Jump to content
House Price Crash Forum
Sign in to follow this  
freedom06

Forced Sales Hit Property Market In Sydney

Recommended Posts

roflmao :D

"it wasn't our fault guv, we thought we were getting free money"

disturbingly, Norwich Union recently put out a press release saying more companies needed to introduce life-time mortgages (or borrowing against your house for your retirement) to underpin them as a more common financial product

Share this post


Link to post
Share on other sites

Builders are being forced to sell at auction in the US now and 40% discounts are being found as the market crumbles:

http://www.realestatejournal.com/buysell/m...8-fletcher.html

Wall Street Journal

As Rates, Inventories Rise,
Developers Try Home Auctions
By June Fletcher
From The Wall Street Journal Online
Brian Michaud just picked up a little something for
40% off
-- a brand-new, two-bedroom condominium in Fish Creek, Wis., with a private elevator and harbor views. His method: He bought it at auction. Though the condo was new, its developer decided he wanted to sell quickly, so he put it on the block last month.
Mr. Michaud had been watching the condo since construction started, but figured last year's $1.25 million asking price was beyond his budget. But when it went on the block, Mr. Michaud and his brother snapped it up for $740,000 -- less, even, than comparable units without water views have sold for nearby. "It was a great deal," he says.
As the U.S. housing market slows, private homeowners have begun experimenting with various sales strategies, including putting the prized family home up for auction. But another group of sellers is also heading to the auction house: builders and developers trying to unload newly built homes. Unlike typical homeowners, whose emotional and financial stakes in their homes might keep them from slashing prices, developers tend to lack sentimental attachments and may have more room to negotiate financially. So in many cases, buyers can get a decent price on new properties at auction, with discounts of 20% and even more.

Desperation is beginning to set in with the OZ and US markets. It seems to have moved just like the IMF predicted--a rolling crash from the East. We are next. :)

Edited by Realistbear

Share this post


Link to post
Share on other sites

Real estate agent Essam Eskaros, of PRDnationwide in Liverpool(Sydney), said that of the 19 properties the group had listed for sale this month, 18 were mortgagee sales.

Ian Carroll, of agents Century 21 Carroll Combined in Blacktown, said about one in five properties were forced sales instigated by banks.

"We've had one unit that we sold in 2003 for $319,000 that just resold for $240,000," Mr Carroll said.

"We've also had a development site that was bought for $670,000 and which just resold for $365,000."

It seems west Sydney is going down the drain. It seems over here you can get jailed for insider trading for Share trading, but insider deals for property a small fine and a temporary suspension of your real estate licence. Umpteen stories of real estate against giving buyers low valuations (this during the boom) and then getting a family friend or relative to buy at low price and then sell for a massive profit weeks later. If buying in Australia also get a Building and Pest(Termites) Inspection done. Also lots of horror stories a building and renovation disasters though that happens worldwide.

Don't worry above just a correction in the market

Share this post


Link to post
Share on other sites
"It was a great deal," he says.

It'll be an even better deal for whoever buys it off him for half that price in a few years...

Share this post


Link to post
Share on other sites

Yep, Sydney is just having a small correction, the figures still stack up.

Average Earnings 37,000 bucks, Average Property price in Sydney only 1.2 Million Bucks, its just a blip, property will go up again shortly to reflect that it is as cheap as chips with interest rates at only 7.5%

Pull the other one, Sydney is screwed, the bloated property market representing some 90% of Australias inward investment capital is about to head ever further South than it was in the first place.

This correction is going to leave Australia in deep sh1t!!!.

Share this post


Link to post
Share on other sites

Yep, Sydney is just having a small correction, the figures still stack up.

Average Earnings 37,000 bucks, Average Property price in Sydney only 1.2 Million Bucks, its just a blip, property will go up again shortly to reflect that it is as cheap as chips with interest rates at only 7.5%

Pull the other one, Sydney is screwed, the bloated property market representing some 90% of Australias inward investment capital is about to head ever further South than it was in the first place.

This correction is going to leave Australia in deep sh1t!!!.

Urgently needed in Sydney highly cashed up UK Expats to bail us out of our property crash' I hear they buy anything with a FOR SALE on it. (PS if buying in West Sydney also worth buying a gun as well)

Edited by wagner

Share this post


Link to post
Share on other sites

I can remember looking over houses in Pennant Hills, and Cherrybrook in 98, 245K for a five bed new house.

I dread to think how much they are now, but you can be sure the Westies will be getting a nasty knock when the market hits rock bottom.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 335 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.