It looks like Black Panther's exit was exquisitely timed.
He called the bottom in Q3 2011 but as I suggested there will be plenty more bottoms to pick for those inclined to do so. The slight uptick in the first quarter of this year was purely seasonal and the launching of the RPData index just prior to this period without seasonal adjustments was a cynical attempt to breathe life into this market. Given that auction clearance rates are lower than last year we can expect the "slide" to continue.
If the RBA cut rates and the banks follow, the majority will pay down their loans quicker and the reduced interest payments on deposits will continue to drag down the economy. The banks will be stuck with Catch 22. They don't want you to pay off your debts quicker but they want to drum up some new business. Ultimately it's easier and more profitable for them to charge their existing customers higher rates than try to find new suckers. The RBA becomes increasingly irrelevant.
All the bulls are sitting, hoping that some interest rate cuts will save their failing investments but you should have taken my advice 2 years ago and sold up.
Meanwhile the global economic disaster movie will continue to play on and share markets will lurch back and forth until Spain's then Italy's day of reckoning arrives. The EU will find a stopgap solution that will save the current day while making the future worse following in Ben Bernanke's footsteps.
It seems that BP was a bit of a prat. He was bearish when he should have been bullish, and bullish when he should have been bearish. It's a pity he's gone, because the day he becomes bearish again is the day you should think about buying houses!
But I guess we habe Mike in compensation. mmmmm
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
you are new on the forum but already in full spruiker lingo and ready to insult other people. This picture clearly represent foolish property speculator who bought recently overpriced property in Canberra or Sydney that will likely lose half the value over the next couple of years. So the speculator ignores all the signs of coming crash hoping government to save his ass. Government being the last hope is prime example of ostrich behaviour.
BTW let's review this situation: what would tenant ostrich behaviour mean for a landlord?
It looks to me that tenant is not ready to pay more. So, rent could stay the same or tenant will move out
second option means couple of thousands out of landlord's pocket (REA costs + couple of weeks with no rental income)
so rent will stay the same
I have a really simple policy Rave - I engage in meaningful debate with others who do the same, and for those who post personal attacks, insults, and claim opinion as 'truth' or 'fact' I enjoy bagging. Given your propensity to attack others (including me) and make outlandish (and factually unsupported) assertions, you fall squarely into the second category.
Am I a bull? No. A bear? Nope. I'm a guy with a number of investment properties (who does not negative gear) expecting several years of stagnation but looking for opportunities along the way.
I have a really simple policy Rave - I engage in meaningful debate with others who do the same, and for those who post personal attacks, insults, and claim opinion as 'truth' or 'fact' I enjoy bagging. Given your propensity to attack others (including me) and make outlandish (and factually unsupported) assertions, you fall squarely into the second category.
Am I a bull? No. A bear? Nope. I'm a guy with a number of investment properties (who does not negative gear) expecting several years of stagnation but looking for opportunities along the way.
Plus, I like having a giggle occasionally!
You're a bull, at least try and maintain the facade - you're not fooling anyone.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
Capital city house prices fell by 0.8% in April, according to the latest figures from RP Data and Rismark, leaving property values down by 0.7% compared to the same time last year.
The disappointing figures offset gains made in February and March and come just a day after the Housing Industry Association revealed the number of new home sales in April fell to its lowest point in nearly 20 years.
The results also come as the property industry all but begs the Reserve Bank for an interest rate cut when it meets this afternoon.
The RP Data-Rismark Index showed values fell by 0.8%, although over the quarter values rose by just 0.3%. On a yearly basis, values are down by 0.7%.
Five of the eight major capital cities saw values fall, with Hobart down 2.9%, Melbourne down 1.7% and Brisbane down 1.3%, while Sydney values fell by 0.3% as well. Darwin recorded the largest increase of 1.6%, while Canberra values rose by 0.2% as well.
Over the year, the largest decreases have been in Melbourne, down 7%, along with Brisbane down 6.4%, Hobart down 8.5%, and Adelaide down 4.2%. Sydney values have also fallen by 2.6%, along with Darwin prices, down 1.1%.
No capital city has seen values increase over the past year.
RP Data research director Tim Lawless said in a statement the two interest rate cuts in November and December are “yet to provide a sustained stimulus to the market”.
He points out transaction volumes remain steady at about 31,000 sales each month, compared with the sales rate through 2009 when about 45,000 homes were being sold. “The slowdown in buyer activity becomes quite clear,” he said.
Rismark managing director Ben Skilbeck also said the stability in the first quarter declined in the last two weeks of April, coinciding with the decision by ANZ to increase interest rates.
“With inflation figures now behind us, if the Reserve Bank does cut interest rates today and then again in June…home buyers will benefit from considerable affordability gains and the housing market is likely to see improved conditions building off the stability evident in the first quarter.”
The premium housing market remains weak. Dwelling values in the most expensive 20% of suburbs in the capital cities have fallen by 5.7% in the 12 months to March. The most affordable suburbs, however, have only seen values fall by 2.3%.
Despite the poor price performance, rents have improved. In capital cities, the weekly rent on a detached house is up by 4.1% over the year to April and unit rents are now up by 3.7%.
I would kill for the ip list or logins. It would be great to see all the bulls coming from a couple of ip's. It's also pretty obvious theres only one or two troll bulls. I wouldn't be surprised if mike is shadow is cat and a few others. No one knew what he was saying half the time and most the time it was always the same tune even though stats points in the opposite direction. It should be a lesson to simpy not take the trolls bait. I'd wager he's either a realestate agent, lender or perhaps a 30+ guy on 70k a year trying to manage 6 properties and negative gear the lot of investments that are making a loss. It's not his fault he was born into a life where his family owned their house when they were homes and not investments.
I just had to create an account for this. Love this troll stinking place.
Did I just hear a bull saying he after all didnt expect prices to rise? This reminds me of Peter Fraiser saying that house prices would hit a bottom in the U.S. 2 years ago on CreditCrunch.
Any more fence sitting apologist wine sippers out there ready to turn coat and become economic heavywieghts? I need a loan - sell me one!
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