Fishing Victoria Forum

IMO whilst the market is currently slightly easing it will continue to go up. There is a supply and demand issue that will not be resolved quickly.

Whilst it is hard to get into the market I still think it is better to be in the market than out of it. Even if this means buying a house and renting and living elsewhere.

100% Frozen, I agree with you there.
In our area, when the crash happened in 2009 odd, most people in our street were grumbling !
The actual fact of the matter was, that our particular area,still went up 0.5% in the heights of the recession.
This was enough to prompt most to commentate that it was a loss, because they were so used to getting 5-7% annually increase in there realestates property prices, they considered a mere 0.5 % increase as a loss. The last 2 years, have yielded near 8 % increases in house prices in my area.
This obviously wont be the same for every suburb granted, the further you travel from the CBD, prices that inflated, some extremely quickly over recent times, will take harder hits, quicker !. Some good opportunities will arise in these areas.
Are Melbourne house prices going to now crumble and all of a sudden there will be an abundance of cheap housing on offer ??? It will not happen !
the same was said in Sydney after the construction of huge amounts of smaller accomodation being built for the Sydney Olympics, They were predicting a buyers market once these new builds were vacated after the Olympics, Well, Sydney experienced one of it's biggest rises in inner city for 2 years after.
There's never a bad time to get into Terrafirma, as Frozen said, it's better to be in the market than out of it !!!!!
Obviously that's totally dependant on financial circumstances.


Col

Interesting article
Seen a few news articals saying about the same.thing

rb85 wrote:https://www.theage.com.au/business/the- ... 4zslb.html

Interesting read!
Thanks for sharing the link :thumbsup:

I have read those articles many times over the years doom gloom but I have never lost money selling a house

" The pace of price growth, shrunk to 1 %, giving a 4.5 % loss in values " Your increase % of your property is still a net gain, it just hasn't gone up as much. These commentators are fair scare mongers, seriously.
This is exactly what I was saying, in my previous post.
They also quoted Melbourne auction clearance rates were close to 50 %, Melbourne clearance rates are still over 60 %.
As I stated, you read this carefully, what their commentating on is the DROP in previous percentage increases.
So while " technically" this can be seen as a "loss", reality is house prices in Melbourne still rose 1 percent.
This fair p@sses me off with these broad statements these "people that give analysisis go. They consider your house has lost, when it doesn't rise as much as it did the previous year. Now, As I said, our area went up over 8 % in the last half of last year, my house still went up in price since then, by 1 %, that is not a loss, but 4.5 % down on previous increases. House prices are easing, no doubt, but go back to the doom and gloom of 2009 and you will see history repeating itself. Those properties which had previously increased 20% per year, then had a levelling up effect happen to them, those in blue chip areas say, 15 km from the C.B.D actually increased, only by a small margin, but they didn't crash like the commentators are claiming. I sold properties in the height of that recession and never lost a penny. If anyone thinks that this will gut the price of houses in Melbourne and their will then be cheap houses on offer, Quite simply, is dreaming !!!!!.
Seen it before, will see it again, Don't wait for houses to "crash" to get into the property market, do it as soon as you can, Prices will not crash as is being commentated, their may well be some bargains, with people having to sell up for various reasons, but we will not see the doom and gloom being reported...................

Col

Your right there col.
Articals are made to scare the un knowledgeble to selling.
Even if the price of property drops by 5 to 10% we still make money.
And owning property is always good idea if it suits you're financial situation.
The difference from buying to selling is quite alot for me so it suits me at this time to cash out just as the property market starts to drip in ots 6 to 7 year cycle.
Not saying it will suit everyone.

Over the last few decades, investing in property has been like the gold rush...a lot of people have made a lot of money.
I think the big picture is the whole economy might be heading for a bit of strife...the majority of peoples eyes start to glaze over if you talk about basic economic infrastructure, but as soon as you say anything about dropping house prices (most popular investment) or Superannuation, the majority sit up and listen.
We are heading into uncharted territory and it will be interesting to see how it all pans out. A lot of people are really struggling to get by and an increase in interest rates combined with increased cost of goods and low wage growth might be a trigger that starts an economic **** storm.

Lightningx wrote:

rb85 wrote:https://www.theage.com.au/business/the- ... 4zslb.html

Interesting read!
Thanks for sharing the link :thumbsup:

No drama mate.