and virtually no new building
I guess you are talking about houses here? I'm wondering if there will be an oversupply of highrise units.
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and virtually no new building
I guess you are talking about houses here? I'm wondering if there will be an oversupply of highrise units.
I would like to just hose down a bit of this hype. It is bull to state everything is hot. The cheaper end of the market has been flat or down for the last 4 years only since this time last year has there been a pick up. The under $500k bracket is being driven by investors and migrants buying rather than building. New home builds are abysmal and no big supply coming. The so called boom is patchy some high priced properties, some suburbs are still selling for less than they did in the last boom. There is a very good pick up in demand and prices will rise but too early to be calling a boom it is looking great thou.
and virtually no new building
I would like to just hose down a bit of this hype. It is bull to state everything is hot. The cheaper end of the market has been flat or down for the last 4 years only since this time last year has there been a pick up. The under $500k bracket is being driven by investors and migrants buying rather than building. New home builds are abysmal and no big supply coming. The so called boom is patchy some high priced properties, some suburbs are still selling for less than they did in the last boom. There is a very good pick up in demand and prices will rise but too early to be calling a boom it is looking great thou.
I don't think anyone said we were back to the boom prices of 2007 - just that prices were on the rise for many areas.
TBH I don't want a ridiculous rise, I'd just like some gentle sustained growth. Rapid growth and rapid 'correction' is hard on the economy, it's much better for the majority if its capital growth of around 5% a year, rather than up 18%, down 13%
New home builds are abysmal and no big supply coming.
everything under 600k seeming to be buoyant. Vicious competition for everything.
How long can it last?
I heard a similar comment today from a buyers agent. He believed that it would (and is already starting to) flow to the +$600k properties - though it is definitely the lower end which is walking (running) out the door.
Hopefully it will last another 12 months
HI All
This is what happened this w/end, spotted a development property last Wednesday, RE agent would not take any offers prior to home open on Sunday.
There were 8 offers on the table, we placed cash offer $20,000 above asking price, this would still provide 20% profit on the deal.
Just found out there were 2 higher offers, looks like FHB, parents funding the deal
We thought we had a pretty good chance, but all deve sites are hot property at the moment.
See what this week will hold.
MTR