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Perth property sets new all time high.; Bears smashed, again.
Topic Started: 10 Jun 2013, 06:43 PM (52,436 Views)
Shadow
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Evil Mouzealot Specufestor

Mike
10 Jun 2013, 06:43 PM
http://www.rpdata.com/research/back_series.html

Perth has smashed through the all time high for property prices hitting $590,000 in a strong rally.
Actually the figure shown in the RP Data table is the index value, which peaked in 2010 at 596.59, so it hadn't quite passed that point when you made the above post.

However I'm pleased to announce that today the RPData index for Perth hit 596.84, so it has now passed its previous peak to hit a new all-time record high.

House prices in Perth have never been higher than they are today (well, 3-6 months ago really, since the RPData index lags by 3-6 months).

Perth is now up 12% in the past year and a half.

It must be heartbreaking for bears who could have bought a year and a half ago but instead decided to wait for the promised 40% crash.
Edited by Shadow, 31 Jul 2013, 12:09 PM.
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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Strindberg
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Shadow
31 Jul 2013, 12:07 PM
Perth is now up 12% in the past year and a half.

It must be heartbreaking for bears who could have bought a year and a half ago but instead decided to wait for the promised 40% crash.
Yes, they have thrown away ~$30k in rent and now need an additional ~$60k to buy. In other words, they have added ~$90k to their lifetime accommodation costs.
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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Perthite
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By all means.... predict it to continue.

:bye:
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Mike
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Perthite
31 Jul 2013, 01:13 PM
By all means.... predict it to continue.

:bye:
It will.

http://www.rpdata.com/research/daily_indices.html

Up again $597,430 that is 8.59% YoY and 4.4% for the quarter.

Im sure it was you and Newjez who said 3-4 months ago the market was going down and prices would not rise further.

http://reiwa.com.au/home/default.aspx

Stock on market is also declining again when it should be increasing during the winter months. It is going to be a very hot spring for Perth property, we simply lack enough stock units, land or houses to satisfy demand.

Perth could see prices up 12-15% YoY or higher by years end.

The market continues to strengthen. IF the RBA does drop rates further, well who knows what how high prices will go.

One thing is certain those bears who waited and well and truly missed the boat this time and will be perhaps 3-4 years or more until we see as good a buying opportunity as in 2011 even 2012 was still good. Those were the best years to buy, of course you can still buy now but you have already missed the first 12% of growth perhaps you can still catch the next 12%.
http://mike-globaleconomy.blogspot.com.au/
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newjez
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Mike
2 Aug 2013, 01:12 AM
It will.

http://www.rpdata.com/research/daily_indices.html

Up again $597,430 that is 8.59% YoY and 4.4% for the quarter.

Im sure it was you and Newjez who said 3-4 months ago the market was going down and prices would not rise further.

http://reiwa.com.au/home/default.aspx

Stock on market is also declining again when it should be increasing during the winter months. It is going to be a very hot spring for Perth property, we simply lack enough stock units, land or houses to satisfy demand.

Perth could see prices up 12-15% YoY or higher by years end.

The market continues to strengthen. IF the RBA does drop rates further, well who knows what how high prices will go.

One thing is certain those bears who waited and well and truly missed the boat this time and will be perhaps 3-4 years or more until we see as good a buying opportunity as in 2011 even 2012 was still good. Those were the best years to buy, of course you can still buy now but you have already missed the first 12% of growth perhaps you can still catch the next 12%.
Not according to REIWA
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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Mike
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newjez
2 Aug 2013, 04:29 AM
Not according to REIWA
They continue to be wrong as recent as of today http://www.rpdata.com/research/daily_indices.html

Another new all time high set.

http://mike-globaleconomy.blogspot.com.au/
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Perthite
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newjez
2 Aug 2013, 04:29 AM
Not according to REIWA
lmfao

Sales down as well...

Don't take Mike's toy he will cry.

You know your broken when you check the daily index more than once a fortnight.
Edited by Perthite, 2 Aug 2013, 10:48 PM.
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Pig Iron
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Bogan scum

Perthite
2 Aug 2013, 10:46 PM
lmfao

Sales down as well...

Don't take Mike's toy he will cry.

You know your broken when you check the daily index more than once a fortnight.
it's rather funny how well you follow the classic bear parody of the investment chart, calling peak constantly and predicting it'll fall from here.

do you realize how entertaining your being or is it an accident?
I am the love child of Tony Abbott and Pauline Hanson
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Perthite
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Market came off the boil months ago.... When the first reports home open and sales activity dropped off.

Fortunately that is the reality. No frenzy.

Looks like it's the Western Suburbs suffering first.

If you don't have anything of note to add.... don't add.
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Foxy
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Zero is coming...

Not Buying
26 Jul 2013, 11:02 PM
My wife and I could put about 30% down on a three bed house in a more than decent suburb in Perth, yet when everything is taken into account, my rent on a property similar to that which I would buy is only about half of what I’d pay in interest to the bank (rents coming down too). Money all ends up in the same place, seems like buying is just cutting out the middleman (the landlord) and paying twice as much. Can’t see capital gains balancing out the equation any time soon, particularly in Perth where people appear to be leaving in droves.

Nevertheless, I totally agree the government will do everything they can to stop property prices falling significantly (and will probably succeed), so waiting for a US style crash will likely be futile. Other thing to consider is that I’m in plenty of good company, just going by the number of contributors to this thread, so any rapid drop in prices would be somewhat limited by people like us buying in. Lots of debt floating around but it seems also a few (intelligent) people in their mid 20s to early 30s with cash sitting on the sidelines. Should be interesting. Happy to rent in the meantime.
Why not look at an area like Margaret River.
30% of Perth prices would probably get you a nice house in Margaret River.
Peter from Perth
Strindberg
31 Jul 2013, 12:45 PM
Yes, they have thrown away ~$30k in rent and now need an additional ~$60k to buy. In other words, they have added ~$90k to their lifetime accommodation costs.
You don't have to buy in Perth.
Look further afield.
Peter from Perth
remember it is just supply and demand
If tomatoes are expensive and potatoes are not, why buy tomatoes?
It's just plain dumb.
If Perth houses are expensive why buy them??
Edited by Foxy, 2 Aug 2013, 11:37 PM.
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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