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The Perth Property Crash Thread; Let us enjoy the inevitable collapse as it unfolds in WA
Topic Started: 13 Aug 2014, 12:28 AM (89,610 Views)
Non coal miner
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The expected LNG Boom just took a notch back as the dealings lately between Russia and China just said "F U West" with the new gas pipe line deals.....................
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newjez
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So, is the truth still slumming it in a little one bathroom three bed, on mining exec wages I must add!
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
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Blondie girl
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Pigs will fly when you want it to.


Those who know & have no fear whatso ever have been always aware of what exists troughs & peaks of market conditions .
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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YOLO
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There’s no doubt any more, the Perth property market is cooling rapidly.

Today’s REIWA Market Snapshot confirms that the slowdown in the resources sector is having a serious impact on the economies of the resource-reliant states, WA being a prime example.

The Snapshot for the week ending 19 November 2014 is at http://reiwa.com.au/The-WA-Market/Perth-Metro/.

For the week ending 19 November there were 13,014 properties (houses, units and land) listed for sale, with 863 sales. There were 6,041 properties available for rent, and 1,086 properties rented.

When we compare these figures with the same week last year, the scale of the slowdown becomes clear. One year ago, there were 9,814 properties for sale, and 889 sales. There were 4,322 properties available for rent, and 1,113 properties rented.

What can we conclude?

1) The number of properties listed for sale has increased by 32.6% over the same week last year.

2) The number of properties listed for rent has increased by 39.7% over the same week last year.

Over the course of a year, the number of Perth properties listed for sale has thus increased by a third, while the number of properties listed for rent has increased by 40%. And this is with interest rates at historic lows, with banks willing to extend a high LTV property loan to anyone who can fog a mirror.

I work in the resources sector in Perth, on a major iron ore project that will be commissioned next year (oh, the irony). I’ve noticed the following:

(1) As people finish off on the project, there’s absolutely nothing else in the pipeline for them, and they’re simply being let go. We’re talking about top engineers and draughtspeople with decades of experience.

(2) Among my colleagues, landlords who can afford to subsidise their tenants by recouping the loss via negative gearing think very differently about the loss stemming from having an investment property stand empty for several months …

(3) And with 6,041 properties available for rent in Perth as of today, it’s hardly surprising that the need to sell investment properties has become a noticeably more frequent topic of conversation in the cubicles around me.

Heaven help us when the next recession bites.
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Thanks for sharing that with us Yolo and for keeping us up to date.

Well done.....

Great post....
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Blondie girl
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What an arswipe.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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Jimbo
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YOLO
19 Nov 2014, 10:44 PM
I work in the resources sector in Perth, on a major iron ore project that will be commissioned next year (oh, the irony). I’ve noticed the following:

(1) As people finish off on the project, there’s absolutely nothing else in the pipeline for them, and they’re simply being let go. We’re talking about top engineers and draughtspeople with decades of experience.

(2) Among my colleagues, landlords who can afford to subsidise their tenants by recouping the loss via negative gearing think very differently about the loss stemming from having an investment property stand empty for several months …

(3) And with 6,041 properties available for rent in Perth as of today, it’s hardly surprising that the need to sell investment properties has become a noticeably more frequent topic of conversation in the cubicles around me.

Heaven help us when the next recession bites.
I have been seeing and hearing this since early in the year and that is why I got out of the market. I am in Engineering in the resources construction section and our forward order book is pretty empty.

We haven't laid anyone off yet but it is a certainty that we will be doing so within a few months. If it keeps up like this we will shut up shop within six months.

The contrast against eighteen months ago is very marked. We were actually turning down some jobs due to lack of capacity and we had to fight to get and retain Engineers and PM's.

Most of Perth understands what is going on with the exception of a few who post on here that we have never had it so good.

Must be nice to be so optimistic in the face of such adversity.
Edited by Jimbo, 20 Nov 2014, 02:26 AM.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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Blondie girl
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Yeah
Prime mover arswipe
Warnbro bogan king....

Stick to what you know.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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Jimbo
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Blondie girl
20 Nov 2014, 12:45 AM
Yeah
Prime mover arswipe
Warnbro bogan king....

Stick to what you know.
Obviously something has got you hitting the Gin tonight. Maybe a two for one offer at Bottlemart or maybe the realisation that pouring scorn on your tenants (the very people who pay for your Gin) is not a good business model. You won't have to worry about tenants for much longer however. All the cheap apartments and houses flooding the market will create a buyers paradise. No more pesky loser bogans giving you free money every week. You will be so relieved.

This may damage your social life somewhat (not having any money), but fear not.

I know you are a city girl and a Gin lover so perhaps you should pop down to the nightly social gathering in Weld Square. Just your kind of people.

Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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Blondie girl
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It's 6.30 am , I'm ready for another great day in Perth.
Tell me another story.

Lol.


Ooh
Don't worry, you can afford certain areas, better join the other prime movers in Warnbro ...

Awesome Applecross, not too many prime movers out there.
Edited by Blondie girl, 20 Nov 2014, 09:37 AM.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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