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Our house is up for auction tomorrow!; Anyone want to guess how the market has performed in the last 5 years?
Topic Started: 26 Aug 2011, 12:44 PM (18,707 Views)
Trojan
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BubbleTrouble
28 Aug 2011, 09:54 AM
Bulls pat themselves on the back for riding the back of rising property prices but if you are upgrading it just ends up costing you more in price differential and stamp duty. Downsizing is where it counts for price differential working your favour, but stamp duty still gets you. In Trojan's case, I expect he would be much better off transfer expense-wise had the market been flat or gone down since his original purchase.
Yes it would be great if I could buy a property with spare change instead of getting a loan.
Unfortunately this is the world we live in and things we like costs a lot of money.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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The Bear Jew
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Trojan
28 Aug 2011, 11:49 AM
Yes it would be great if I could buy a property with spare change instead of getting a loan.
Unfortunately this is the world we live in and things we like costs a lot of money.
Trojan two words.

OINK OINK
Australias most powerful finance guy
Australian residential property prices back to 2004 levels by 2015
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Piper
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Trojan
28 Aug 2011, 11:47 AM
Thanks piper but I disagree the property is worth $0 right now.
Oh, quite the contary...

Irrigardless of whatever the excuse is now after the action, the fact remains that the house was not sold.

Bids were all puff and wind.

No money in the bank, no contract..... you still have your pile of debts, sticks dirt and bricks.

Not saying that you might move it in the future, but this excercise in auctioning left you in the red....
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Trojan
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Piper
28 Aug 2011, 02:38 PM
Oh, quite the contary...

Irrigardless of whatever the excuse is now after the action, the fact remains that the house was not sold.

Bids were all puff and wind.

No money in the bank, no contract..... you still have your pile of debts, sticks dirt and bricks.

Not saying that you might move it in the future, but this excercise in auctioning left you in the red....
In that case according to you everything I own is worth $0 because they haven't been exchanged for money in the bank.
Even all superannuation invested in shares/bonds/bank bills are worth $0 because they haven't been exchanged for money in the bank.
I think we'll have to agree to disagree on whether my house is worth zero.

I was in the red from day one (had to pay for building and pest inspection, conveyancing, etc)
I went even more in the red after I spent $100k on renovations.
And yes, the marketing campaign costs us another $5k

But we still have a very nice house to live in - and that is certainly not worth $0 to us.
We knew the auction was a $5k risk and like all the risks I have taken in my life, I don't regret them (favorable or unfavorable outcome)
I have made money in shares and I have lost money in shares. But I would never say I wish I never invested in shares.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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BubbleTrouble
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Trojan
28 Aug 2011, 04:21 PM
In that case according to you everything I own is worth $0 because they haven't been exchanged for money in the bank.
Even all superannuation invested in shares/bonds/bank bills are worth $0 because they haven't been exchanged for money in the bank.
I think we'll have to agree to disagree on whether my house is worth zero.

I was in the red from day one (had to pay for building and pest inspection, conveyancing, etc)
I went even more in the red after I spent $100k on renovations.
And yes, the marketing campaign costs us another $5k

But we still have a very nice house to live in - and that is certainly not worth $0 to us.
We knew the auction was a $5k risk and like all the risks I have taken in my life, I don't regret them (favorable or unfavorable outcome)
I have made money in shares and I have lost money in shares. But I would never say I wish I never invested in shares.
What does $850K buy in Inner West Sydney anyway? Something built or renoed in the last 10 years and 20+ squares of living plus double car accommodation, 4 BRs and a bit of a yard? Or does one have to push $1M to get that? Just curious as to how crazy our prices really are.
Edited by BubbleTrouble, 28 Aug 2011, 04:36 PM.
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Shadow
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Evil Mouzealot Specufestor

hoofarted
27 Aug 2011, 11:29 PM
Does this mean that you count my demand for a house by my decision to wait?
If you want a house, can't buy yet, and plan to buy later, then you have pent up demand for a house.

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I know that in any case, you will have an argument in your mind that "everyone wants to buy a house so it is either demand or pent up demand" so no specific need to reply.
No, not everyone wants to buy a house.
1. Epic Fail! Steve Keen's Bad Calls and Predictions.
2. Residential property loans regulated by NCCP Act. Banks can't margin call unless borrower defaults.
3. Housing is second highest taxed sector of Australian Economy. Renters subsidised by highly taxed homeowners.
4. Ongoing improvement in housing affordability. Australian household formation faster than population growth since 1960s.
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raveswei
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Trojan
27 Aug 2011, 10:18 PM
Not really worth replying to other than saying the only fool is the person who thinks they can predict the future as if its a certainty.
only fool can argue that future is so unpredictable that decisions should not be based on likely predictions

there goes risk management - method that is completely misunderstood in today's world

it is true that nothing is certain, not just in future but in past as well, but it is equally true that some future events are more likely to happen than the others
http://popping-bubble.blogspot.com/

Thinking of an Australian property speculator (PI):
Inaction = missing opportunities.
Missing opportunities = losing.
Too much thinking = inaction.
Thinking = missing opportunities.
Therefore thinking = losing.

disgraceful little man Frank Castle owes a house to Salvation Army

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Sydneyite
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raveswei
28 Aug 2011, 06:53 PM
only fool can argue that future is so unpredictable that decisions should not be based on likely predictions

there goes risk management - method that is completely misunderstood in today's world

it is true that nothing is certain, not just in future but in past as well, but it is equally true that some future events are more likely to happen than the others
Hah! Might have to leave you and Catweazle to fight that one out!! :excited:
For Aussie property bears, "denial", is not just a long river in North Africa.....
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carter
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Tasman Vagrant

If its any consolation Trojan, the Canberra market is just as dead as Sydney.

'Substantial drop' tipped for home sales

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'Substantial drop' tipped for home sales

BY JOHN THISTLETON BUSINESS EDITOR

27 Aug, 2011 12:00 AM

An early start to Canberra's traditionally strong residential spring selling season is unlikely to prevent a substantial drop in sales for the year.

Property commentators say it is the best buyers market in five years, but affordability at the lower end and fragile confidence could kneecap sales.

Australian Property Monitors senior economist Andrew Wilson said without the boosted first home owners grant which drove sales in 2009 and 2010 lower end buyers were largely excluded from the market.

''The other cohort, the discretionary buyer, the change-up buyer, the aspirational buyer, we are not in a gangbusters, high-confidence economy yet, so I suggest those buyers are inactive. We'll see a substantial reduction in sales this year compared to last year.''

The Housing Industry Association-Commonwealth Bank Housing Affordability index shows Canberra's strong median price growth of 11.6per cent from the June 2010 quarter to the June 2011 quarter has forced down the affordability index by 11.1 per cent over the year, the steepest decline in all jurisdictions.

Over the same period average days on the market have blown out from 47 to 72. Homes in Gungahlin's Bonner, Nicholls, Forde and Franklin and in the inner south's Forrest took the longest days on average to sell. All exceeded 100 days on average.

Dr Wilson said all home sales were individual but suggested price discounting was happening.
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Strindberg
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raveswei
28 Aug 2011, 06:53 PM
it is true that nothing is certain, not just in future but in past as well, but it is equally true that some future events are more likely to happen than the others
..so all your posts where you have been saying what "will" happen are bullshit.

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It will be 40% but over longer period of time 3+.


http://australianpropertyforum.com/single/?p=8092053&t=8338853

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Sydney will fall equally as other cities

http://australianpropertyforum.com/single/?p=8092341&t=8338853

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In places with the bubble house prices crushed 50% or will in next few years. In places with no bubble they didn't. Same will happen here, the only difference is that there is no city in Australia with no bubble.


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The period between 1988 and 1991 was classical example why prices will fall this time.

http://australianpropertyforum.com/single/?p=8092344&t=8338853

Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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