House prices

Blowin's picture
Blowin started the topic in Friday, 9 Dec 2016 at 10:27am

House prices - going to go up , down or sideways ?

Opinions and anecdotal stories if you could.

Cheers

Robwilliams's picture
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Robwilliams Sunday, 12 Jun 2022 at 2:17pm
old-dog wrote:

took sandwiches to work.
The young dudes at work must spend $150 p/w at the deli and all drive massive new 4x4s and subscribe to multiple streaming services and line up for every new
i phone and gaming console that hits the market. Slaves to being cool and even dress and talk like gangster rappers. They don't seem to understand that all these small self indulgent purchases add up. .

Totally agree with the above. See this allot, expensive phones and fuck all else. Pretty nuts. Commercialism and consumerism has had such an impact on some. But I guess thats is also a successful business model. Cost is not considered enough eg $90 cotton hoodie, kids on $6000 mountain bikes, top of the line stuff with no understanding or respect for things etc. Stuff that is way overpriced for what it actually is. Crew are being taking advantage of and allowing themselves to be exploited in some circumstances. Don't get me started on the cost of beer especially craft. Its become a bit of a joke. Apprentices with larger loans and credit that haven't used it wisely and have nothing to show for it. Some can't even look after what they have acquired. Throw away society until consequence bites. The thirst for all new is insatiable but can they afford it?

Nothing wrong with earning your keep, and spending it as they wish but prioritise the the basic priorities. Money never grew on trees as some were lead to believe. Ignorant or mislead. Totally understand that it also hard to get ahead for those that have done the right things too or have some luck. Is basic budgeting taught in school or is it just an acquired app these days. Insane in some regard. A blank skateboard rides as well as a signature model.

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velocityjohnno Sunday, 12 Jun 2022 at 3:00pm

For the guys above calling for more for the Arts - are you nuts? I would not wish the employment outcomes on the extra kids you'd put through that system - and I'm an Arts graduate. In Australia, carpentry has been a better choice - otherwise, it's off to London where work exists in the field, go do a 2nd degree, get into govt (22 jobs, 4000 applicants I do remember back in the 90s) or work whatever you can find. Wouldn't wish it on the kids, you'd be giving them an employment disadvantage to satisfy your desire for a more artsy society. Australia is different, it's a far more practical and building stuff society. I guess the outcome will make the graduate more frugal though. Back after 2009 the car industry had 500Mn taken from it's support, and the arts got 500Mn support iirc. We had fire twirlers come to town and that looked mint on that night. But I'd much rather have a domestic car industry.

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sypkan Sunday, 12 Jun 2022 at 3:31pm

"Totally agree with the above...."

I agree too, ...but I'm scared to admit it, because you get accused of being a privelaged old grump for denying someone a piece of avocado toast...

my olds are a prime example too, homemade sandwices everyday for work lunch - no exceptions; second hand cars their whole lives - until retirement, when they got their first (very modest) new one; second hand furniture; NO designer clothes... none!; etc. etc.

and, always scrimping and saving to pay off the house - and that was the 'best thing they ever did" ...freeing themselves of that burden early...

interesting that many crew in the modern context may never feel such freedom...

yes house prices are now totally ridiculous, and yes, now there is little hope without a huge loan...

but people's lifestyles have changed in a phenomenal manner through this time period... 12 year old kids with $1000s of dollar phones is just next level nuttery, but many just see this as 'normal'...

$6 coffees, brand new fourbys, manicures, botox, multple overseas holidays a year etc. are now just routine for many crew... and this is just the young young crew, not the people that have worked all their lives...

the expectations are just next level

yes we may have developed a 'services' economy, but if its all been built on a flimsy card house of credit... what have we actually achieved?

and if the card house falls ....really really falls... who is going to pick up the bill for all this outstanding credit?

it kind of all comes back to 'producer economies' versus 'consumer economies' ... which may be a little commy in its thinking... but geez ...we really went all in on this consumer economy thinking...

not a very 'balanced portfolio'

plain bloody reckless!

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sypkan Sunday, 12 Jun 2022 at 3:29pm

"For the guys above calling for more for the Arts - are you nuts?"

yep

funny how when scotty put up fees, it was all... "purely ideological"

is it not exactly the same to advocate the other way?

sure seems that way...

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sypkan Sunday, 12 Jun 2022 at 3:40pm

and, in the interests of disclosure...

I enjoy my $6 coffees

and I quite enjoyed my arts degree too

(when I finally finished the fucker!)

but none of it was on credit, and the very modest parts of my life have given me just as much worth and value...

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sypkan Sunday, 12 Jun 2022 at 3:45pm

Im a DIY guy...

and not much has fallen down.. yet...

resale value? ...non existent...

satisfaction and 'sustainability' ...through the roof!

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Robwilliams Sunday, 12 Jun 2022 at 9:09pm

velocity
I have supported the arts my whole life where and when I can afford too because it's an interest and an outlet from the rigours of life, I believe the arts create a healthier society and help form and celebrate societies culture. I fully understand your economic points regarding supply and demand and true employment outcomes within the arts . The arts have never provided for all within them financially speaking, lot's of broken un achieved dreams so to speak. But many who are passionate persevere to positive outcomes despite the difficulties.

Those that make a lifetime financing themselves are very good or have some luck. Just like pro surfers who have made it comfortably. It is the diminishing sphere of the arts in general that concerns me and the effect this has culturally more to speak. Trades have always been a secure job option again regarding supply and demand but even they are now facing problems.

There is still allot to play out and this and the fallout are my main concerns for young people, especially for those trying to get ahead. Everything has been effected, across the generations. I don't have the anserw's but it has been heading this way for some time. Houses that are not even close to the sums they are being sold for regarding materials used and construction costs. Over pricing of location most certainly has accelerated this. There has been a demand to the extent of exhausted supply so the market certainly hasn't been weak, rather the financial devide which has left many behind. Realities of balance that seems well out of hand to many Australians currently. Time will reveal the full extent of problem over the long term. Sad to see Australia this way. But I guess it's always was and will be anything for a buck right.

The arts will reinvent themselves as they always do, it's just a shame they are carved up at an expense to society as a whole. I believe we are weaker without them. Art has no bounds in it purest sense I would like to believe. Hold tight. And fuck those pokies off that saturate spaces that once where healthier by and large. We don't need anymore bottle'os and gaming rooms and the problems they bring. True vultures of hope but an easy short term sedative to the real problems people are facing.

I just want to add as a possibility in regards to the decriminalisation laws in the ACT and maybe soon to be seen in other states. That some thing of the majority of prisoners in incarceration is drug and alcohol related. Decriminalisation to some extent has had positive outcomes in other countries but will it be used to nullify the current social issues facing us by governments. I totally support the decriminalisation in regards to how wide spread it is through Australian society but it is a major disruptive socially speaking in some instances. Plenty of us know crew who have fallen to addiction suicide etc.

Both government and elements of society have done very well financially from its illicitness at the destruction of often those that can least afford it on some terms. Is there an economic or political reason for these sudden new decisions from a state that has previously had strict and tighter laws facing common drug laws? Just a thought I had reading posts and the current economic situation and past evidence. I believe in decriminalisation but health support is essential as is looking at it from a realistic view. So many things are starting to bite and play out. Hence why honest, positive and productive change is so important on the path in which Australia evolves or devolves. Can we de complicate the issues we face, are we able? Are we seeing people expressing concern through the last election, I reckon we are and this is just the beginning of generational change and approach to some what. House prices are a major player at current prices.

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bonza Sunday, 12 Jun 2022 at 10:32pm

“And it’s mathematically correct that when it comes to the property, the government subsidises both sides of the equation when first home buyers compete with investors“

That doesn’t even make sense. It’s mathematically bullshit.

Pop quiz.
Yes or no. No “maybe” allowed
1.Negative gearing
2.Capital gains tax
3.Annual immigration >80k
4.Grants and incentives

If you read the whole thread as you say it’s why I’ve kept the list succinct

Thanks flollo

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velocityjohnno Tuesday, 14 Jun 2022 at 7:27pm

Hey Sypkan - had a feeling you might be similar. The degree is not worthless, the research skills given can be formidable, but it's a question of being able to bring that to bear. I am lucky that in the face of it's results, I gritted my teeth, and went on and learn what is essentially another degree, though informal, wherever I could find it from those who were successful.
Those skills bear fruit, but like my old Uni said, it is equally important to "Know Thyself". I'll shout you a wave any day.

And Rob that was a really beautiful post up at the start - I do not disagree with your choosing to value the Arts (my great uncle once said something very similar to me, and he was a learned man). Is there anything better than being front row, looking into the actor's eyes as they deliver their lines on stage? It's epic. For many though, it leaves the graduate with a more undetermined future (jobs counsellors saying "try teaching" doesn't help) than other graduates, unless public service is hiring. Throw that into the mix with the economic conditions out there and it will be a lot like the 1990s.

Relevant to housing, here's the 90 day bank bill

https://www2.asx.com.au/markets/trade-our-derivatives-market/derivatives...

and here's the chart pack, note the correlation between the cash rate and the 90 day bill yield

https://www.rba.gov.au/chart-pack/interest-rates.html

nearly fell off my chair looking at the 90 day bill this morning.

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Robwilliams Tuesday, 14 Jun 2022 at 9:23pm

Definitely been tightening my belt for some time as are many others who experienced the 90's, little unnerving seeing it all slowly eventuating. Thanks for the charts, they really give a clearer understanding of whats unfolding. For anyone relatively new to what terms are being shown and discussed by those with more familiarity. Always been a fan of the line graph. Velocity and crew who have a much greater understanding and analysis on how the markets work and play out are great to learn from from some of their knowledge expressed in this thread.

https://www.rba.gov.au/statistics/cash-rate/
The cash rate is an interest rate set by a central bank, determining the rate of interest paid on overnight loans between banks. Generally, banks borrow and process transfers between each other overnight which are the funds lended to meet their daily cash needs.

The cash rate also serves as a benchmark rate for everything from mortgages and savings accounts to the exchange rate, making it an important tool for managing national monetary policy.

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donweather Wednesday, 15 Jun 2022 at 9:31am

Yes how’s the 2024 no rise coming along!!! RBA should be shot for making these kinda statements as it’s these statements that fuel the ridiculous housing price bubble.

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Dx3 Wednesday, 15 Jun 2022 at 10:33am

Watched Gov. Lowe on 7:30 report last night. He's a bit of a weird dude. Crazy eyes. Couldn't help get the vibe he's going to enjoy any financial carnage that may come. Took zero accountability for his 'no rate rise until 2024' statements that he repeated over and over last couple of years, aside from saying that they were always conditional statements. Fact they were still making those claims back in December last year is wild.

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donweather Wednesday, 15 Jun 2022 at 10:50am
Dx3 wrote:

Watched Gov. Lowe on 7:30 report last night. He's a bit of a weird dude. Crazy eyes. Couldn't help get the vibe he's going to enjoy any financial carnage that may come. Took zero accountability for his 'no rate rise until 2024' statements that he repeated over and over last couple of years, aside from saying that they were always conditional statements. Fact they were still making those claims back in December last year is wild.

Apparently we all forgot to read the fine print disclaimers in his statements!!

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Nick Bone Wednesday, 15 Jun 2022 at 10:53am

I have no idea what you guys talk about but I can understand saying one thing and not coming through.

Was the “No rate rise till 2024” a promise or hyperbole. Either way, how could you state something you uncertain you can deliver on - and not get reprimanded?

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velocityjohnno Wednesday, 15 Jun 2022 at 11:00am

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velocityjohnno Wednesday, 15 Jun 2022 at 11:06am

To be fair, there's a lot outside his control that he can only react to - and it's been way too little, way too late imo. If the Fed does a Volcker and goes off hunting inflation (read: oil, that's what folks are saying now in the financial press; also read the Jay Powell interview I posted in one of these threads: it's been telegraphed already), in my opinion, then he cannot let too big a gap exist between Aussie rates and the US rates (historically, we should have a premium to theirs to attract capital). Anyway, Fed decision tonight, more prognosticators suggesting 0.75%, after hot US CPI print on Friday. Cat meet pidgeons. Going to leave that 'd' in pidgeons as I've always spelt it that way Mr Spellcheck.

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kaiser Wednesday, 15 Jun 2022 at 11:22am

Minimum wage increased by 5.2% in Oz. Now every opposing lever is being pulled at once. Fascinating times.

They say every time ‘This time it’s different’. You can’t get more different than what we’re doing atm I reckon.

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Dx3 Wednesday, 15 Jun 2022 at 11:41am

Rightly or wrongly, some folk likely made house purchases thinking they'd have 2-3 years to build a buffer based on the 'no rate rise until 2024' statement that was repeated. Not just said once but repeated, fine print disclaimers aside. He even acknowledges they likely did. So that time period taken away (hopefully they at least fixed in low rates while they could!), plus the rising cost of everything else = more immediate stress.

I found his comments re: inflation interesting, in that he's confident it'll come down, but more so due to the rise we've seen not being sustained. So not that prices will come down, but they'll just level off which in essence means inflation drops. So the $2.20 petrol, $10 lettuce remains, it just doesn't go much higher was how I took that, do I have that right?

VJ, you seem pretty clued in on this stuff, is that your take on how inflation comes down? The high prices we've got remain, they just stop rising much more than the 2-3% target range.

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DudeSweetDudeSweet Wednesday, 15 Jun 2022 at 12:14pm

The RBA announced the “no interest rate rises till 2024” back on page 11 of this thread.

Worth a read to see how opinions have held up to time. It was March 2021!

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velocityjohnno Wednesday, 15 Jun 2022 at 12:34pm

Hi Dx3, I'm a trained historian not an economist so take this with a pinch of salt, and anticipation a real economist will come in the conversation and school me downthread.

There are some here who point out that there are supply causes to the inflation - supply interruptions etc - and that is true. If chains repair themselves, that should see more supply online and the inflation subside. Other stuff seems irreparable at the moment, like semiconductors or that Ukranian neon gas stuff to make said semiconductors.

I'd point out there's also been a titanic amount of money printing. If inflation has a monetary cause (I believe it does), then that may continue. To stop that, Paul Volcker proved it was successful to raise the interest rate higher than the level of inflation in 1980 (this is a very, very rough explanation). Even if we get to 2.5%, inflation is running at 7% so we'll still be negative real rates, which tends to eat the value of money. What follows (speculation, my own opinion, not financial advice) would be a long time of constant inflation, volatile asset markets, and unrest. Like the 1970s. So: choices, do you be mean now and stop it early, or fail for a decade or so and then someone else is mean and stops it when much more damage is done. Of course, if the inflation is all supply-side, it will be gone by next year. If not, however... (bonus research: look up all the crop failures due to weather extremes like frosts)

That environment would pay off debt through inflation, and there would be a struggle on all sides to make sure their wages/earnings keep up. So not too bad for debtors provided their cash flows remain secure, but a house might be 5Mil and a Big Mac $30 by the end of it. Terrible for savers and retirees, who would be pushed into far greater degrees of risk just to keep up, or face destitution, as would the homeless and working poor.

If the rate hikes push places into recession, prices will revert to their means (one would hope, unless more stimulus is thrown at sectors). Zombie companies would be hosed away. Lots of pain for recent purchasers - but remember the 17% rates of the early 1990s did not last long. Then rates would fall (market predicting 3 cuts in 2023 in US presently after this years' rises- this can change!) Hopefully, this would allow better growth afterward, like coming out of the 1921 recession in the US. Ever since the 1990s recession, whenever storm clouds gather, we've found some form of relief/bandaid to make sure we don't go into recession. Each time, housing prices have gone higher relative to incomes.

Here's Ben Bernanke, the Fed chair at the time of the GFC:

"“I’m hoping and guessing that oil and food prices will at least stabilize and preferably begin to moderate,” he said, while acknowledging that “things could go bad” if the above does not go to plan and inflation persists, leading Americans to start losing confidence in the central bank.

“Then the Fed might have to crack down much harder,” Bernanke said."

https://www.zerohedge.com/economics/us-economy-has-decent-chance-avoidin...

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Nick Bone Wednesday, 15 Jun 2022 at 12:47pm
velocityjohnno wrote:

https://www.youtube.com/watch?v=3D8TEJtQRhw

You know how to tickle my fancy!

DudeSweetDudeSweet's picture
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DudeSweetDudeSweet Wednesday, 15 Jun 2022 at 12:55pm
Nick Bone wrote:
velocityjohnno wrote:

https://www.youtube.com/watch?v=3D8TEJtQRhw

You know how to tickle my fancy!

Was perfect

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Dx3 Wednesday, 15 Jun 2022 at 1:06pm

Cheers VJ - interesting reading.

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sypkan Wednesday, 15 Jun 2022 at 1:59pm
donweather wrote:

Yes how’s the 2024 no rise coming along!!! RBA should be shot for making these kinda statements as it’s these statements that fuel the ridiculous housing price bubble.

it did seem a really really stupid thing to say at the time - as pointed out by many commenters on here - pure hacker commenters... who could still see the recklessness of such comments... projecting 3 years into the future essentially!

but I guess it was all about patterns, trends, and going on the financial zietghiest of the time - where money printing was not so on the nose, and inflation was 'under control'...

MMT was not such a ridiculous proposition back then... (for some - hello factobum!) ...but once again, commenters on here (hackers) could see the shortcomings of such fanciful thinking... raising concerns about inflation, devaluing of currencies, and skyrocketing assett prices...

we'd seen 12+ years of essentially money printing back then (following 2008 GFC), ...and the results were patently obvious... skyrocketing wealth for the assett holding class, and a devaluing of dollars for average joes...

and perhaps most most importantly, splurges of money printing over more than a decade had failed to get the result the central banks were continually seeking...

or maybe they did get what they were seeking... they enriched themselves, preserved their stocks assett prices, and allowed the kicking of the can, again, again, and again... and again... (enter phillip lowes twisted googly eyes above)

what blows me away, is how they allowed interest rates to get so so low (negative even in some cases) ...before realising they've got nowhere else to go... the 'powder' was clearly done a long long time ago - yet they didn't change tact...

some serious herd thinking was going on... where even conservative by nature (not politics) economics people like alan kohler, were suggesting the possible 'harmlessness' of MMT...

geez we've gone through a very strange little epoch in economic thinking indeed... where many 'good people' were either too chicken, or too invested (ie. complicit) to raise their heads above from the herd...

a cynic might say it was ALL self interest at work

and they might very well be right!

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sypkan Wednesday, 15 Jun 2022 at 2:06pm

...the ruling, media, financial, academic class, have failed miserably once again...

we're heading into decades of gross failures now

and once again, as pointed out above, there seems to be no repercussions...

again...

for some...

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chook Wednesday, 15 Jun 2022 at 3:22pm
sypkan wrote:

...the ruling, media, financial, academic class, have failed miserably once again...

we're heading into decades of gross failures now

and once again, as pointed out above, there seems to be no repercussions...

again...

for some...

the academic class have failed you? how so? I'm knee deep in marking first-year essays at the moment -- do think I should be marking a bit harder, is that it? or is that you think I didn't do such a good job explaining Godel's incompleteness theorem in my third-year mathematical logic seminar this year?

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sypkan Wednesday, 15 Jun 2022 at 4:57pm

bit sensitive there chooky champ...

u don't think the system that has advised all of our current shit show through a grants, higher study, and exploitative overseas student system generally has failed the general population somewhat?

u don't think the various universities play a major role in influencing government policy?

I could go into how - for 3 decades or more - 'the system' produced endless 'irefutable' 'research' on the merits of high immigration and the like, ...and various other neoliberal supporting claptrap... only to have the lived experience of average joe and 'his truth' prove otherwise...

but let's just keep it to the first two

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chook Wednesday, 15 Jun 2022 at 5:18pm

not sensitive at all -- I'm comfortable with my role and place in society as an academic.

You think the government turns to academic research. then based on that research, decides we need more immigration? you're delusional.

and where is all this neoliberal academic research that drives government policy? Barnaby Joyce...burning the midnight oil as he reads yet another academic research paper before making a decision to build a billion dollar dam and open up Narrabri for fracking....is that how you imagine the working of power and government?
Angus Taylor, so beholden to the whims of academic publications when he decides, yep...give that liberal party stalwart in the NT a few hundred million of tax payers dollars to frack the bettaloo basin. is that how you, the average Joe that is so clued into how things are, thinks the world works? absolutely fruit cake bullshit.

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Robwilliams Wednesday, 15 Jun 2022 at 5:24pm
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sypkan Wednesday, 15 Jun 2022 at 5:41pm

well, certain folk, media, and institutions cite certain 'research' ad nauseam to see their agenda implemented... be it a government department, or the business council etc. influencing them...

and, when I flirted with environmental studies as part of my degree, it was all about PPP's (public private partnerships) as 'solutions' to our environmental problems... whilst totally not without merit... I'd say an all in thinking on this has totally run its course and found its limits...

highly paid 'consultants' can only do so much... regardless of their good intentions...

it is the same old thinking for many issues

and the uni's spruiking the overseas student model... well...

your counter exanples are pretty predictable and lame in their bias, and pretty much plain spirious really...

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udo Saturday, 25 Jun 2022 at 8:09am
velocityjohnno's picture
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velocityjohnno Tuesday, 28 Jun 2022 at 9:30am

This link is good as it suggests correlation between secular falling rates and exceptional house price growth in last 20 years

"As mentioned by CoreLogic, the secular decline in mortgage rates since 2008 has been a key driver of the Australian house price boom, with stimulus playing a supporting role over the pandemic.

Indeed, Australian mortgage rates more than halved over the 20-year period, with the average discount variable mortgage rate hitting a record low 3.45% before the Reserve Bank of Australia (RBA) commenced its tightening cycle in May:"

https://www.macrobusiness.com.au/2022/06/after-the-20-year-boom-comes-th...

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donweather Wednesday, 29 Jun 2022 at 12:40pm
velocityjohnno wrote:

https://www.macrobusiness.com.au/2022/06/after-the-20-year-boom-comes-th...

These two statements are rather sobering to say the least!!

"If the market’s forecast for interest rates comes to fruition, then Australia’s discount variable mortgage rate will more than double to 7.1% by mid next year, taking rates back to 2011 levels"
"The difference this time is that Australian dwelling values as a share of household disposable income are 50% higher than they were in 2011. Thus, Australian house prices are much more vulnerable to a correction as interest rates are lifted."

That last statement above is definitely the key difference this time around.

And this one supports my theory I've been banging on about for some time:

"And if the RBA follows the market, then we will be staring at the biggest house price crash in living memory."

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bonza Wednesday, 29 Jun 2022 at 1:11pm

https://www.abc.net.au/news/2022-06-29/census-finds-1-million-empty-hous...

but yeah.. the housing crisis is a supply issue.

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channel-bottom Wednesday, 29 Jun 2022 at 3:38pm
bonza wrote:

https://www.abc.net.au/news/2022-06-29/census-finds-1-million-empty-hous...

but yeah.. the housing crisis is a supply issue.

1 million empty, or perhaps a large % of census not completed and assumed as an empty house.

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bonza Wednesday, 29 Jun 2022 at 4:48pm

perhaps. but census was conducted during Covid-19 - restrictions and lockdowns in place.

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donweather Wednesday, 29 Jun 2022 at 8:40pm

This pretty much sums up how quickly we’re gonna be in a world of pain.

https://www.realestate.com.au/home-loans/news/household-debt-australias-...

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velocityjohnno Thursday, 30 Jun 2022 at 6:54pm
channel-bottom's picture
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channel-bottom Thursday, 30 Jun 2022 at 9:10pm
bonza wrote:

perhaps. but census was conducted during Covid-19 - restrictions and lockdowns in place.

Population approx 25 million, average of 2.5 people per household so approx 10 million houses/apartments.

That article suggests 1 in 10 is empty. Just don’t know where they would be.

channel-bottom's picture
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channel-bottom Thursday, 30 Jun 2022 at 9:19pm
velocityjohnno wrote:

CBA hikes 1-5yr fixed by 1.4%

https://www.abc.net.au/news/2022-06-30/commonwealth-bank-lifts-rates-by-...

Commonwealth fixed rates for 3 x 5 years now between 6% and 7%.

I’ve always worked on the theory that the banks won’t charge these levels if they think the variable rate will be higher than that in the same term. They hope consumers lock in due to fear of further rises yet know the variable would be a better deal for the consumer.

In short, if the banks are charging 7% for 5 years, I’d bet the variable will average at least 0.75% below that over the same period.

freeride76's picture
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freeride76 Friday, 1 Jul 2022 at 3:10pm

Yep, places still selling like mad here.

Place sold for a million last March just sold for 1.7 million last week.

udo's picture
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udo Friday, 1 Jul 2022 at 3:26pm

Nice $ earn per Day...

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mattlock Friday, 1 Jul 2022 at 3:27pm

CB. Try Merimbula for a start on where those empty houses are.

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donweather Friday, 1 Jul 2022 at 3:46pm
freeride76 wrote:

Yep, places still selling like mad here.

Place sold for a million last March just sold for 1.7 million last week.

There's gonna be a lot of blood on the streets.

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freeride76 Friday, 1 Jul 2022 at 4:01pm

Still a lot of Tesla's and Lexus's cruising around here Don, more than ever.

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Nick Bone Friday, 1 Jul 2022 at 5:16pm

I feel like it’s dropping off a little here. But in saying that, entry level houses are still completely outrageous and still selling.

Maybe a glimmer of hope for people to buy in where they’ve lived all there lives. Not another investment/short stay property.

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tubeshooter Friday, 1 Jul 2022 at 6:12pm

Still selling like hotcakes in my local. Bloke 2 doors put his McMansion up for sale and had accepted an offer for 'an undisclosed amount' within 24 hours.. Est value of the property was $1.2M before the sale so I'm guessing he got a fair bit more than that.
As for the cars getting around , most newcomers are trading in the Audiis and Mustangs for Raptors or RAMs. The potholes are as deep as the farkin Grand Canyon around here.