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Buyers in the box seat as property glut limits vendors; Victoria
Topic Started: 28 May 2012, 07:28 AM (2,181 Views)
zaph
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Buyers in the box seat as property glut limits vendors

ACROSS Victoria there are 71,190 properties for sale.
That is 36 per cent more homes than at the same time last year. In late 2011, the number of listings was even higher, but since late November we have seen listing numbers reduce by about 6 per cent across Melbourne and by a smaller 2 per cent across the state.
The large number of property listings isn't confined to Victoria. Every state and territory apart from Western Australia and the Northern Territory are recording more properties for sale than at the same time last year.
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Importantly, though, Melbourne has shown the largest percentage increase in housing stock levels over the past 12 months.
The high stock levels aren't the result of ''dumping'' (where a larger than normal number of homes are added to the market). The number of new listings is actually about 17 per cent lower now, than it was at the same time last year.


Read more: http://www.brisbanetimes.com.au/business/property/buyers-in-the-box-seat-as-property-glut-limits-vendors-20120527-1zcxw.html#ixzz1w6VWlVOU
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hoofarted
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but..... but..... How can this be? Surely there are .... Chinese investors, immigrants, property investors, any other list of potential property buyers to pick these up.
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audas
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Here is a good example -
http://www.domain.com.au/Property/For-Sale/House/VIC/Ivanhoe/?adid=2009257091
Property has been on the market for close to a year....have seen reductions on other sites, and is now down almost $70k in reductions.

The property is a shitty, two bedroom build, I mean shitty. Almost everything is veneer, Ikea, small and crap - asking price $620k AFTER the 10% reduction.
Good luck with that piece of crap.

Meanwhile, still in Ivanho, Penthouse, river frontage stunning development -$600k.

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Ivanhoe/?adid=2009672806

Or, better yet, how about your own free standing house on a huge block for what this cash grab was asking initially

http://www.domain.com.au/Property/For-Sale/House/VIC/Ivanhoe/?adid=2009617255


my feeling with the entire housing debacle that is Victoria - is that there were just idiots, absolute IDIOTS everywhere.



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themoops
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audas
28 May 2012, 03:16 PM
Here is a good example -
http://www.domain.com.au/Property/For-Sale/House/VIC/Ivanhoe/?adid=2009257091
Property has been on the market for close to a year....have seen reductions on other sites, and is now down almost $70k in reductions.

Those horrid little townhouses are funny. Like an apartment all perverted and squished up and bent out of shape. You also get to pay strata on them most of the time. Except that one is a lot better than a lot of the McMansion ones we have in Sydney.
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.
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audas
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themoops
28 May 2012, 03:49 PM
Those horrid little townhouses are funny. Like an apartment all perverted and squished up and bent out of shape. You also get to pay strata on them most of the time. Except that one is a lot better than a lot of the McMansion ones we have in Sydney.
So they originally had close to $700k, and this puppy is going for $1.5..

http://www.realestate.com.au/property-house-tas-geilston+bay-110335569


Posted Image


Pretty reasonable.
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themoops
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audas
28 May 2012, 04:03 PM
So they originally had close to $700k, and this puppy is going for $1.5..

http://www.realestate.com.au/property-house-tas-geilston+bay-110335569


Posted Image


Pretty reasonable.
Yeah but you're in Tasmania where pay rates are about half as much as on the mainland.

That's one thing that irritates me about employers, often they think that if they're outside a CBD, or in Brisbane or something, that it entitles them to pay you much less. So then everyone sticks around the CBD and in Sydney and Melbourne. Maybe they can't afford it but I doubt it.
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.
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audas
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themoops
28 May 2012, 05:19 PM
Yeah but you're in Tasmania where pay rates are about half as much as on the mainland.

That's one thing that irritates me about employers, often they think that if they're outside a CBD, or in Brisbane or something, that it entitles them to pay you much less. So then everyone sticks around the CBD and in Sydney and Melbourne. Maybe they can't afford it but I doubt it.
If that was in Sydney it would be 20 million dollars.

Tasmania has NBN, I could have a wall studio (these are in banks for live global meetings) and conduct all my business from there - no problems.


Anyway - Yarra Valley -

http://www.realestate.com.au/property-farmlet-vic-healesville-7345811

And again

http://www.realestate.com.au/property-lifestyle-vic-healesville-7419569


And again, 160 acres no less
http://www.realestate.com.au/property-house-vic-healesville-108290756

You pay $700k for a dog box like that and you deserve everything you get.
Edited by audas, 28 May 2012, 05:45 PM.
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Sydneyite
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audas
28 May 2012, 05:40 PM
If that was in Sydney it would be 20 million dollars.
You mean if it was in Sydney, and on prime Sydney harbour foreshore right? Then someone might pay $20M.... Although looking at that house IMO it is not really up to scratch in terms of the quality of build and materials, finishes etc for the $10M+ Sydney harbour foreshore market anyway.

But, as pointed out - the fundamental reason it is $1.5M and not $10M is it's location. If less rich people wanted to live on Sydney harbour then those houses would be cheaper as well - but it seems more of them want / need to live in Sydney than in Hobart! :dry: I guess that's how the real estate market works?
Edited by Sydneyite, 28 May 2012, 08:40 PM.
For Aussie property bears, "denial", is not just a long river in North Africa.....
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themoops
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audas
28 May 2012, 05:40 PM
If that was in Sydney it would be 20 million dollars.

Tasmania has NBN, I could have a wall studio (these are in banks for live global meetings) and conduct all my business from there - no problems.


Anyway - Yarra Valley -

http://www.realestate.com.au/property-farmlet-vic-healesville-7345811

And again

http://www.realestate.com.au/property-lifestyle-vic-healesville-7419569


And again, 160 acres no less
http://www.realestate.com.au/property-house-vic-healesville-108290756

You pay $700k for a dog box like that and you deserve everything you get.
I don't think the NBN is going to be some remote workers' paradise. Cable is good enough for that and it hasn't happened.

Don't get me wrong I'm all for the NBN, even if it's just to piss msm consuming idiots off.

Yeah all those properties look pretty remote. I still say 50% off is the right price.
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.
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zaph
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themoops
28 May 2012, 08:28 PM
I don't think the NBN is going to be some remote workers' paradise. Cable is good enough for that and it hasn't happened.

Don't get me wrong I'm all for the NBN, even if it's just to piss msm consuming idiots off.

Yeah all those properties look pretty remote. I still say 50% off is the right price.
There is some reluctance by employers to allow employees to work from home. If you're sitting at your desk in the office then there's a perception you're working, at home you might be drinking.

it's much easier for an employer to monitor an employees performance if they're not in the office, no excuses, just results. I'm far more productive when i work from home (as long as i work).
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