How Low will House Prices Go ?

[ryan79]

Crushings!

[LanceDriver]

Originally Posted by Sanj

sorry to disappoint lancy

"“Perth actually saw a 2.5 per cent increase in prices over the last quarter,” HIA senior economist Andrew Harvey said."

I think you've got that around the wrong way bloke!



Slow grinding crushings! The pressure gets more intense over time and IT WILL NOT get any better for a very long time. I'd hate to be a sucker property investor that bought into The Great Australian Property Cult!!!! Great way to lose money, that is for sure pals. Seriously, this will go on for longer than most can comprehend. There may be a few deadcat bounces but the slope will continue to trend down, and down, and down, and down, and down. HAHAHAHAHAHA!!!!!!!!!!!!!!

Seriously WA Spruikers, you're going to have to try harder than quoting an industry body spruiker without a link. Major LOLS on poor effort! Move over ...

[Sanj]

doesnt matter what your blog says lancy, im seeing a lot more people at home opens, rents are through the roof, there are now less than 13.5k properties on the market for the first time in 3 or so years, 850 sold last week VS 650 this time last year

signs are good at the moment. ive just listed a property this week myself, will see how i go

[LanceDriver]

yeah whatever ...

[ryan79]

Ooooooooh crushing!

[LanceDriver]

Forced Home Sales on the rise!

http://www.smh.com.au/business/force...525-1z9k3.html

And this is with falling unemplyment! So we've got falling house prices and increasing forced sales with low unemployemnt. But the idiots on here said that was unpossible!

[ryan79]

But falling house prices mean rising unemployment!?!?!? Aren't you sick of completely being wrong?

[tuanhung]

even with the ppl who foreclose, those house prices are still the same when they enter the market...i dont see any discount at all

[tuanhung]

lol victoria stopping the state govt fhb grant end of june 2012..lol ppl rushing to buy just to get a handout...hopefully these are the clowns will be foreclosing when tough times comes around.....then again you got to be in it, to win it

[ryan79]

http://www.propertyobserver.com.au/w.../2012052854845

Australia’s truffle capital, Manjimup, WA, has mushrooming housing shortage: HIA

By Larry Schlesinger
Tuesday, 29 May 2012

The regional centre of Manjimup, about 300 kilometres south of Perth, the Southern Hemisphere’s biggest producer of perigold black truffles, has also gained the title of the local government area with the most acute housing shortage.

The list of the 30 municipalities contains just three locations on the metropolitan fringe – the Perth suburbs of Melville, Mundaring and Joondalup – weakening the argument that land release problems in the outer suburbs of the major cities is a key reason for Australia’s contested housing shortage.

Over the weekend, CSR chief executive Rob Sindel rejected the notion that Australia is suffering from a nationwide housing shortage – he says there are shortages in certain places such as NSW, south-east Queensland and WA.

The top 30 list compiled by the HIA is dominated by WA, which makes up half (15) of the local government areas with the most chronic undersupply of homes, followed by Queensland (7), NT (3), Victoria (3) with one each in NSW and South Australia.

Manjimup needs almost an additional four dwellings (3.94) for every 100 people in the town, which has a population of just over 10,000 – or 399 dwellings, according to the HIA.

The agricultural rich lands of Manjimup (it also home to the pink lady apple) are just ahead of the more arid municipality of Palmerston (3.93 dwellings required for every 100 people), the planned satellite city next to Darwin followed by the WA town of Geraldton, 430 kilometres north of Perth, a beneficiary of the mining boom where a major iron ore terminal is located. Geraldton has a dwelling shortage of 791 for its 21,000 population.

The median house price in Manjimup is $265,000, according to Australian Property Monitors.

A kilogram of Manjimup truffles is worth around $2,000 – last season the biggest truffle unearthed weighed 348 grams.

Manjimup truffles are sought as far afield as Manhattan restaurants and in eateries in France and Germany, with truffle season running for three months from June until September.

According to realestate.com.au, there are 248 Manjimup properties for sale, including this 55-hectare farm featuring a three bedroom residence. Listed for sale by Rodney Musulin of Primaries Real Estate for $970,000, it is “ideal for most horticulture pursuits, including highly prized truffles and avocados”.

The list includes two suburbs close to the Perth CBD – Subiaco, which ranks sixth on the list with a shortage intensity of 3.383 and 611 homes, and eight-placed South Perth, with a shortage intensity of 3.048 and 1,386 homes.

In absolute terms, Joondalup, about 16 kilometres north of Perth has the highest shortage of houses at 3,955 a shortage intensity of 2.38 houses for every 100 people.

[Ultimate Hater]

If there were a genuine shortage, wouldn't prices be increasing in those suburbs?

[ryan79]

They will when credit eases.

[Ultimate Hater]

You are saying that housing prices are linked to credit availability.

You've just confirmed pretty much everything Lance has said here over the last four years.

That's four years of arguing down the drain, Ryan.

NEW THREAD

[Sanj]

first viewing for my property tonight lancy, wish me luck

if the stars align hopefully no one will come, ill be forced to sell at a 50% loss and this time next yr will be posting from my box under a bridge

viva la revolucion!

[Ultimate Hater]

Good luck Sanj - it looks great.

[ryan79]

Originally Posted by Ultimate Hater

You are saying that housing prices are linked to credit availability.

You've just confirmed pretty much everything Lance has said here over the last four years.

That's four years of arguing down the drain, Ryan.

NEW THREAD

Its one of many factors. I've never disputed that.

[Ultimate Hater]

So you agree with Lance, and Steve Keen.

Interesting.

[ryan79]

One of many factors.

[LanceDriver]

How did it go Sanj? I wasn't on yesterday to wish you luck. As much as I want a major correction I'm not happy that it may mean casualities like yourself. Unfortunate.

[stuwa]

That's some smooth talkin' right there