I've almost lost interest in the real estate market at the moment. There doesn't seem to be a lot of decent properties on the market where I am looking and what is about is still overpriced.
Presumably a factor would be the position of the property for sale. On major roads I'd expect a large For Sale sign with some decent photos would prompt prospective buyers to contact the seller, whether that's an agent or a private seller.
My logic might be wrong but if I were buying I'd be more than happy to approach a private seller, but not so keen if selling, where I'd at least expect the agents would qualify prospective buyers before trooping them through the house.
Anecdotal only, but there are a few properties near here up for private sale. The signs have been up there for years.
Put it this way... a direct sale will almost never beat a good agent/broker in terms of yield for the seller BUT finding a good agent in RE seems to be the challenge. There a way too many also rans in that business! However that does not mean that those that are competent don't earn their fee.
Professor Emeritus of Golden Nads - Life U
Interesting article in the Telegraph, House crisis looms
Low interest rates as well created the perfect storm and the riduculous doubling of the first home owners grant and encouraging everyone to "get into the market" to keep the housing sector going.
It will end in tears as the forced sales depreciate the worth of all the properties around them.
I blame Rudd and Labor for whats to come.
What I would like to know where is robots, what is he doing and what strategy has he taken on?
Very curious if the king of bulls is still bullish or over the bs
Australian property market, the only force in the universe that defies the laws of physics & economy - it can never go down. As seen on current affair & today tonight
I fail to see how we can blame anyone in particular for decades of reckless debt accumulation and investment speculation. Rudd didn't help, but it's merely the icing on a 10 tier cake.
**** is poised to hit the fan, falling property values will be the least of everyones worry(although a big one)
Taking the bull by the horns
As I don't have $6m it is not an issue for me to worry about. Still in the same 3 beddie my wife and I bought many years ago in the 70's just as the oil crisis hit and we were concerned about keeping our jobs.
Drsmith's property tax reforms for private owners/investors.
1) All state based property taxes (stamp duties, land taxes etc) should be abolished.
2) Deduction of expenses against unrelated income (negative gearing) should be abolished.
3) The current 50% capital gains discount should be reduced to 1/3 (the current difference between the top marginal rate of income tax and the corporate rate) and the option of CPI cost base indexation restored.
4) Building depreciation should be abolished.
Some commentary from the head of Residex about the competition. Hits the nail on the head, I think. I am puzzled that month in month out, what I hear anecdotally just doesn't add up to the statistics presented.
APM is the worst. Andrew Wilson seems to be stuck in 2007...
http://www.macrobusiness.com.au/2012...ousing-market/I strongly believe that housing data being published by other market researchers in the press does not present an accurate picture of what is happening. In fact, it is probably the reason why reported figures are not in line with other indicators of what is happening in the market to the ordinary Australian. My point is very simple: the total dwelling statistics being reported suggest that the majority of property owners in Australia are seeing growth in their principal asset hence they should be feeling more comfortable, starting to spend a little and increasing their activity in housing markets. If this were the case, consumer sentiment surveys would also point to a more confident population…
I believe that, given the current interest rate setting is attractive, the market should be moving forward more strongly than what we are seeing.
Auction clearance rates are stubbornly holding within the 50-60 per cent range. Latest ABS figures suggest housing finance numbers fell by 1.4 per cent for owner occupiers and 2.7 per cent for investors. Based on these figures, it is difficult to believe that the market is as robust as the press is suggesting.
I believe the slow pace to better times is a result of uncertainty and that any significant improvement won’t be seen until there is uplift in sentiment.
The simple truth is, in an environment where sentiment is fragile negative news accumulates and contributes to low consumer sentiment. This is perhaps partially responsible for the market downturn in the dwelling price growth in August, after the growth that appeared to be getting underway in July. I also note that the press was reporting a slowing in the Chinese economy in August.
I accept my above statements are somewhat downbeat; however this is based on the average market position that exists for the median property in any given city. Areas within a city are not all going to perform at the same rate as the median. There will be areas the perform better or worse that the city market as a whole.
Here is a PDF which will give you a flavour of the decisions of the High court under Sir Garfield. He was quite a character I understand. Not born into a wealthy family and a bankrupt at one stage. Sorry about the ramble but I am fascinated by historical developments and people who formed them.