Tuesday, June 5, 2012

What's Happening With The Property Market?


This beauty sold for $1.1 million in 2004 (it was the first house in the suburb to crack the million mark, I remember it well) and it is now on the market, 8 years later, for only $1.390 million. This type of property 4 years ago was selling in the $1.6 - $1.7 million bracket.... actually properties not as pretty as this were... same land size, same house size, same area..... google Donald St, Camp Hill, 4 years ago. This is a bargain!

The market is really patchy. Even though it was quoted in the Australian yesterday, that properties in some capital cities have gone backwards by six percent, there are other suburbs/towns that have increased by a similar amounts. Record prices are still being reported... but here are aberrations everywhere. You still can't find a decent block of land in West End for under a million dollars. Some areas just haven't budged from boom time prices....others are limping along. They might not have grown, but they haven't really changed much.

The property market is very personal I think. I say this based on my experience and what I keep my eye out for. Sometimes I am not sure who's really benefitting from the statistics? When they say the Australian property market has gone up or down by so much, who is this relevant to? It's relevant if you have a property in every suburb across the country but if you owned a home in Cloncurry, which went up by 64.1% last year, you'd be rather disinterested in the generalisations. Obviously we all need statistics to tell us the general direction in which things are heading but property price often comes down to the type of house in the type of street, the side of the street, block size (something missed out by EVERY growth statistic!!!) and the how much the buyer is really prepared to pay for it.

What do you think? What's happening with the property market? Are you finding your area matches the reported statistics?

Link to bargain house HERE.

Happy Tuesday!
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Oh and PS, this is what is going up, in place of the traditional pre and post war homes that were washed away in the flood, in my neighbourhood. I got excited when I saw the gables going up at the steel frame stage. I was hoping for just a little bit more character. Each to their own.


So many of the big blocks have had the damaged homes removed, the blocks have been split in two and two matching, cookie cutter modern homes have been constructed. Maximum bang for the builder's buck. Town planning rules must have changed in this area? Don't know about the changing face of what was once a beautiful character suburb, with a character code? The flood is still impacting in many ways. It's heartbreaking to run past homes that weren't insured, where people are still living in them.... on concrete floors ..... and with just internal frames and no internal walls. I run past many every day.

End of waffle. 
xx


14 comments:

  1. What a shame, A-M. The basic shape of that house is really quite nice - with just a little added detail, it could have been lovely.

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  2. I know what you're saying. I grew up in a suburb of Brisbane that had the character you speak of... it still does. It wasn't ravaged by the floods of 1974 too badly and it was fine just recently, but the modern brick is slowly creeping in. I built in an area with a building code, they wanted rendered houses, I wanted brick face, I wasn't budging and I built federation style. I like it! I love the character and charm of yesteryear. We just removed our house from the market. We were never going to get what it was worth. We were told $150k LESS than when it was first built - heartbreaking - why bother!

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  3. I really need to come and visit your area. Homes are so different up there. Just bigger and more details. I know the Wagga market is doing poorly at the moment. Builders have no work (only insurance claims from our recent flooding is keeping them going). Wagga has no new land for subdivisions due to massive council errors. Such a strange time for Wagga...

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  4. It is really interesting isnt it? Canberra is suffering from the World economic doom and gloom. Being a city that has a large proportion of the workforce in the government sector we feel each bump from the world economy. There seem to be large companies building unit complexes but not a lot of residential building is happening. House prices in the mid range have continued steady but the upper end of the market is stagnant and it seems that prices have gone backwards around 10%. Very difficult for us as we try to sell our home :( Fingers crossed everything goes back to normal soon!

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  5. Yep! That's the blue house I was telling you about A-M.

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  6. Yep! That's the house I was telling you about A-M.

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  7. Oh no I don't really like those new houses at all. It wouldn't take much to do better than that:(.
    Our suburb dropped after 2008 but is back at boom time prices and selling- yay:). Even better are rental prices around here. If you were renting out a property you would do very nicely.

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  8. Real estate is a gamble, wouldn't it be lovely to have a crystal ball at one's disposal.
    I suspect everyone is feeling a little anxious at the moment with current worldwide problems and hoping/praying Australia is spared yet again from economic calamity so real estate prices are going to reflect community sentiment.
    xx
    ps. oh dear what a gloomy comment I just wrote...

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  9. So much to catch up on with your blog - sorry I've been away. A-M, it's amazing how much the real estate market has fluctuated. Has this been since all of the international economic troubles or is this just home-grown troubles. Anyway, what a gorgeous first house you posted, the second....well it's functional.

    Have a fantastic week ahead!
    Andrea

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  10. I love that colour. Did you get my email yesterday, sent to cape cod email ? So hope you can come tomorrow, xxx Katherine

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  11. You have made me take a look at myself, I have been down in the dumps as we got a knockback from the bank about buying a property we know we can afford.....feeling very sorry for myself so needed a kick in the bum to realise how lucky I am, we own a lovely home with all the necessities like walls, a fire place to keep us lovely and warm and pool to keep us cool in summer (far from a necessity but you know what I mean!)......no more grumbling. My thoughts go out to those people you run past and all others like them. Thanks A-M!

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  12. A-M... There is nothing too exciting happening in the property market in Europe! xv

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  13. Vicki, I saw 2 bed apartments in the 7th selling for less than a 2 bed apartment in West End, Brisbane. What is the world coming to? A-M xx

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  14. if you think this is bad you should see Airlie Beach ... I know of one house up there that sold four years back for over a $1M and is now on for under $880k sea front and all !! le xox

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Thanks for stopping by and taking the time to leave me a comment. I love hearing from you. A-M xx