Society/Culture Australian Property Prices to Crash?

[its free real estate]

10-15% tops. Nowhere near as bad as the early 90's and seems just a fraction weaker than after the GFC.

It’s already worse in percentage terms than the early 90s

 

[maryjames]

Geelong and Hobart are flying along..

 

[Pessimistic]

Prices went down in the GFC?

News to me

Shows how irrelevant it is

 

[Pessimistic]

Bit of exaggeration going on in the media. Cant just have a pullback from a spike high. Its just not sensational enough for them.

10-15% tops. Nowhere near as bad as the early 90's and seems just a fraction weaker than after the GFC.

Prices are simply back to where they were 2 maybe 3 yrs ago i'd say. Thats nothing unless u bought in 2017.

When buyers arent taking the silly overpriced offered side anymore, and sellers are coming down to hit the bid side...thats 10% anyway. Perfectly normal pullback and hardly anything to worry about at this point. Saw a lot worse early 90's. Will vary by region with westiland the hardest hit as always.

Some sectors are rabidly barracking for a downturn. It’s pathetic

 

[Nuggs Bunny]

Some sectors are rabidly barracking for a downturn. It’s pathetic

It's a mix of wanting to see the landlords suffer and wildly hoping you'll be able to afford a house in Richmond on a graduate wage.

 

[Bombermania]

Prices went down in the GFC?

News to me

Shows how irrelevant it is

Property prices fell during the GFC, I remember one or two agents telling me at the time that they were really worried by the drop off in prices.

 

[its free real estate]

Rudd went hell for leather buttressing the property market in the GFC.

 

[Bombermania]

Rudd went hell for leather buttressing the property market in the GFC.

Rudd did largely in response to prices falling and fears of further prices falling, Rudd's actions moderated those falls.

 

[its free real estate]

Rudd did largely in response to prices falling and fears of further prices falling, Rudd's actions moderated those falls.

I don't think prices were falling when he announced most of the measures in 2008 - could be wrong, but the downturn started after that. Australian credit conditions were normal until the collapse of Lehman.

 

[Royal Flush]

I don't know how Rudd prevented housing price falls during the GFC exactly?

He stimulated a specific section of the construction industry by throwing a ton of government surplus into the BER, which was the building education revolution.
Essentially all schools public and private were given money to build COLAs (covered overhead learning areas, basically shade structures over basket ball courts and court yards as well as some gymnasiums and some buildings over a short period of time. Can't remember exactly the duration of the program (I think 2 years). But architects and builders were required to plan and commence construction within a three month period from collaboration with schools, to design and then construct.
Aged care facilities were also given funding to build extra facilities I believe from memory.

This avoided a technical recession by preventing 3 consecutive months of negative growth.
Had nothing to do with housing or keeping housing prices afloat.

What this does type of spending taught me was the significance this sector has in terms of onflow of cash into the greater economy.

**
During this period also interesting to note is that the interest rate had just hit 8.9 % just before the RBA started to cut rates.





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[The Warlord]

I love the term "negative growth" - it encapsulates everything that's wrong with our completely financialised late capitalist system.

 

[its free real estate]

I don't know how Rudd prevented housing price falls during the GFC exactly?

He stimulated a specific section of the construction industry by throwing a ton of government surplus into the BER, which was the building education revolution.
Essentially all schools public and private were given money to build COLAs (covered overhead learning areas, basically shade structures over basket ball courts and court yards as well as some gymnasiums and some buildings over a short period of time. Can't remember exactly the duration of the program (I think 2 years). But architects and builders were required to plan and commence construction within a three month period from collaboration with schools, to design and then construct.
Aged care facilities were also given funding to build extra facilities I believe from memory.

This avoided a technical recession by preventing 3 consecutive months of negative growth.
Had nothing to do with housing or keeping housing prices afloat.

What this does type of spending taught me was the significance this sector has in terms of onflow of cash into the greater economy.

**
During this period also interesting to note is that the interest rate had just hit 8.9 % just before the RBA started to cut rates.





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Doubling of first home owners grant, tripling if the property was new
Loosening restrictions of foreign ownership of property
Purchased $8 billion of RMBS
Commonwealth guarantee on overseas funding and deposits

 

[Royal Flush]

Doubling of first home owners grant, tripling if the property was new
Loosening restrictions of foreign ownership of property
Purchased $8 billion of RMBS
Commonwealth guarantee on overseas funding and deposits

First home owners grant was introduced in 2000

It actually is just a non charge of stamp duty.



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[its free real estate]

First home owners grant was introduced in 2000

It actually is just a non charge of stamp duty.



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Yes and it was doubled and tripled by Rudd during the GFC

 

[Royal Flush]

Yes and it was doubled and tripled by Rudd during the GFC

Tripped now? amazing.

You do know it varies state by state as stamp duty varies state by state.



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[its free real estate]

Tripped now? amazing.

I said tripled in the original post you quoted, yes.

You do know it varies state by state as stamp duty varies state by state.



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So what? You asked what measures Rudd introduced to boost the property market. I gave you four. Either speak to those or shut up, imbecile.

 

[The Warlord]

Until December 2008, the rules limited developers to selling 50 per cent of a project to foreign investors. But then Kevin Rudd, as prime minister, removed that limit among his stimulus measures to address the global financial crisis.

https://www.domain.com.au/news/real-estate-in-sydney-the-big-foreign-buyup-20131011-2vdpd/

Rudd invited Chinese hot money into our real estate sector, with predictable results.

 

[The Warlord]

I said tripled in the original post you quoted, yes.


So what? You asked what measures Rudd introduced to boost the property market. I gave you four. Either speak to those or shut up, imbecile.

Why do I get the feeling Royal Flush is ticked up to the eyeballs in property and mistakes that for wealth? And mistakes having money as translating to being smart, or having worked hard, or being a decent person.

(He is clearly a decent person though, barracks for North)

 

[Royal Flush]

I said tripled in the original post you quoted, yes.


So what? You asked what measures Rudd introduced to boost the property market. I gave you four. Either speak to those or shut up, imbecile.

Amazing ..shut up now?

You got a good knack at throwing up halfhazard points without substantiating them.
Double or triple which one is it?
Hey let's just say 4 times.

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[Royal Flush]

Why do I get the feeling Royal Flush is ticked up to the eyeballs in property and mistakes that for wealth? And mistakes having money as translating to being smart, or having worked hard, or being a decent person.

(He is clearly a decent person though, barracks for North)

I don't think it appropriate to divulge personal information like that.

Itsfreerealestate has, apparently he's got 3 properties in Sydney. And spruiking why the property bubble will burst to catostraphic proportions.

I just don't think blaming Chinese for not being able to buy in inner Sydney is a good life strategy.

Yes work hard and stop complaining







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[The Warlord]

I don't think it appropriate to divulge personal information like that.

Itsfreerealestate has, apparently he's got 3 properties in Sydney. And spruiking why the property bubble will burst to catostraphic proportions.

I just don't think blaming Chinese for not being able to buy in inner Sydney is a good life strategy.

Yes work hard and stop complaining







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You do know that just "working hard" doesn't really mean anything? For example, a single Mum working as a hospital cleaner will slave her guts out and never get ahead.

 

[its free real estate]

Amazing ..shut up now?

You got a good knack at throwing up halfhazard points without substantiating them.
Double or triple which one is it?
Hey let's just say 4 times.

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It was doubled for existing property and tripled for new builds. Can you read?

Doubling of first home owners grant, tripling if the property was new

 

[Royal Flush]

You do know that just "working hard" doesn't really mean anything? For example, a single Mum working as a hospital cleaner will slave her guts out and never get ahead.

Well if she should have made her marriage work. I'm sure she does just fine between child support and centre link supplements.
Alternatively she could date a rich guy, move in with him for 18 months . Then seek to Claim half his assets when she leaves him

That's not the point.

This just my personal opinion, not an argument.
If a person is whining about all external circumstances that seem to effect their life,
Maybe they should consider working harder



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[Royal Flush]

It was doubled for existing property and tripled for new builds. Can you read?

Care to quantify that .




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[The Warlord]

Well if she should have made her marriage work. I'm sure she does just fine between child support and centre link supplements.
Alternatively she could date a rich guy, move in with him for 18 months . Then seek to Claim half his assets when she leaves him

That's not the point.

This just my personal opinion, not an argument.
If a person is whining about all external circumstances that seem to effect their life,
Maybe they should consider working harder



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So, let's go further on this. Her husband who died of an illness or in an accident, she should have made that "marriage work"?

And you're honestly suggesting that dating a rich guy to steal half his stuff later is an effective and plausible wealth creation strategy?

Your personal opinion is bullshit mate, it means nothing.

Working harder is very rarely a solution to anything when it comes to money problems.