Australia housing bubble

[MITCHAY]

There was a house on the hill that was listed for nearly $3m a couple months ago and after a few reductions was $1.9+m.

They withdrew it from market which is the right move if you can carry it because it is every bit worth $2m+ both land and property.

[roKWiz]

Originally Posted by MITCHAY

There was a house on the hill that was listed for nearly $3m a couple months ago and after a few reductions was $1.9+m.

They withdrew it from market which is the right move if you can carry it because it is every bit worth $2m+ both land and property.

Is that the one on Capital Hill.

[MITCHAY]

I have reached the tipping point now where I own more than I owe.

If I could withdraw all my super I'd own my place outright. ****es me off a lot

[FTE217]

It’s a nice **** off situation nonetheless


Sent from my iPhone using Tapatalk

[Citroënbender]

Where and when is the party?

[ToryMikey]

Originally Posted by blueoval

Not really housing bubble related but some of us here may have Super investments that involve houses.

This is the projected tax reform Labor is preparing to introduce which will hit retirees and those with Superannuation. Designed to tax your Super even further when you retire and to destroy intergenerational inheritance wealth.

https://au.news.yahoo.com/super-tax-...173005879.html



Those who are for a socialist style regime will be laughing. This will be a nail in the middle class coffin.

Labor punishing the public!? Surely not!!

Unless you’re a public service lifer or Centrelink lifer I have no idea why anyone would vote for them.

[fordomatic]

House prices in Sydney are on the rise again.

[FTE217]

have been last couple of months.

[FoxtrotGolfXray 5.0]

And not just Sydney:

The growth is largely from a 1.3 per cent increase in Sydney house prices, with the median property price sitting comfortably above $1 million. It is the only capital city in the country with a median price in the seven-figure range.

Next are the three largest capital cities of Melbourne, Brisbane and Perth, which all experienced monthly rises under 1 per cent.

Adelaide also reported a marginal increase, while the smaller capital cities of Hobart and Canberra recorded no increase to house prices, while Darwin's median value fell by 1.2 per cent last month.

Source here

[Polyal]

Will be very interesting.

Unemployment rate still low, immigration to ramp up..so the clincher is inflation?

[T3rminator]

Lease renewal coming up in a couple of months. Property manager has suggested a modest 3% increase in rent. I said, look I don't want to burden tax payers with negative gearing in FY24, so lets bump it up 10% to help cover int repayments. Lets see how it goes.....


Did we actually even have a down turn in property? Seemed more like a slight correction within a very short time span...now continuing on its incline trajectory.

[blueoval]

https://7news.com.au/business/financ...ent-c-10521190

Austrlaia’s Reserve Bank has resumed hiking the cash rate, defying the majority of the big four banks expecting a pause.

The RBA met on Tuesday to hike the cash rate by basis points to 3.85 per cent.

That marks the highest level since April 2012.

The hikes mean the average borrower with a $500,000 loan with 25 years remaining will see an increase of roughly $78 to their monthly repayments.

RBA Governor Philip Lowe said inflation in Australia had “passed its peak” but was still too high.

“It will be some time yet before it is back in the target range,” he said in a statement on Tuesday.

“Given the importance of returning inflation to target within a reasonable timeframe, the board judged that a further increase in interest rates was warranted today.”

Lowe hinted that further rises weren’t being ruled out, adding the board will “continue to pay close attention to developments in the global economy, trends in household spending and the outlook for inflation and the labour market”.

“The board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that,” he said.

Three of the big four banks predicted ahead of Tuesday’s decision that the cash rate would be paused.

Commonwealth Bank was the only one to predict a 25 basis point increase.

PropTrack Senior Economist Eleanor Creagh said inflation “remains elevated and is well above the Reserve Bank’s 2-3 per cent target range”.

The annual inflation rate, which is the key driver behind the RBA’s decisions, was reported last week as being 7 per cent.

“Together with the lift in employment seen in the most recent update on the labour force, the labour market remains tight. This gave the RBA headroom to further raise the cash rate,” Creagh said.

“Whilst a further pause was considered, concerns around inflation expectations remain anchored and the board’s commitment to overcome the challenge of persistently high inflation saw the cash rate increased by 25 basis points.”

[Polyal]

They stuffed up by pausing on the late one, I cant seem them holding until the trend reverses.

[BENT_8]

Had an interesting experience recently with our building finance.

So my Daughter, her best friend and I all used Homestart to finance our 3 townhouse builds.
Homestart offer a 9 month repayment free period from settlement, we all settled on the same day in late June '22.
My Daughter and I received text messages in mid March to say the first payment was due at the end of March. I thought it was odd as the due date was just prior to the official 9 month period and asked the question. Got told it was right, pay up. No probs, made the payment.
My Daughter happened to mention it to her friend who said she didnt get the text or 1st payment taken, she contacted Homestart, they said the 9 months didnt finish until the end of March so 1st payment due end of April.

Last fortnight her friend received an email from homestart saying due to delay in building they we're extending the payment free period for a further 9 months with payment due end of Jan '24.

Neither my Daughter or I received that offer so I called Homestart. They reckon they sent us the email and I explained we didnt get it. I also asked why we had made a payment when my Daughters friend hadnt.
They brought up the files and said its not right, we shouldnt have had a payment come out yet but could see we had.
They said it should be refunded.

Now all 3 of us have the same Jan '24 due date yet only 2 of us have made payments which makes no sense.

Daughter received a call from Homestart yesterday saying no refund, bad luck.

So they've taken a combined $2500+ in repayments from us 2 and left us with the same remaining loan period as someone who hasnt paid a cent.

Not sure if I should contact the ombudsman and lodge a complaint.

[FTE217]

be mad if you didn't take it up with the ombudsman imo.

[ford71V8]

Love how companies make their rules on the fly.
Its why they cant explain their actions.

[MITCHAY]

Originally Posted by T3rminator

Lease renewal coming up in a couple of months. Property manager has suggested a modest 3% increase in rent. I said, look I don't want to burden tax payers with negative gearing in FY24, so lets bump it up 10% to help cover int repayments. Lets see how it goes.....


Did we actually even have a down turn in property? Seemed more like a slight correction within a very short time span...now continuing on its incline trajectory.

The mental gymnastics some renters have about negative gearing is funny to read.

[MITCHAY]

Well no surprise the full 0.25 passed on to me

I've said to myself to wait it out until they stop raising it before trying to bargain.

But my actual LVR right now can't be worse than 50 on the original valuation and my townhouse value is much higher now.

With the latest rise I'm on 6.27 so reckon I have room to get something better.

[Sprintey]

Hang in there Mitchay, they say the Fed raises rates in a cycle until it breaks stuff, well they've just broken US regional banks, this would tend to suggest holding their powder is more on the cards. Matters to Aust and rest of world as they are greatly influenced by the Fed rate.

[T3rminator]

Originally Posted by MITCHAY

Well no surprise the full 0.25 passed on to me

I've said to myself to wait it out until they stop raising it before trying to bargain.

But my actual LVR right now can't be worse than 50 on the original valuation and my townhouse value is much higher now.

With the latest rise I'm on 6.27 so reckon I have room to get something better.

6.27 is a rort. You can get mid to high 5s and with offset. Quite a few banks are also giving cash back for refinancing. See a broker, they'll do all the work for you.

[MITCHAY]

Originally Posted by T3rminator

6.27 is a rort. You can get mid to high 5s and with offset. Quite a few banks are also giving cash back for refinancing. See a broker, they'll do all the work for you.

I have a broker ready to go its a bit of a story but I always got discounts with them.

My current one takes the ****, not one call or email. I get plenty of real estate agents all the time

[BENT_8]

Originally Posted by BENT_8

Had an interesting experience recently with our building finance.

So my Daughter, her best friend and I all used Homestart to finance our 3 townhouse builds.
Homestart offer a 9 month repayment free period from settlement, we all settled on the same day in late June '22.
My Daughter and I received text messages in mid March to say the first payment was due at the end of March. I thought it was odd as the due date was just prior to the official 9 month period and asked the question. Got told it was right, pay up. No probs, made the payment.
My Daughter happened to mention it to her friend who said she didnt get the text or 1st payment taken, she contacted Homestart, they said the 9 months didnt finish until the end of March so 1st payment due end of April.

Last fortnight her friend received an email from homestart saying due to delay in building they we're extending the payment free period for a further 9 months with payment due end of Jan '24.

Neither my Daughter or I received that offer so I called Homestart. They reckon they sent us the email and I explained we didnt get it. I also asked why we had made a payment when my Daughters friend hadnt.
They brought up the files and said its not right, we shouldnt have had a payment come out yet but could see we had.
They said it should be refunded.

Now all 3 of us have the same Jan '24 due date yet only 2 of us have made payments which makes no sense.

Daughter received a call from Homestart yesterday saying no refund, bad luck.

So they've taken a combined $2500+ in repayments from us 2 and left us with the same remaining loan period as someone who hasnt paid a cent.

Not sure if I should contact the ombudsman and lodge a complaint.

Just to follow up on this, so I spoke to Homestart again myself after my Daughter got told there would be no refund.
Got an absolute flog on the line(no not my end..lol) who blamed me for requesting a stay of repayments under hardship, I said no I didnt request any stay, you offered it. He then spun that and blamed me for not requesting a stay early enough if im in hardship, I said no Im not in hardship Im simply asking you to explain why you took a payment from me but not my Daughters friend when you offered us the same extension.
He then claimed my Daughters friend had insufficient funds to make the payment which is not only incorrect but downright defamatory.
So I said I'll put it in the hands of AFCA, go for it he says, you wont win.

Well, off to AFCA it went and soon enough I get a call from head of Homestarts customer relations dept. apologising profusely for not only the inconsistancies but also for old mates conduct which was being dealt with.
Full payment refunded this morning.

[ford71V8]

Wow, what a cock

[Syndrome]

People have started paying stupid money again. I just returned from an auction in my suburb where the place sold about $100k above what would have been fair and reasonable value.

[mad2]

Originally Posted by Syndrome

People have started paying stupid money again. I just returned from an auction in my suburb where the place sold about $100k above what would have been fair and reasonable value.

just found out a place behind us sold for 300K which is amazing as it looks to be a concrete walled house same/similar to ours] which i think was built for the housing comm many years ago [and still is to a degree a housing estate]. have no proof but the unit next to my mums i was told sold for 600K and hers was valued in the low/mid 400K range before covid and hers is the one in better shape too!.

[Syndrome]

Originally Posted by Syndrome

People have started paying stupid money again. I just returned from an auction in my suburb where the place sold about $100k above what would have been fair and reasonable value.

Dodgy real estate agent claiming it was sold yesterday but today no sold sticker on the advertising board and not listed as sold by REIV or any of the real estate websites.

[blueoval]

https://7news.com.au/news/sa/felmeri...mbo-c-10724470

South Australian builder Felmeri Homes has entered into voluntary administration, leaving many customers with unfinished builds in limbo.

The Wayville-based family business has been in the industry for 30 years, but more recently, a number of new homeowners complained their builds were delayed and found to have defects.

Consumer and Business Services SA said it was investigating the builder after several “serious” complaints were lodged.

Commissioner Dini Soulio said it was meeting with Felmeri’s administrator on Monday to discuss the impact on clients with existing builds.

“We’ll be working with the administrator to understand whether the company is still going to be trading and what that means for consumers,” he said.

It’s unclear how many customers are waiting for their builds to be complete, but Soulio said CBS had ensured the company cannot sign new clients while under investigation.

“Through this process they have been engaging with communications with my office,” he said.

Felmeri Homes director, Frank Felmeri, declined to comment.

Among Felmeri’s unfinished builds is a $42 million project in Wallaroo, comprised of 100 units, all at various stages of the construction process.

The Wallaroo Shores Resort project was due to be completed last year, but town Mayor Roslyn Talbot said that was pushed to September 2023, because of a number of issues.

“They had to face significant obstacles, and none more significant than the COVID-19 pandemic,” she said.

“I have confidence the developers will find a solution to complete this project.”

Other customers of the company have complained they have received slow or no responses when they contacted their builders for updates on their homes.

Among them is Damien Oates and his young family who waited three years for their home to be built.

Within days, the entire townhouse flooded, with a non-compliant part found in the plumbing.

“We own a home, but we’re unable to live in it. It’s pretty stressful. It’s gut-wrenching,” he said.

My favourite neighbours are moving out at the end of june as their $610 week rent is being raised to $730 !


Wifey wont consider moving to the bronx in woodridge and just rent for $300 and putting tenants in our joint for $750 ><

[FTE217]

Thats nothing Daz,
My daughter inlaws Uncle had to move a month back due to Landlord raising rent by $500 !
Since I have found out my sons girlfriends parents living in rental also are moving out this weekend due to a similar rent rise, like FFS.

[Syndrome]

Originally Posted by Syndrome

Dodgy real estate agent claiming it was sold yesterday but today no sold sticker on the advertising board and not listed as sold by REIV or any of the real estate websites.

And today the place is no longer listed as sold but back on the market with an asking price above Saturday's highest bid. Seems like it was added to boost the REIV auction clearance rate number over the weekend and removed today.

Shonks.