Real Estate "bubble" In Seq

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Carbonator

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I know this is a "hot topic", but I got to know the thoughts of you fine folks on this Real Estate "Bubble thing".

Usually, Stocks go down, Real Estate goes up, then vise-versa.
It don't seem to be the case at the moment, as we just had an enormous explosion of Real Estate prices in SEQ.

I have been on the hunt with someone that is "cashed-up" for a property in Brisbane for several weeks and all we can find is Reno Special "dumps" on the market for way too much.

My question is, Is the bubble going to burst (It seems all current sellers are living in Jan 2008 at the moment, not in 2009)?

What should we do? Buy on "impulse" now or wait till the Auction season starts and this will shove a big ice cube up the rectum of those "Reno-Kings" who will see that trying to sell a house to a "little old lady" is a lot harder than it was 6 months ago.

When does the selling market realise that we are now in the poo?

Thoughts!
 

br33zy

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I know this is a "hot topic", but I got to know the thoughts of you fine folks on this Real Estate "Bubble thing".

Usually, Stocks go down, Real Estate goes up, then vise-versa.
It don't seem to be the case at the moment, as we just had an enormous explosion of Real Estate prices in SEQ.

I have been on the hunt with someone that is "cashed-up" for a property in Brisbane for several weeks and all we can find is Reno Special "dumps" on the market for way too much.

My question is, Is the bubble going to burst (It seems all current sellers are living in Jan 2008 at the moment, not in 2009)?

What should we do? Buy on "impulse" now or wait till the Auction season starts and this will shove a big ice cube up the rectum of those "Reno-Kings" who will see that trying to sell a house to a "little old lady" is a lot harder than it was 6 months ago.

When does the selling market realise that we are now in the poo?

Thoughts!

I think this year is a good year to be cashed up and consolidated. Any unnecessary debt should be avoided. The downturn in Australia is only just beginning to take hold and its going to get really ugly this year.

Would I be buying an investment property at this stage? No - especially if I had to borrow to do so. Best wait until the bottom drops out a little farther and then pick up the bargains.
 

Josh

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Unfortunate for someone trying to sell a modestly priced house in Western Sydney.

The ex and I want to sell when the current tenants' lease is up, but not if it puts us in debt.
 

raven19

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The wife and I are also keen to buy our first home after years of renting, but we are down to one income at the moment - due to her being made redundant (company run by the US who downsize everything at the moment!).

I think if you have a steady reliable source of income and are not getting into debt too deep then these times are hopefully a good time to buy. It really depends on so many factors though...

If only we had access to a glass ball or time machine.....

2c.
 

Carbonator

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For those really interested in what has sold in the past and if the data is available, you can see what money properties have changed hands for in the past with this site;

http://www.onthehouse.com.au/buy/

When you find the street you want, zoom-in and you will eventually see house numbers, then hover over the property and the sale price history appears below the map.

It's really interesting because I know the house next door sold to an investor for $285K in 2005 and then in 2007 to another, the info shows $3K the second time!

Anyway, I think the bubble will bust, as buyers stop being speculative, like the oil price. Anyone considering buying should be very weary at the moment, because the "quality properties" are not really on the market. All we see to be able to find is places that have been renovated and have some outstanding work inside and lots of new paint outside, but when it comes time to craw under the floor, inside the roof or walk over the roof, it's all misery, like just before the "Reno King or Queen" selling it, bought it.

As for the crystal ball, I agree, but it's also a matter of timing!
 

browndog

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You mean real estate drops in price? I've never seen that, only a slowing of the ever increasing prices. Maybe once all the poor buggers struggling with a $350, 000 mortgage loose their jobs you might see a price drop. But if the reserve bank keeps dropping the interest rate people may be able to hang onto their houses and keep the market bouyant.


cheers

Browndog
 

Carbonator

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You mean real estate drops in price? I've never seen that,

I have when looking through the sale prices on that site I posted a link to above.

In the USA it has been happening for a few months, a lot more serious because of the sub-prime (no real-job people) lending.

I am sorry to say the agents are punishing "someone" I am trying to help. After looking all morning, this person gets tired and starts to whinge, telling me they will just jump off a cliff instead enduring the torture of me telling them to wait and see what happen a few months from now when the auctions get going.

There is no buyers for shit reno's anymore and those auction prices accepted by people desperate to sell will dictate the market I feel.

I need someone working in a Real Estate agency to provide some input here, and anonymously, tell us like it is!
 

sinkas

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Thnere should be a national "round up and pepper with rotten eggs a real estate agent day" here in Australia freaking douchebags they are
 

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