They have cut WA loose Skamy and are focussing the daily spruik on the Eastern markets.
That should tell you something.
As someone likes to say around these parts, its supply and demand.
Supply is up. in fact, given the amount coming on line we are rapidly hitting oversupply.
Demand is down: wages falling, labour market tightening, migration in down, migration out up, vacancy rate skyrocketing, listings increasing.
When supply increases and demand falls, prices_______
Ill leave that blank for you to fill in the missing word.
Who told you all those lies Veritas?
population is still growing,jobs are growing wages are growing, in fact most of what you said there has no basis in fact. Show me the data for wages falling, real unemployment did not change last months and job creation was up. Heck WA has the lowest unemployment of any state.
The bears are clutching at straws now claiming a solid wages growth figure in the midst of all the big FIFO wages losses is a causes for tears.
Land supply is down, prices are up
Go check it out your statements are wrong mine are correct.
I always come out tops in my debates with the Perth alarmists why because I am sensible and can recognise a good strong economy when I see one. The crash spruikers are out in force for sure but they are really clutching straws at the moment. Not one piece of WA data is going their way.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
I liked the way you quoted yourself and replied that you know a few secrets that only the real serious people are likely to know about. Be sure to reveal these secrets in the future as they unfold and give yourself a pat on the back for it.
Can I join the serious secret squirrel club??
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
Transport Minister Dean Nalder said this month that low GST receipts and falling iron ore revenues meant the State may not remove a 1.5 per cent carbon tax component from public transport fares that is funnelling about $300,000 a month into Government coffers.
Mr Hunt telephoned his WA counterpart Albert Jacob yesterday after State Parliament was told the Water Corporation would collect an estimated $1 million a month in carbon tax payments until at least November, despite the tax being repealed on July 17.
Of course they can't spruik upwards forever because they might lose their "credibility".
So they talk about potential downside risks to cover their arses.
Meanwhile, I am off to McDonalds to eat one of their free range healthy burgers.
Its not just that.
Its in REIWA's interests that vendors understand that things have changed and adjust their price expectations down accordingly.
The "I'm not selling for less than its worth brigade" are a massive pain in the arse for RE agents who want to get the sale through and move on to the next property.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?
The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly. Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
Its in REIWA's interests that vendors understand that things have changed and adjust their price expectations down accordingly.
The "I'm not selling for less than its worth brigade" are a massive pain in the arse for RE agents who want to get the sale through and move on to the next property.
People know that prices always rebound. Perth sellers will not sell at less than they paid why should they? Would you? Many prices are still below peak. The market has not and will not be flooded with people selling if the prices are not good enough.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
People know that prices always rebound. Perth sellers will not sell at less than they paid why should they? Would you? Many prices are still below peak. The market has not and will not be flooded with people selling if the prices are not good enough.
Oh dear.
Skamy, a price is what someone is willing to pay.
The main reason why house prices are sticky is that vendors hold out for a deal that never arrives before capitulating and accepting the price the market has set.
REIWA wants to be sure vendors are not holding on to the notion that their property is worth 600k when, in actuality, its only worth 550K.
I can think of no other reason why they would predict a buyers market as they are doing now.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?
The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly. Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
People know that prices always rebound. Perth sellers will not sell at less than they paid why should they? Would you? Many prices are still below peak. The market has not and will not be flooded with people selling if the prices are not good enough.
not every home was purchased after 2008...
there are many, many people who would still make significant capital gains if house prices fell 50% tomorrow and they sold ... im not saying they will fall that far ( or at all ) but if someone wants to sell the house they got in the 80's or 90's for whatever reason , and the market is lower than it is today, they will still come out ahead - quite well ahead in fact..
its only the people who purchase at the top who will deal with negative equity for a bit.
edit: i think most of my family who have property from the late 80's/ early 90's are currently sitting on 10+ times value increase thanks in no small part of the last 10 or so years of booming prices.
Divorce is one of a number of reasons that people accept selling for less than they paid.
That is true but the divorce rate is steady. If someone in your street sold a house for $600k in Jan then you will not sell your house for lees than that no matter how much equity u have. Too much loss of pride. The only time this happens to any degree is when people are under real stress and that is just not there in the Perth economy. Unemployment is really low, wages are still growing GDP growth is exceptional at 4% by any barometer.
Despite what Massive is claiming I have never predicted a booming market, but claims of a crashing market are ridiculously far fetched, IMHO
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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