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Property vendors laughing all the way to the bank, but buyers are despondent; Hopes dashed repeatedly as competition pushes asking prices through the roof
Topic Started: 14 Oct 2013, 11:53 AM (2,380 Views)
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Property sellers are laughing all the way to the bank, but there's two sides to every boom

TIM MCINTYRE
October 12, 2013 10:00PM

Properties are often selling above their auction reserves as bidders drive up prices, meaning vendors can walk away with an extra $100,000 or more in their pockets.

But for every happy vendor, there are dozens of disappointed buyers who have spent months missing out on properties.

First home buyers are doing it especially tough, forced to save deposits in a low interest rate environment, only to compete against cashed-up investors.

Real estate agents say first home buyers are ready to buy, but struggle to secure property.

Naomi Christopher has put her home buying dreams on hold after spending six desparate months looking for an apartment.

"I went through hell," Ms Christopher said. "There was nothing on the market to begin with, so when one came on, I'd go to the inspection and find 50 other people there."

The seller's market allowed agents to be dismissive and rude, knowing they did not need to entice buyers.

"You contact them, but so many other people do too, so they don't bother trying to help you," Ms Christopher said.

Upgraders also feel property pain as Sydney real estate market hots up

The young marketing manager had her hopes dashed repeatedly as competition pushed asking prices through the roof.

"I went to one inspection and there were so many people there, the agent had everyone put in their best offer and the highest bid wins," Ms Christopher said. "They were asking over $479,000 originally, but the property ended up selling for $560,000."

Ms Christopher then saw a one-bedroom apartment in Manly Vale, asking for more than $425,000. She put in an offer of $435,000, which was rejected. The property sold later that day for $500,000.

"The agent actually said not to try to counter the offer, because the person paying $500,000 was crazy."

As the months wore on, Ms Christopher lost significant money having strata reports done and paying lawyers to read contracts, only to miss out and get nothing in return.

"It was so disheartening," she said. "Every time you see a crowded inspection, you know that even if you get the property, it won't be for a good price.

First home buyers are not alone in their frustration. Upgraders are also getting lost in the crowd.

Newlyweds Merryn and Jono Parks live in a unit at North Balgowlah and have been looking for a house since April.

They want to buy for less than $1 million, but so does everyone else in their area.

"We saw a house priced in the high $800,000s and when we got there, people had formed a queue to get in," Mr Parks said.

The pair then viewed a Frenchs Forest house advertised at $830,000 and found 120 other couples inspecting it on the day, six of whom made offers immediately.

"We are so despondent," Mr Parks said.

Read more: http://www.theaustralian.com.au/news/property-sellers-are-laughing-all-the-way-to-the-bank-but-there8217s-two-sides-to-every-boom/story-e6frg6n6-1226738457381
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themoops
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This is what you voted for. Retards.
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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goldbug
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Relax, it's just your typical spruke to try and con people to buy a dogbox at any cost. Not many will fall for it now, not many can afford to lol.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
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Trojan
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Damn those buyers who are willing to pay more for the property.
The government should legislate so people can't offer more for a property than I am willing to pay :lol
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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stinkbug
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Trojan
14 Oct 2013, 01:15 PM
Damn those buyers who are willing to pay more for the property.
The government should legislate so people can't offer more for a property than I am willing to pay :lol
:lol :lol :lol
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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Don't Buy Now
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Ahhhh! The best of both worlds: vendor optimism and buyer pessimism.

The cost of land is strangling opportunity and our competitiveness. Yet policy makers are determined to keep it high, afraid of the damage of a correction. A few years of land-pain is nothing compared to the harm of a financialized economy, the emergence of neo-feudalism and fixing the entire burden of taxation on wages.

Fortunately, citizens can lean against this ill wind.

The multiple should be 3x relative to wages. That's what it was pre-bubble!

Posted Image

Land prices have detached from wages and revert to mean looms. This is the single worst time in 140 years to be long and geared real estate. I understand the desire of all those with tulip-mania for this speculative frenzy to go on just a little longer, but wishin’ will not make it so.

Don’t Buy Now!
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K-town
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Alex Barton
14 Oct 2013, 11:53 AM
Ms Christopher then saw a one-bedroom apartment in Manly Vale, asking for more than $425,000. She put in an offer of $435,000, which was rejected. The property sold later that day for $500,000.

"The agent actually said not to try to counter the offer, because the person paying $500,000 was crazy."
Surely a contender for "World's most unlikely story".
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apex
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Naomi Christopher has put her home buying dreams on hold after spending six desparate months looking for an apartment.

The young marketing manager had her hopes dashed repeatedly as competition pushed asking prices through the roof.
Naomi Christopher is the marketing manger at SQM Research

http://au.linkedin.com/pub/naomi-christopher/22/51a/162

I think she's Louis Christopher's niece or cousin

Something fishy about this article
Edited by apex, 14 Oct 2013, 02:08 PM.
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K-town
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apex
14 Oct 2013, 02:07 PM
Naomi Christopher is the marketing manger at SQM Research

http://au.linkedin.com/pub/naomi-christopher/22/51a/162

I think she's Louis Christopher's niece or cousin

Something fishy about this article
There's something fishy about almost every article in the papers or story on telly it seems these days. They're mostly adverts dressed up as news.

I suppose if the advertiser writes the story for them they can spend the afternoon in the pub. Or sack proper journos and fill content with press releases.
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Veritas
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K-town
14 Oct 2013, 02:35 PM
apex
14 Oct 2013, 02:07 PM
Naomi Christopher is the marketing manger at SQM Research

http://au.linkedin.com/pub/naomi-christopher/22/51a/162

I think she's Louis Christopher's niece or cousin

Something fishy about this article
There's something fishy about almost every article in the papers or story on telly it seems these days. They're mostly adverts dressed up as news.

I suppose if the advertiser writes the story for them they can spend the afternoon in the pub. Or sack proper journos and fill content with press releases.
The Property Finance construct.

Media cheerleads and gets paid for doing so.

Fear/loathing/Greed/ Property porn.
Property acquisition as a topic was almost a national obsession. You couldn't even call it speculation as the buyers all presumed the price of property could only go up. That’s why we use the word obsession. Ordinary people were buying properties for their young children who had not even left school assuming they would not be able to afford property of their own when they left college- Klaus Regling on Ireland. Sound familiar?

The evidence of nearly 40 cycles in house prices for 17 OECD economies since 1970 shows that real house prices typically give up about 70 per cent of their rise in the subsequent fall, and that these falls occur slowly.
Morgan Kelly:On the Likely Extent of Falls in Irish House Prices, 2007
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