, in the absence of any offers, is that they set the reserve too high.
Well what you should be inferring tlaz is that in 16 months the property they are trying to sell went from 1.65 million (actually offered) down to 1.2 to 1.3 million. Not sure we need any more legislated dampening of the market from Mr Shorten here in Sydney

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!LOL
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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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 28 Dec 2018 at 6:08pm
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."
An honest politician is one who when he is bought will stay bought.

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