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Where is the drop in Perth house prices?
Topic Started: 26 Sep 2015, 09:11 AM (2,106 Views)
Chanman
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Hi all,

Complete newbie here (1st post). I’ve been looking for a house in Perth for the past 10 months now, and am at my wits end! Just wanted to come here to get some advice and vent!

Perth property market is the worst performing in the country, everyone seems to know it, EXCEPT the real estate agents! Ive been saving for the past few years and have enough saved for a Mil $ property. Advice that I have received from friends and family is that I should buy into the rich/exclusive areas of perth that were previously unattainable, but now have slipped in value and thus are possibly within reach.

I’ve been looking for a ‘foot in the door’ type property in these suburbs (Mosman park/applecross etc) for the past several months, and while I have come across a few, the price that has been quoted by the agent is ridiculous! All the research that I do on the property (compare it to similar properties in the area, look at its previous sold price, see what changes have been made etc) gives me a figure that is significantly lower (at least a 100K) than what is being quoted. What is more surprising is that some of these properties were bought less than two years ago, and the owners, having made none to minimal change to it, now expect to sell it for over a 100K more than what they paid for it!

A property I saw and really liked, I gave the agent a quote, she seemed very excited by the quote, told me she will meet me tomorrow to write it up! I thought ‘brilliant! I’ve finally done it!’ She turns up the next day, I fill in the paperwork, we get to the point where I write my quote and she goes ‘WHAT?’ ‘Wow…that is way too low, that is an insult to the owners!!’ while I’m sitting their gobsmacked! I reminded her that I told her this quote yesterday, to which she said ‘oh I thought you said would increase it?’ She was clearly lying as I never said that! Anyway, long story short, she refused to take the quote and told me to try cheaper suburbs!

Almost none of the properties that I have been keeping an eye on for the past few months have been sold. Some of them have dropped their prices but not enough for me to get em.

Not sure what the point of this rant was, but just wanted to get it off my chest! Its meant to be a buyers market, I can understand sellers not wanting to make a loss on their property, but what I cant understand is how someone can expect to make a $100K profit over their selling price for a property they bought just a year or two ago and made no major changes!?

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Black Panther
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After year apon year of incredible price growth, Perth is just taking a breather. Notions that Perth RE is tanking are fantastically creative at best.

Do buy now if you can because prices will start marching up again in the near future.
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newjez
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Chanman
26 Sep 2015, 09:11 AM
Hi all,

Complete newbie here (1st post). I’ve been looking for a house in Perth for the past 10 months now, and am at my wits end! Just wanted to come here to get some advice and vent!

Perth property market is the worst performing in the country, everyone seems to know it, EXCEPT the real estate agents! Ive been saving for the past few years and have enough saved for a Mil $ property. Advice that I have received from friends and family is that I should buy into the rich/exclusive areas of perth that were previously unattainable, but now have slipped in value and thus are possibly within reach.

I’ve been looking for a ‘foot in the door’ type property in these suburbs (Mosman park/applecross etc) for the past several months, and while I have come across a few, the price that has been quoted by the agent is ridiculous! All the research that I do on the property (compare it to similar properties in the area, look at its previous sold price, see what changes have been made etc) gives me a figure that is significantly lower (at least a 100K) than what is being quoted. What is more surprising is that some of these properties were bought less than two years ago, and the owners, having made none to minimal change to it, now expect to sell it for over a 100K more than what they paid for it!

A property I saw and really liked, I gave the agent a quote, she seemed very excited by the quote, told me she will meet me tomorrow to write it up! I thought ‘brilliant! I’ve finally done it!’ She turns up the next day, I fill in the paperwork, we get to the point where I write my quote and she goes ‘WHAT?’ ‘Wow…that is way too low, that is an insult to the owners!!’ while I’m sitting their gobsmacked! I reminded her that I told her this quote yesterday, to which she said ‘oh I thought you said would increase it?’ She was clearly lying as I never said that! Anyway, long story short, she refused to take the quote and told me to try cheaper suburbs!

Almost none of the properties that I have been keeping an eye on for the past few months have been sold. Some of them have dropped their prices but not enough for me to get em.

Not sure what the point of this rant was, but just wanted to get it off my chest! Its meant to be a buyers market, I can understand sellers not wanting to make a loss on their property, but what I cant understand is how someone can expect to make a $100K profit over their selling price for a property they bought just a year or two ago and made no major changes!?

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She probably ran it past the owners and they freaked at how much their home had dropped. Keep fishing. You can bring a horse to water, but you can't make him drink, unless of course he's very thirsty.
Black Panther
26 Sep 2015, 03:26 PM
After year apon year of incredible price growth, Perth is just taking a breather. Notions that Perth RE is tanking are fantastically creative at best.

Do buy now if you can because prices will start marching up again in the near future.
It's the same price it was in 2010?
Edited by newjez, 26 Sep 2015, 06:03 PM.
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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Jimbo
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newjez
26 Sep 2015, 06:02 PM
She probably ran it past the owners and they freaked at how much their home had dropped. Keep fishing. You can bring a horse to water, but you can't make him drink, unless of course he's very thirsty.

This is a troll thread by somebody trying to create the impression that Applecross has not actually fallen by 9.4% over the last twelve months. http://reiwa.com.au/for-sale/applecross/

Pretending to be a Chinese cash buyer, eager to buy in the riverside suburbs.

Maybe started by someone who lives in Applecross.

Who lives in Applecross?

Meh Twat?
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
26 Sep 2015, 06:15 PM
This is a troll thread by somebody trying to create the impression that Applecross has not actually fallen by 9.4% over the last twelve months. http://reiwa.com.au/for-sale/applecross/

Pretending to be a Chinese cash buyer, eager to buy in the riverside suburbs.

Maybe started by someone who lives in Applecross.

Who lives in Applecross?

Meh Twat?
Starting to think you are right.
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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Jimbo
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newjez
26 Sep 2015, 06:18 PM
Starting to think you are right.
It's not like the sad little fucker hasn't done it before.

http://australianpropertyforum.com/single/?p=8576722&t=10360687

Quote:
 
First up im new to the site but hoping to get a little guidance as I'm looking to move to Perth from Sydney shortly.

I'm very keen on being near vicinity to the coast, ocean views would be great. I'm after a 4x2 on at least 1,000sqm and ideally I'd like to be within 45 minutes of the city by public transport with a budget of around a million. I've been having a bit of a browse all across Perth and had been looking south as it appears to be better value for your dollar and not as built up (congested) as the north. I've just come across this property which is basically for $1Mil+ "Dreams are made of this" with ocean views and sitting on 3,300sqm...it seems amazing value? From what I have found this area seems like a little pocket of quality real estate in a cheaper working class area, I haven't found anywhere else on the Perth coast (I'm looking as far south as Mandurah) where there are such large blocks at a decent price with what are generally very good quality homes. I have no issue living in an area which isn't "upper class" if it provides me a bit of a quiet life and decent beaches nearby. This place appears to have good access to trains, the beaches look amazing and quiet plus it's surely an escape from the hustle and bustle of the city...something im keen to get away from after spending too long confined in Sydney.
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
26 Sep 2015, 06:30 PM
It's not like the sad little fucker hasn't done it before.

http://australianpropertyforum.com/single/?p=8576722&t=10360687


Alex???
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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Jimbo
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newjez
26 Sep 2015, 07:34 PM
Alex???
Meh Twat.

Imagine you were playing Countdown (Letters and Numbers as it was called on SBS).

Posted Image
Edited by Jimbo, 26 Sep 2015, 07:43 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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Rastus2
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newjez
26 Sep 2015, 07:34 PM
Alex???


Lol, did anyone notice

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Shadow - Defrauded his Bank ? 2015 I have 9 different loans and my bank had no idea which ones were personal and which were investment. They had half of them classed incorrectly. When this change came in they asked me to tell them if any personal loans were incorrectly classed as investment, which I did, and they switched them to personal for the lower rate. They also had a couple of investment loans incorrectly classed as personal. They didn't ask me about those. So they stay on the lower rate too. Worked out pretty well. :)
Shadow - 2008 Sydney Median House Price 1.25M by 2014-2015

Shadow : I think this boom has already begun in several cities. My prediction :
Peak of boom: 2014-2015. Sydney Median Price: $1,250,000 Bottom of bust: 2017-2018. Sydney Median Price: $1,100,000

Shadow's Original 2010 House Boom and Crash prediction http://s836.photobucket.com/user/rastus22/media/shady-orig-2010-chart.png.html?sort=3&o=0

Shadow's attempt to edit his 2010 chart in 2015 and replace it with one that does not show a crash in 2013 http://s836.photobucket.com/user/rastus22/media/Screen%20Shot%202015-06-06%20at%207.12.52%20pm_1.png.html
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Jimbo
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Rastus2
26 Sep 2015, 07:55 PM
Lol, did anyone notice

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It always pays to read the small print.
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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