Now it’s on the box

It is sunday so I will keep it short.

I know this isn’t new to anyone who has been reading my posts for any length of time. But as a good friend of mine used to say “it isn’t real until it is on TV”.

I suspect this is just another piece of strategic capitulation by the Queensland real estate industry and you may not see this as significant. But this is the first time in a long time that I have seen a news story on commercial television actually stating that house prices are falling.

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  1. 326 properties in Melbourne passed in yesterday according to REIV.
    Last time I sold my house I spent 0.00833% on marketing (and i’m a tightarse).
    REIV states that yesterdays median auction price was $749K, therefore if my calculations are correct that equates to just over $2m of home owners money down the drain.
    That doesn’t include the 5 postponed or 4 withdrawn.
    And I have no idea what 94 “Auctions with no result” means? I would of thought a property passed in on a vendor’s bid sounds like a “no result”. ie. $6K spent on marketing and no one put their hand up!

  2. First Home Buyer

    So if the expensive houses are dropping in price does that mean that the same will happen with the bottom end soon?

  3. I think you will find that the clip talks about the fact that this is happening as well.

    I have also found some recent sales evidence that Brisbane CBd is taking a big hit with some recent sale values 15-20% below 2007 sale prices.

  4. Wow, this may well turn sentiment.

    Not to sure about the last “analysts say the market should start picking up next year”. Sounds like a disguised “get in now! This is your last opportunity!”

  5. I can’t be sure but was that ‘property owner’ at the tail end of that story actually work as a real estate agent? If so he should have declared that to the reporter.

  6. A quick Google quest reveals someone of the same name who used to work as a sales manager for the failed Atkinson Gore Group….a Gold Coast based property “empire” business…..

  7. My favorite part of the interview is the seller at the end telling buyers that they need to get realistic in the market place


  8. The big thing in this article is that the banks are no longer lending for homes as they once were.
    The market will fall once the banks stop lending, which will lead to lower prices which in turn will lead to tighter lending. The dynamic that pushed it up will start to pull it all down……

    Time to buy…no way…time to watch the melée towards the end of this year…..yeap!

    • It seems that everyone has already said what I was thinking – this point in particular.

      But I thought that the article had tried (not too hard though) to turn this into a bank-bashing exercise. The bust is the fault of the banks not lending enough! Those bastard banks!

  9. While I have a vested interest in high RE prices I also see the absolute folly of Australian’s several decades of RE investment instead of in something productive and debt reducing (but that requires some effort).

    Unfortunately, as China is to WA, India is to Qld so I suspect in the medium term there’s going to be a lot cashed-up mine workers and hangers-on chasing too few Qld houses.

    • The 3500 empty units on the Gold Coast may help. The couple of thousand empties on the Sunny Coast and the 20%+ discounting for ‘no sale’ in port Douglas will help.

      Open another bottle and keep saying “yes we can”.

    • I’m not sure about too few houses. For example, the Refinder website had around 320,000 homes for sale maybe 6 weeks ago. Now it has 350,482 as of today’s date. Now, that is a lot of extra homes coming onto the market in a short period is it not?

      They are also showing 104,481 adverts for Queensland, unless I am reading it wrong. There aren’t enough cashed up mine workers to buck this trend.

  10. My neighbour’s house fell off the side of the hill on the Sunshine Coast. Fortunately their Insurance Comapny paid them out. They are now looking for a home around the $600K mark.
    They say every house they look at the price has been reduced from about $720 to $700K down to ASKING price of $600 or just under.
    I go to a few auctions around the place. Prices are generally down about 20% unless you’re looking for $800K and above. That market is very close to non-existent.