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Rate cut fails to stem house price drop; Perth bleeding like a stuck pig
Topic Started: 1 Jun 2012, 01:49 PM (1,706 Views)
WestAussie
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Perth’s median house value fell by 1.9 per cent in May, new figures show, despite the Reserve Bank slashing interest rates.

RP Data-Rismark’s measure of home values showed Perth was one of the worst-performed capital cities in the country as overall prices dropped.

For the quarter, the median house value in Perth is down by 1.2 per cent.

They are down 3.2 per cent in the first five months of the year.

However, the units and apartments sector is defying the gloom of the house market.

The median value of units rose by 1.5 per cent in May to be 6.3 per cent higher in the quarter.

For the year to date, median unit prices in Perth are up by 4.5 per cent.

Nationally, all dwelling prices were down by 1.4 per cent led by a 2.7 per cent drop in Melbourne.

House prices fell by 2.8 per cent in Melbourne, by two per cent in Sydney and by 2.5 per cent in Darwin.

Units, however, defied the overall trend.

Median unit prices were up by 2.2 per cent in Sydney, by 4.7 per cent in Adelaide while in Melbourne they fell by 1.4 per cent.
RP research director Tim Lawless said there were growing differences between units and houses, and between premium suburbs and those considered more affordable.

“It is clear that the market is becoming increasingly price point driven,” he said.

Premium dwelling values, he said, are down by 6.1 per cent in the year to April while for those at the more affordable end of the market prices are down by just 1.5 per cent.

Mr Lawless said there were some positive signs, with discounting by sellers falling while there had been a fall in the number of days taking properties to sell.

Financial markets expect the Reserve Bank to use its meeting next Tuesday to cut official interest rates by at least a quarter percentage point.


Perth is in freefall, house prices plummet.
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WestAussie
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Let me get the worlds tiniest violin.... lol

22.8% a year loss. Might want to hold onto your cash and let the ride finish before getting back on. If the fall speeds up then that might even top 30-40% which would be suicide for the sector you would have years of falls.

HIA has also saying we may be headed into a recession. Coming from the people who are known for nothing but talking the market up this seems odd and ominous.

The rate of fall is what shocks me the most and gives away a crash. It appeared to flat line, then stimulus came in, then flat line again and now free fall. Just like every other crash.

Housing shortage - fail, didn't exist cant use that as an excuse
Rates are at all time lows! people are coming back! - fail, 50% drop in approvals in WA as well as who wants a home loan that are not serviceable once rates are back up which we all know can climb well over 15%
Lots of jobs - fail, nothing to do with jobs still falling.
Rent is skyrocketing! - fail, nothing to do with rent. (almost nothing)
I think the next excuse is something along the lines of
'China just did a stimulus! its all good! - fail, stimulus is nothing compared to what they used in 08/09 to delay us. They are directing a small bonus to promote internal consumption as well as promoting internal supply of resources NOT external. They learnt fast that's for sure, no more money for poor Australia. Of course this has resulted in .... BHP stops all upcoming projects' because turns out, they have now started to learn to produce materials themselves and cut out the 'middleman', that is Australia.
what else will the bulls say. Hmm there's got to be a supply and demand excuse in there too. Something about market forces. Something about govt debt being different from private. (even though debt is debt regardless of which area takes it on)
I think I'm just giving up on reading bull posts since they don't even make any sense at all.

Edited by WestAussie, 1 Jun 2012, 02:04 PM.
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Trojan
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WestAussie
1 Jun 2012, 02:02 PM
22.8% a year loss. Might want to hold onto your cash and let the ride finish before getting back on. If the fall speeds up then that might even top 30-40% which would be suicide for the sector you would have years of falls.
Annualising a monthly price change to show a massive annual price change is just a gimmick. (Up or down)

p.s. Why don't you take a single day where it shows a 0.1% fall and then multiple it by 365 to give 36.5% annualised fall - sounds more sensational?
Edited by Trojan, 1 Jun 2012, 02:22 PM.
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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Frank Castle
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Business As Usual

Trojan
1 Jun 2012, 02:21 PM
Annualising a monthly price change to show a massive annual price change is just a gimmick. (Up or down)

p.s. Why don't you take a single day where it shows a 0.1% fall and then multiple it by 365 to give 36.5% annualised fall - sounds more sensational?
The bears are getting dumber and more desperate by the day :lol :wak:

Ignore posts by The Whole Truth · View Post · End Ignoring
The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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Dr Watson
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Frank Castle
1 Jun 2012, 02:29 PM
The bears are getting dumber and more desperate by the day :lol :wak:
There is no desperation on the bullish side because ... the market is doing great. It's going so well and just as the bulls had predicted.

I mean, those bearish types who predicted house price falls — FALLS! — why would anyone listen to them?

The market is soaring!

Melbourne on the up and up!

:D
Edited by Dr Watson, 1 Jun 2012, 03:15 PM.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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TED BULLPIT
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Frank Castle
1 Jun 2012, 02:29 PM
The bears are getting dumber and more desperate by the day :lol :wak:
Are Mr castle , not a truer word could be said about the bulls. :bye:
Well done ;)
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peter fraser
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WestAussie
1 Jun 2012, 02:02 PM
Let me get the worlds tiniest violin.... lol

I've been watching the daily indices - http://www.rpdata.com/research/daily_indices.html

I half expect the quarterly figures for Perth to go positive during June. Sydney and Brisbane might also follow.

Your crowing may be premature.

Any expressed market opinion is my own and is not to be taken as financial advice
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TED BULLPIT
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peter fraser
1 Jun 2012, 09:09 PM
I've been watching the daily indices - http://www.rpdata.com/research/daily_indices.html

I half expect the quarterly figures for Perth to go positive during June. Sydney and Brisbane might also follow.

Your crowing may be premature.
So might yours Mr Fraser ;) , as usual ;)
Edited by TED BULLPIT, 2 Jun 2012, 09:41 AM.
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raveswei
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peter fraser
1 Jun 2012, 09:09 PM
I've been watching the daily indices - http://www.rpdata.com/research/daily_indices.html

I half expect the quarterly figures for Perth to go positive during June. Sydney and Brisbane might also follow.

Your crowing may be premature.
so you are some kind of psychic, special kind?

normal psychics look into crystal ball. you on the other hand look into daily indices to see future :)
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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miw
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raveswei
1 Jun 2012, 10:06 PM
so you are some kind of psychic, special kind?

normal psychics look into crystal ball. you on the other hand look into daily indices to see future :)
Well dip me in honey and throw me to the lesbians!. Someone looking at past pricing data to try to guess what prices might do in the future!

So unfair to people who are forced to use their imaginations make up their predictions. Gotta be stopped.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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