Guest kangomik

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    Guest WhatNow?

    Thanks for that Mick. When all those first time buyers were being encouraged to use up their allowances last year I wondered what would happen in the couple of years after...not many first time buyers left now to keep the market moving. I think the only reason things are still moving in Adelaide is that prices here are still much lower than many other places and I suspect that Adelaide will follow the other capitals before long. I've noticed a lot of houses in Athelstone (where normally there are lists of people waiting for houses to come on the market) have been sticking in the last couple of months and there are one or two in the higher brackets that have been discounted not once but twice and are still not sold after 6 months. My sister's house was sold in June and the people who have bought it arranged ridging finance that they were confidently not expecting to have to use. Their house (also in Athelstone) has been for sale for two months now and they have had no interest - looks like they will need that v large loan after all. Wouldn't like to be in their shoes....

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    Houses are not selling there seems to be to many on the market and the ones that are seem to be hoping for inflated prices.

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    Guest WhatNow?

    Yes I think you're right. Adelaideans have been used to prices rising consistently for the last six or seven years and are over pricing and getting greedy, especially those who are subdividing. This is the first time I've seen properties staying on the market for so long. A reality check has been due for a while now, let's hope it lasts.

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    For further reading Delusional Economics: Oz real estate .. We warned you.

     

    Also The Unconventional Economist

     

    Everyone says Adelaide is different and prices never fall but let's wait and see. Unlike other states there is no housing shortage in SA, no huge population growth, so no reason for the prices to get so over-inflated. As an example of an unrealistically high price on a sub-divided block, just look at this new courtyard home with no back garden being built in West Lakes Shore. res. 2/45 Boyd Crescent, West Lakes Shore, SA 5020 - House for Sale #106718017 - realestate.com.au

    There have been quite a few auctions round here this weekend but I don't think any of the houses have sold. We are not buying yet.... just waiting a bit longer to see what happens next.

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    The way to make money and any profit on any investment is to build....in my opnion anyhows...

     

    There was a peice of land the same size as ours for sale last week and it was $50K more than what we paid for ours....thats before anything was done to the soil....

     

    there is koney to be made out here and i think it is more to do with land as oppose to property or what property you put on it.

     

    Just my way of thinking.....

     

    HG

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