(no subject)

[theducks]

I know some people get pissed off by my whining about Perth's property market, but it's shit like this that really makes me cringe.

Example - 3 bedroom Nedlands property for $665k.

Sure, you may say, that's not such a bad price.

No, not now it isn't. But I remember looking at that property when it was last on the market in early 2005, and ended up selling for $380k. Alas, at the time Elizabeth didn't have a full time job, and money was tight enough as it was, so we couldn't afford it. Like, I even looked into where to get black enamel paint, a lions head door knocker and a brass number 10 for the door.

Now of course, we'd be fine, at $380k, but not $665k.

Mad props to the guy if he can make about $220k profit on it. I just wish it was us.

Comments

[ataxi.livejournal.com]

That guy's not going to be able to sell that property for that amount in the current climate, I'd guess.

Based on recent observation, the cash-ins of six to twelve months ago seem to be well and truly over. Most stuff like that is taking months to shift, and going at well below the first ad's valuation. I mean, it's not like that's a mansion.

"Now of course, we'd be fine, at $380k, but not $665k."

Yeah, there was a place on Hampden Rd in Freo that was exactly the same for us ... three or four months after we got our first mortgage we could've afforded it comfortably, but it had gone by then.

[the-riviera-kid.livejournal.com]

Mad props to the guy if he can make about $220k profit on it.

What happens to the other $65k?

[ataxi.livejournal.com]

Stamp duty, renovations, selling costs, capital gains tax, etc. etc. etc. ...

[paperishcup.livejournal.com]

There are a lot more properties not getting sold at the higher prices now, though...so hopefully in a year or so (once you've settled in back from your honeymoon) they'll be well on their way back down!