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Housing Crash Puts Sellers In Debt Crisis

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Somebodys dream smashed :(

Its a real shame to see repossesions but people really need to weigh up the pros and cons before buying into over inflated markets. I feel sorry for the people trying to pick up the pieces.

Lovely looking house for the money though.

England isnt no special crash free country we are not imune, its only a matter of time now, really!

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Looks like the Crash is on course in Sydney:

http://www.smh.com.au/news/national/housin...6012414995.html

How much longer before the UK finally starts seeing articles like this?

Great article!!! I wonder if it will be in the top 5 viewed articles in SMH tomorrow - I hope so? Unfortunately it's not representative of the fall in the Sydney market in general which I think has only come down about 10% from its peak but solid stories like this in mainstream papers over there has got to help degrade sentiment and make people wake up from their unrelenting zombie desire to buy property at ridiculous prices. I wonder where the overall Sydney market will end in this cycle? If the general market ended up going from -10% where it is now to -40% or more I'd be a lot happier. Bring it on!!!!!

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australia is in a much better position than the uk due to the underwriting

of the aussie dollar through commodity exports.. it's macro economy

should be more robust to inter-currency fluctuations than either the

usd or gbp, meaning each inflated housing aussie dollar will buy more

ounces of gold (or whatever other tangible you prefer) than each

inflated pound sterling.

housing costs in australia have also risen from a lower base than the uk

and it's m3 growth rate is less.

however bad it gets down under - the uk will be worse.

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It is amusing that the estate agent in the article says "prices are unlikely to fall further". I guess this is what we'll be hearing for a few years into the future.

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The funny thing is, the 'investor' who bought the house in the article is planning to rent it out for a 4.7% yield... some investment.

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I remember when I worked in Dubai 3 years ago when the papers there were full of australian property for sale , I felt then that it must have been "drying up in Sydney" for them to be marketing world wide. I knew a few expatriots that bought in 2003 , shame as they were good people just lured by the same greedy types in the UK.

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I know a couple who've lost about 40% on their Sydney house in the last 3 years, very messy.

But at last we're seeing the crash in the mainstream press.

Goodbye denial.

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Strange, the IMF said the HPC would move in a clockwise direction from OZ to the US to us. The US market is just beginning to tip now with California seeing its first YoY come up in June. Its a wave! :D

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I know a couple who've lost about 40% on their Sydney house in the last 3 years, very messy.

But at last we're seeing the crash in the mainstream press.

Goodbye denial.

40% is too huge. What were they thinking. Maybe the same as us in the U.K.

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40% is too huge.

After a global bubble of this size with everyone jumping onto the 'buy to let' bandwagon, I can't see it stopping with a 40% fall.

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After a global bubble of this size with everyone jumping onto the 'buy to let' bandwagon, I can't see it stopping with a 40% fall.

Now that statement is even bigger.

Not that I disagree - hope prevails.

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Anyone care to dig up all the old arguments about why the Sydney/Oz market wouldn't crash.

Too many people want to live there, tax relief, a shortage of property, it's too sunny, there's a shortage of land, the Easter Bunny won't let it etc.

I'd love to hear them again...

Edited by BandWagon

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42% fall.. ouch.

And the sobering fact is that it's STILL overpriced. It was sold for $260k to a developer who will (plan to) spend and extra $40k, and then rent it out at $270 per week, giving him/her a gross yield of 4.67%. Things will get a lot worse before they start getting better. The fun is only just beginning.

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Actually,

the article is very misleading - Sydney price up last month and are down 3% on the year.

Petrol Prices have halted demand for places like this one becuase of distance from city and public transport.

Clearly - the fool that bought it as an investment was mad - 3% return is hardly an investment.

Inflation is running rampant though - so even at modest falls in houseprice - or no falls -prices are going down in real terms - people are getting poorer no doubt

10,000 jobs lost today in Victoria - that will knock the stuffing out of the middle class down there.

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Ever since I joined this forum, it has been my view that:

1. Australia is ahead of the UK and US in the property cycle.

2. Within Australia, Sydney is ahead of the other cities followed by Hobart. Perth is noticeably behind.

I'm starting to see some 10%+ asking price cuts in Hobart recently and the number is increasing...

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Hi All,

I live outside of Sydney in the Blue Mountains and have recently seen a house come on the market for 220,000 that a couple of years ago the owners were trying to sell for 360,000.

This for me signalled the beginning of the end of the pretence that housing prices would plateau, or be 'on their way up again soon!’ Even the mainstream media with its own vested interests can’t spin this type of downwards trend and whip up hype to the magnitude of 140,000 dollars.

Don't lose heart you guys in the UK as we’ve had all the disbelieving media/real estate/political spin here as well for the last few years. Each country has its own spin; it’s different this time because of immigration, inflation blahdy blah blah blah.

Bullsh*it. It'll happen.

Cheers,

Betsy

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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