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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 (89,588 Views)
Jimbo
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Veritas
29 Jun 2015, 11:51 AM
Well, well.
According to that article there is a glut of rentals in Baldivis.
Baldivis has been throwing up new builds for the last couple of years and has been the most popular suburb for first time buyers according to WA Treasury data.
This is either evidence of FTBs as investors, just investors, or a combination of both feeling the heat.
Baldivis is also the Thermomix capital of Australia. Overpriced kitchen gadget on the never never.
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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Veritas
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Perthite
29 Jun 2015, 02:21 PM
Surprised to read WA has the market most dominated by Investors of any state.
Saw that in Today's West.

If that's true...watch out.
Jimbo
29 Jun 2015, 03:52 PM
Baldivis is also the Thermomix capital of Australia. Overpriced kitchen gadget on the never never.
Suburbs like Baldivis highlight the main drawback of living in Australia : the fact that you might end up in some boring, soulless suburb.
Was round those parts last month and it struck that there is really fck all you can do there except sit in your theatre room watching TV, surrounded by cookie cutter houses with people doing the same. And you can’t walk anywhere, no shops, bars, cafes nothing.
How people live in these places is beyond me.
Edited by Veritas, 29 Jun 2015, 04:06 PM.
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
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Jimbo
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Veritas
29 Jun 2015, 04:02 PM
Suburbs like Baldivis highlight the main drawback of living in Australia : the fact that you might end up in some boring, soulless suburb.
Was round those parts last month and it struck that there is really fck all you can do there except sit in your theatre room watching TV, surrounded by cookie cutter houses with people doing the same. And you can’t walk anywhere, no shops, bars, cafes nothing.
How people live in these places is beyond me.
The advertising blurb for Baldivis has a nice picture of a family playing on the beach.

The beach is 200 metres from my front door and 6km away from Baldivis?

Baldivis is sandwiched between the Kwinana Freeway and Ennis Avenue (noise) and is only a stones throw away from the local tip (smell).

Each subdivision was sold on its tranquil bush views. Once sold, the nearby tranquil bush view was removed to create the next subdivision.

The village feel shopping centre has grown into a messy sprawl of HJ's, Maccas, drive through bottle shops and servos.

No thanks.

Edited by Jimbo, 29 Jun 2015, 04:18 PM.
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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newjez
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Jimbo
29 Jun 2015, 04:18 PM
The advertising blurb for Baldivis has a nice picture of a family playing on the beach.

The beach is 200 metres from my front door and 6km away from Baldivis?

Baldivis is sandwiched between the Kwinana Freeway and Ennis Avenue (noise) and is only a stones throw away from the local tip (smell).

Each subdivision was sold on its tranquil bush views. Once sold, the nearby tranquil bush view was removed to create the next subdivision.

The village feel shopping centre has grown into a messy sprawl of HJ's, Maccas, drive through bottle shops and servos.

No thanks.
I don't think the poms saw past the big house with the pool.
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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Foxy
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Zero is coming...

Veritas
29 Jun 2015, 04:02 PM
Saw that in Today's West.

If that's true...watch out.

Suburbs like Baldivis highlight the main drawback of living in Australia : the fact that you might end up in some boring, soulless suburb.
Was round those parts last month and it struck that there is really fck all you can do there except sit in your theatre room watching TV, surrounded by cookie cutter houses with people doing the same. And you can’t walk anywhere, no shops, bars, cafes nothing.
How people live in these places is beyond me.
The Blue pill or the Red pill.

https://www.youtube.com/watch?v=Z8eKxVCFoUk
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Perthite
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Here we go!

http://www.watoday.com.au/wa-news/report-not-quite-doomsday-but-good-times-about-to-end-for-wa-property-market-20150629-gi0n9k.html

Titled "Perth Property Bubble to burst."

http://www.watoday.com.au/
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Matthew
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Perthite
30 Jun 2015, 01:14 AM
Here we go!
If I had a $ for every time I had heard that from a property bear since 2008 I could buy another 4 IP's with cash....

Gonna be a crash, gonna be a big one, cash out, don't catch the falling knife, why buy now.

Dead set fucking rhetoric that has not been true yet and is unlikely to become true anytime soon.


Jimbo
29 Jun 2015, 04:18 PM
The advertising blurb for Baldivis has a nice picture of a family playing on the beach.

The beach is 200 metres from my front door and 6km away from Baldivis?

Baldivis is sandwiched between the Kwinana Freeway and Ennis Avenue (noise) and is only a stones throw away from the local tip (smell).

Each subdivision was sold on its tranquil bush views. Once sold, the nearby tranquil bush view was removed to create the next subdivision.

The village feel shopping centre has grown into a messy sprawl of HJ's, Maccas, drive through bottle shops and servos.

No thanks.
Just to confirm you live in Warnbro. How long is our coastline? There are plenty of beachside locations in our state. I would take all of them pretty much bar Mindarie and Geraldton before I would consider Warnbro a lifestyle location.
Edited by Matthew, 30 Jun 2015, 02:02 AM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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Admin
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Quote:
 
Perth property market 'feels just like a recession'

by Jonathan Barrett

Perth is awash with vacant offices, while its stagnant housing market "feels just like a recession", property experts have warned.

Property Council of Australia executive director Joe Lenzo said the inner-city office vacancy rate was now about 16 per cent and would be about 20 per cent by year's end.

"Right now it's a tenant's market, no question about it," Mr Lenzo said.

"It's not going to get any better any time soon."

The high vacancy rate has been attributed to large reductions in office requirements by the under-pressure mining sector and affiliated businesses such as engineering and human resources companies.

Agents are offering exceptional incentives to get tenants into vacant city offices.

Private education company Navitas recently moved its main offices from Mount Pleasant, south of the city, onto the main financial strip on St Georges Terrace.

Navitas chief executive Rod Jones said the rent was comparable to what the company was paying at the much older offices.

"Everything you see around you was done for free – a $5 million fit-out," Mr Jones said.

Residential rents are also falling. Perth residential vacancy rates have risen to 4.9 per cent, according to the Real Estate Institute of Western Australia (REIWA), just three years after an emerging rental crisis occurred in Perth where vacancy rates dipped below 0.7 per cent.

The number of houses, units and blocks of land for sale in metropolitan Perth has now surpassed 14,000.

Most property experts believe equilibrium is achieved in Perth's residential market when there are about 12,000 properties on the market, which means it has swiftly transitioned from a seller's market to a buyer's market in less than a year.

Craig Kelson, of Kelson Real Estate in Carlisle, south of Perth, said many sellers were pricing their $500,000 to $600,000 homes about 5 per cent too high.

"You have to price a home spot on or people won't even turn up to the home open," Mr Kelson said.

"It feels just like a recession."

Read more: http://www.afr.com/real-estate/perth-property-market-feels-just-like-a-recession-20150628-ghywoi
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peter fraser
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Time on the Market seems to be blowing out for Perth, along with the vendor discounts.

http://ow.ly/i/byQgD/original
Any expressed market opinion is my own and is not to be taken as financial advice
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Jimbo
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Those damned MSM doomster cults are at it again.

Residential rents are also falling. Perth residential vacancy rates have risen to 4.9 per cent, according to the Real Estate Institute of Western Australia (REIWA), just three years after an emerging rental crisis occurred in Perth where vacancy rates dipped below 0.7 per cent.

The number of houses, units and blocks of land for sale in metropolitan Perth has now surpassed 14,000.

Most property experts believe equilibrium is achieved in Perth's residential market when there are about 12,000 properties on the market, which means it has swiftly transitioned from a seller's market to a buyer's market in less than a year.

peter fraser
30 Jun 2015, 04:29 PM
Time on the Market seems to be blowing out for Perth, along with the vendor discounts.
It's things like this that indicate that there is no rush to buy at the moment.

There is a lot of stock around and it is taking a while to move. More properties are being advertised as view by appointment (not worth having home opens if nobody is going to show up).

Anyone thinking of buying should follow these key indicators.

1. The number of rental vacancies

2. Sales listings.

3. Time on market.

As long as these three stay elevated, there will be no upward pressure on prices.
newjez
29 Jun 2015, 05:18 PM
I don't think the poms saw past the big house with the pool.
It's the novelty factor of building to your "own design" which is not the norm in the UK.

They post the piccies on FB for all their friends to see back in the UK.

They often buy the cheapest block so that they can build the blingiest house.

I only ever buy established property. You can see what the street is like, what the neighbours are like and you can see what you are paying for in the fabric of the house.

Plus you can move straight in rather than having to wait a year.

Each to his own I suppose.
Edited by Jimbo, 30 Jun 2015, 04:46 PM.
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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