Oz Property Market

[lisa jones]

For those interested in talking real estate ..

Let me grab a few informative posts from the other topic so we don't have to repeat stuff we've already covered.

[lisa jones]

Yes it would be good to explore the notion of affordability further since I feel it's the key to whole situation beginning to unfold across the country. But first - if I may - could I ask your advice on something?

Suppose I were looking at buying a house. This would not be an investment property as such so it's future market value would be fairly inconsequential to me. It would be a holiday home and perhaps eventually a place to retire to. Prices were falling sharply in the area due to various reasons, namely overinvestment foremost. Since I wouldn't be intending to sell until (God forbid) my body gave out and I was put in a nursing home, I would want to make sure that the local market had bottomed before I thought about buying. As someone with experience in property, what signs would you look for tell you that the market had probably bottomed, prices probably weren't going any lower and that it might now be a good time to buy?

Could I get back to you on this?

I'm at work atm and I've got a few impt meetings with some clients to attend to.

Regards

Lisa

PS. Yes .. this is a holding reply lol

Apologies for the delay in replying Mr Leftwinger .. Friday proved to be a very busy day and evening for all sorts of damnable reasons.

As regards your above question .. my advice?

1) Sit back and watch closely .. and do nothing.

[lisa jones]

Mr Leftwinger .. real estate is an interesting beast. You need to be quiet, watch it closely and wait like a sniper for 2 reasons:

1) to make sure it is the right animal you want

2) to make sure it is the right time to catch that animal

It's a pity I don't know the specific area you're referring to .. but I am already sensing alarm bells in the scenario you've depicted.

I am wary of any region which fluctuates too much. It smells risky. I personally avoid risk as much as possible when it comes to property.

[lisa jones]

Housing loan increase weakest in a generation

Loans provided by Australian banks and finance companies increased 0.6 per cent in March from the previous month, matching the biggest monthly increase since January 2009, the Reserve Bank of Australia said today.

Lending for housing increased - but at the slowest pace in at least 35 years.

Loans to consumers to buy houses rose 0.4 per cent from February and advanced 6.6 per cent from a year earlier, according to today's statement.

While housing credit is still growing, the rate of growth has slowed markedly. It may be that the current rate of growth is insufficient to allow both increasing prices and increasing sales volumes across the board.



The long term run-down is evident in the records of the RBA. The one bright(er) spot is that business credit is falling at a slower pace. It isn't actually growing yet but the slowdown in it's fall is something positive anyhow.

Yep .. I saw that news article.

It all APPEARS to be great .. again I would advise to watch closely the particular AREA you're interested in buying into to see how THAT area is performing.

Attend a few auctions .. grab a few weekly auction results etc .. get a TRUE feel for what's on offer in the postion you're closely guarding.

It may very well tell a different story.

Don't JUST stay home and read .. get out there and SEE and TOUCH and FEEL.

Hence why I stated initially this morning .. to do nothing and wait. Why?? Because you need to take a closer look at the situation. It's kinda like testing the water a bit to see what it's REALLY doing (in the area you've determined).

[Outlaw Yogi]

Yer cover'z blown sweety, your need to run off to find the advice requested of you makes it quite obvious, that as far as property speculating goes, you wouldn't know $#!+ from clay if you smeared it on your face.

[Monkey Magic]

As someone with experience in property, what signs would you look for tell you that the market had probably bottomed, prices probably weren't going any lower and that it might now be a good time to buy?

As regards your above question .. my advice?

1) Sit back and watch closely .. and do nothing.

Sit back and watch for what? What signs would you look for, whilst sitting back, to tell you that the market had probably bottomed?

[Aussie]

Lisa, what ought we sit back and watch for? What signs would you look for, whilst sitting back, to tell you that the market had probably bottomed?

[lisa jones]

Aussie .. it seems IQ has settled down now and that other property topic is ok to continue.

I don't think we'll be needing this topic after all.

Ok .. back to the original topic once more:

http://www.ozpolitic.com/polanimal/view ... &start=240

[Aussie]

Lisa, what ought we sit back and watch for? What signs would you look for, whilst sitting back, to tell you that the market had probably bottomed?

Oi....hang about................

Can you respond to that ^^^?

[lisa jones]

Refer back to the original topic .. and this time read MY POSTS IN CONTEXT.