Alrighty, been talking with WA business + old employees - now its time for an update on the lovely West:
Reality, I am being told Perth is horrible on all fonts if you think otherwise please note the following procedure:
1) Pop head out of asshole. 2) Learn basic maths (otherwise, you won't get the rest). 3) Think - or get out of the house and have a talk to real people on the street.
The Bear forecast - This was not rocket science and basically all APF bears agreed: posted way back 2013
All the ore stocks are priced as though iron ore is already $80 a tonne, IMHO I can see ore getting back down to $50 a tonne in the medium term.
The big question is when will interest rates start to rise?
Perth = bloodbath waiting to happen.
Perth:
2013 = 7% -10% 2014 = flat 2015 = down 2016 = bloodbath 2017 = zombie town
Thus what I ma hearing is clear: this timeline is still on target
Furthermore, what is clear is that Perth is a slow train wreck! "we are just hanging on" is what my sources are saying. So this may make 18 /19 the time to once again have alook @ Perth.
Additionally pleae note - this is coming fromlads and ladettes including R/E agents that have been around the game a long time - recessions etc!
The theme was - people still cant believe or accept that to move their property they have to drop their price to meet the market.
Many new potential / appraisals saying ill sit it out if thats the case & I dont have the money up front to advertise on re.com if im not going to get any decent offers why waste a few grand i dont have - all this despite massive surge in listings
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.
I am a sydney bear, however recently I'm thinking i'v put all bets on a possibility of crash , which will happen but I can't wait for eternity.
I am the single owner in IT earning 150K+ base salary + bonus now and Perth seems to have very little job opportunity for IT. I am thinking about buying something around 400K mark in there with a view to rent it for next 5 years (bad rent situation, but I can NG) , and pay it off as much as I can and then move there? I can take a much lower paying jobs without the burden of a million dollar mortgage.
Pert experts, which area should I be looking for a small house 3 bed , 2 bath , around 350-400 sq meter place ? Needs to be close to train stations and within 45 mins of train to City and closer to nicer beach ? How would you do it without making 10x trips to Perth for property inspections ? Is there a buyers agent I can talk to about this? How hard is it to get financing for Perth?
Try Clarkson. U will get a 4 by 2 for that. Hard to rent it in this market. Train is close, shopping center close and will have the freeway in 6 months.
Many poms are starting to realise they can suddenly afford a mansion in the UK.
They may start to get patriotic with brexit.
Many are leaving, many more will follow.
I know a few people who are considering moving back. Work is getting harder to find or maintain (especially engineering and construction).
The drop in the Pound from the $2.40 ish that most of them got 10 years ago is added incentive.
Property prices haven't moved much in the UK either (apart from London and the South East).
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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