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| House prices dropping? | |
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| Topic Started: Nov 24 2006, 03:01 PM (487 Views) | |
| CHELSEAJAMIE | Nov 24 2006, 03:01 PM Post #1 |
Redback
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G'day there, Ive heard conflicting points of view re house prices. On one hand I read an article on an Aussie paper websight that 99% of houses on the Sunshine Coast are unaffordable now, on the other i've been told by a family we are corresponding with the prices are dropping, by upto $80,000AUD, in some areas. Could it be the latter is now a consequence of the former, and the propety boom bubble has burst? If so, a great time to buy!! |
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| PC Pom | Nov 25 2006, 01:36 AM Post #2 |
Anyone for tennis?
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G'day Jamie. There are a few things that Brits need to know about house pricing in this part of Queensland. These things affect pricing. I'll not talk about supply and demand as a general route because it's a well known condition. Firstly, Australians 'react' to interest rate hikes far more than UK folks by immediately reducing their interest in the housing market. On the eve of a general election it's common practice for real estate agents to be crying out for stock. The fear of a new government and a subsequent rise in the base rate (no matter how unfounded) causes a big withdrawal of property offered. You might think the market's small and there are more buyers than sellers. Be aware that once the election is over, property comes back on the market. Have patience. Don't listen to the agent who tells you it's a good time to buy. In a month or two there'll be a glut. Seasons - look for summertime - pre-Xmas - when the market is at its fullest and buyers are wanting to settle prior to the new school term. Recent hikes in interest rates have resulted in a slow-down in the market. Agents can advise on the value of a property but it's a general rule that the price is set by the seller. That's to say that a seller generally states the price they want for a property and presents that price to the seller's agent. So the asking price may, and often is in this respect, inflated. That's why you MUST offer low. Aussies are not into DIY with regard to home improvement for resale as much as Brits are. Property in any popular area (and the coastal strip of the Sunshine Coast is very popular) will carry a premium. Move back just a couple of streets or miles (depending on your budget) and prices become more sensible. New blocks of land with house and land packages are always available and new releases are always becoming available. Caloundra, for example, has acres and acres and acres set aside for new housing development. Aussies rent alot. They think most Brits rent and are always surprised to hear that so many Brits have a mortgage. I don't know who told them the lie. They have always rented. Now there is a shortage of rental property and many renters find thay are fighting for property. That's because the property they're fighting for is generally in a 'perfect' location. Again, look outside the area and things really do improve. Quote: "99% of the houses on the Sunshine Coast are unaffordable". End quote. Obviously it depends on your financial circumstances and where you look on the web. For example, Ken Guy realestate is well into glossy adverts and tends to focus on the highest costing properties. Some other agents tend to pick up at the cheaper end. The web can be a dangerous place and somewhat skewed with information if you happen to pick up on the wrong sites! I fully understand where you're coming from Jamie. I was looking at the cost of a car and house whilst in the UK. I was horrified at times. European models were very expensive and houses weren't THAT cheap. I was trying to recreate what I had in the UK and it was a little demoralising. Once out here I learned that new Japanese cars were cheaper than they were in the UK. So, I didn't buy an Audi, I bought a Subaru, saved myself heaps and no embarassment trying to negotiate our steep gravel driveway in a front wheel drive Eurobox. We've had two cars get stuck on our driveway so far (2wd). Come rain or shine the Subaru Outback with 4WD just romps up there! Best choice we ever made. Houses? It was much the same. Once you get here and do the real work you soon learn so much.  I think prices have dropped a bit since it went crazy a short time ago, but I also think they've levelled a little since dropping. But they're definitely not out of control once again. Paul. |
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Koala Konnection UK to Australia and New Zealand. Migration Made Easy. | |
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| nanook4 | Nov 28 2007, 08:32 PM Post #3 |
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Redback
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hi paul by the way, the website is looking great, I haven't been on here for a while and it is good to see there is lots of useful info at hand  your response to this post is great, as chris and I are really hoping to move to the sunshine coast in june next year. our meds are in oz at the moment, so fingers crossed. Like you said, it is really hard not to look at properties on the web as people want a brief insight into the "oz" lifestyle. i have had a look at ken guy and ray white real estate websites but are there any others that you can recommend? We especially like the look of caloundra and sippy downs. well I'll leave it there, before I bombard you with lots of questions  thanks bec |
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| *Paul* | Nov 29 2007, 01:01 AM Post #4 |
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Croc
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Hi Bec. Well, I've done my best to keep this part of the site going but it's been really difficult as the 'big guys' seem to have squashed all the little guys! :rolleyes: Nevertheless, never give up because you never know what the future holds. And you're back! I see you've posted a few times too. I'll look into those web sites I listed ages ago. Their details have clearly changed. I made an offer to Shaun (new member) to post a copy of the local paper - the Sunshine Coast Daily. If it would help you and Chris (and anyone else) let me know and I'll check on postage rates to the UK. Regards Paul. PS - You asked what Montville is like? Check out the old Koala Konnection newsletter (since replaced with newer format) and view the last chapter which is all about Montville. You'll find it at www.queensland.me.uk. Gill and I love it up here (cooler temps and wider spaces and green) but be prepared for hours of mowing grass! One advantage of buying a typical house and block on the coast, not in the hinterland.
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| cathnpaul | Nov 29 2007, 01:14 AM Post #5 |
Moderator - Croc. the yellow ribbon is for Maddy.x
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If you would like a bit of info - I can certainly ask Paul (my husband) who is in the real estate business on the coast. In fact in Caloundra!! I also work for a property acquistion company, which has confirmed the sunshine coast as a growth corrider for the next 7years. It helps with the business I work in. As previosly mentioned,Caloundra is a boom area, and it was in the paper not too long ago as the next place to watch. House price affordability depends on if you are bringing money over with you and also the wages you get. Give us a shout if you need any further help. I would like to know where this loss though is of up to $80k, it certainly isnt common knowledge if thats the case... |
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