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12% real decline from peak for Perth house prices
Topic Started: 15 Dec 2016, 08:08 AM (8,469 Views)
Khaderbhai
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Wealthy Suburbanite

popey
16 Dec 2016, 03:57 PM
how can they be miscalling when the WA house market is indeed down?
The bears have been calling an Australia-wide crash of 40%+

A 7% correction in Perth's median price doesn't qualify as a national 40%+ crash.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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popey
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Khaderbhai
16 Dec 2016, 04:00 PM
A 7% correction in Perth's median price doesn't qualify as a national 40%+ crash.
7% correction?
I think either your brain or your eyes need correction... you don't live in Perth, do you?
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newjez
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popey
16 Dec 2016, 03:57 PM
how can they be miscalling when the WA house market is indeed down?
To be fair, the Perth market may make a large part of this forum, but it is a very small part of the Australian housing market. Prices as a whole for Australia have been moving strongly upwards.
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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Khaderbhai
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popey
16 Dec 2016, 04:03 PM
7% correction?
I think either your brain or your eyes need correction... you don't live in Perth, do you?
ABS Perth house price index is down 7.4% from its peak...

http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/6416.0Sep%202016

Perth Index
Mar-2014 = 114.8
Jun-2014 = 114.8
Sep-2014 = 114.5
Dec-2014 = 114.5
Mar-2015 = 114.4
Jun-2015 = 113.4
Sep-2015 = 110.7
Dec-2015 = 111.2
Mar-2016 = 109.3
Jun-2016 = 108.0
Sep-2016 = 106.3

Feel free to post 'anecdotes' to counter this data.
Edited by Khaderbhai, 16 Dec 2016, 04:21 PM.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Foxy
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Zero is coming...

Ex BP Golly
15 Dec 2016, 05:58 PM
How many mortgages have you got?

Is it up to 60% yet in NSW?
What about Sydney specifically?

It's be very high in Melbourne too.
What would happen if interest rates were ever to rise???
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Ex BP Golly
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foxbat
16 Dec 2016, 05:30 PM
What would happen if interest rates were ever to rise???
I'm told that the politicians would have to do something to save the shrinking violets."it would never be allowed to happen, because they can vote" Something like that.


I'm sure A Current Affair would be involved too, given how famous they are for instigating political change :to:
Edited by Ex BP Golly, 16 Dec 2016, 06:01 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rufus
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Ex BP Golly
16 Dec 2016, 05:59 PM
I'm told that the politicians would have to do something to save the shrinking violets."it would never be allowed to happen, because they can vote" Something like that.


I'm sure A Current Affair would be involved too, given how famous they are for instigating political change :to:
Rates don't accidentally raise themselves, the RBA controls them and raises only because they are concerned about high inflation.
If rates are rising it means we are getting wages rises and spending confidently.
Take risks - if you win you will become wealthy, if you lose you will become wise
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Ex BP Golly
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Khaderbhai
16 Dec 2016, 03:45 PM
Yes, it has served me well.
You admit to being bailed out?
Rufus
16 Dec 2016, 06:04 PM
Rates don't accidentally raise themselves, the RBA controls them and raises only because they are concerned about high inflation.
If rates are rising it means we are getting wages rises and spending confidently.
Those awesome wage rises, up 25% since 2002, while debt is up how much over the same time frame?


Posted Image

Posted Image
Haven't the sheeple been super productive since that nice top end of town Mr Keating deregulated the financial system in the early 1980s. Wage growth has barely moved, yet productivity and house finance have gone to the moon!

Edited by Ex BP Golly, 16 Dec 2016, 06:22 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Khaderbhai
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Wealthy Suburbanite

Ex BP Golly
16 Dec 2016, 06:06 PM
Wage growth has barely moved, yet productivity and house finance have gone to the moon!
Your wage chart is adjusted for inflation, while your debt chart is nominal.

Our net debt to income ratio hasn't changed much for a decade...

Posted Image
Edited by Khaderbhai, 16 Dec 2016, 06:27 PM.
Banks can't repossess your home simply because the market value falls. Australia's Consumer Credit Code says consumers aren't liable for things ordinarily outside their control and can't be held to obligations that could only be met by selling their home. Click for details.

"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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Ex BP Golly
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Oh dear, I just squeezed out a Keatinesque Accord. I hope I can flush it away without damaging the pipes too much.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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