One day great career in business, a year later working girl in Langtrees! Why we work in brothel?

[bushseeker]

Definitely. Once the mining construction peaks and goes into operations, there's a lot of construction jobs which are no longer there. People will either need to leave the country/state, accept different jobs (i.e. home building) or accept lower pay rates. There are already reports of people accepting a 25% pay cut to keep their job.

actually not true

majority of construction workers work a 4/1 roster and dont live in WA anyway - they just fly back to QLD and NZ for thier R and R

as production ramps up from the construction while there are alot fewr jobs they will be even time rosters with the people residing in WA
common misconception is the ending of the construction boom will have an adverse effect on housing - fact is im expecting a short term slight downturn in housing while the transition occurs but after 2 years business as usual

 

[Perth boy]

As things tighten up and spending slows (like we are now starting to experience) buying becomes a option for investors. But you need to buy well. The right price in good locations. Its not time yet but soon investors will start buying from the poor buggers that over committed and are not getting paid what they did when working away.

 

[Contrarian]

ayy??? that just didnt happen, during the GFC house prices actually ROSE and any look on a reiwa chart will confirm this
it wasnt until after the GFC prices fell marginally BUT this had a cronic effect on the rental market - all the talk was negative the usual walleys were saying house prices would drop 20% etc so the effect was no one invested in housing after the GFC people were pouring into WA and there was no investment housing so rents quickly spiralled. Soon it became cheaper to buy than rent and the lower end of the market suddenly went into boom mode.
with the current slowdown i expect this to ease BUT
same as everyone thinks a boom will never end and it does people think a slowdown will never end and house prices will crash 20%

neither is true - i expect house prices to ease marginally over the next 2 years and those that dont get on board because thier still waiting for the % drop will be caught with thier pants down like what happened after the GFC as the WA economy gos back into boom phase and rents once again rocket - by the time the walleys realise they should have bought they will be competing to buy houses with 5-10 offers on first home open

and once again they will, mumble about waiting till prices drop

It just didn't happen bush?

BUSINESS
Cut-price homes on the market in Australia as receivers order fire sales
SONJA KOREMANS NEWS.COM.AU JANUARY 25, 2012 7:44AM 41

Two studies show a dramatic increase in properties being put on the market by receivers.

Repossessed properties discounted by 75 per cent
Gold Coast, Sunshine Coast take a heavy hit
Forced sales trigger buyers back into the market


REPOSSESSED homes are flooding the market with properties being offered at heavy discounts - some selling for just a quarter of their previous sale prices.

Two separate studies have shown a dramatic increase in properties being put on the market by receivers in recent months. Both property investors and developers are being squeezed in the uncertain economic climate.

Almost a third of all major investment properties advertised in October and November last year came from forced sales, according to research from property valuers LandMark White.

Another study has shown receiver-initiated listings have risen by 50 per cent in some parts of Australia in the past year with homeowners forced out by crippling mortgage repayments, personal debt and the rising cost of living.

LandMark White research analyst Ross Horsley said the trend was expected to continue in 2012.

"Those months are fairly quiet in terms of big transactions so you would expect to see more forced sales this year, they are already up in January," Mr Horsley said.

LandMark White's Forced Sales Index analysed major investment advertisements – including commercial - for the two-month period and found 31.3 per cent of properties belonged to a mortgagee, receiver or administrator.

More than half were in Queensland - predominantly residential properties in regional areas. New South Wales had the second highest number of forced sales at 26.1 per cent – mostly industrial and commercial real estate.

While most receiver-initiated residential properties are taken to auction at reduced prices, mortgagees usually only heavily discount homes that have been overvalued, Mr Horsley said.

"The mortgagee has a legal obligation to secure a fair market price and they won't sell it for less than the market value so if it comes in under the reserve there won't be a sale," he said.

In Noosa this week, new three and four-bedroom homes that last sold for $1.5 million are now in the hands of receivers and have price tags of between $395,000 and $450,000.

Similarly, on the Gold Coast the repricing of high-profile financial crisis victims, including Oracle at Broadbeach, have triggered interest with buyers who are purchasing units at 30 per cent below original asking price.

Agents are offloading lingering stock to summer tourist crowds, with prices cut from between $200,000 to $1 million on high-profile developments.

NMDData, which lists distressed assets including mortgagee properties, has been inundated with properties from across Australia. Managing director John Kovacs and said there was a correlation between rising mortgage defaults.

He said discounts of up to 20 per cent on forced sale properties were realistic.

“The trend is very clear, buyer confidence is at an all-time low and that’s unlikely to change in the short-term,” Mr Kovacs said.

“Investors have been directly affected by global uncertainty and domestic issues such as carbon tax and high petrol and electricity prices.”

He said most repossessed properties were in outer suburbs of capital cities, however luxury properties were also becoming more common.

Listings increased by 48 per cent in Queensland, 41 per cent in NSW and 37 per cent in Victoria in the year to December.

This month the Gold Coast and western Sydney have the highest number of repossessed properties for sale.

Pundits say mortgagee sales can be difficult to identify as banks know they can get a better price if potential homebuyers do not realise it is a forced sale.

 

[Contrarian]

Did this happen bushseeker?

From Australian Real Estate News:
Western Australia highest rate of repossessions – see suburbs under pressure

January 23, 2011 by Editor · 1 Comment
Signs of mortgage stress are emerging in WA with revelations the State has the highest rate of loan delinquency in the country, with about 20 homes repossessed each week.
The latest statistics from ratings agency Fitch shows nearly two WA homeowners in every 100 were more than a month in arrears in the September quarter last year, compared with one in 100 nationally.
Separate statistics from the Supreme Court show nearly three homes are being repossessed in WA every day.
In the December quarter, 258 homes were repossessed, which was a slight drop on the previous quarter when 306 people were forced to hand in their keys after missing mortgage repayments.
According to the Fitch report, WA has five suburbs in the top 20 nationally, which have the highest number of homeowners in arrears – Marangaroo, Casuarina, Mandurah, Swan and Gosnells, with up to 26 homeowners in every 1000 missing loan payments by a month or more.
The report blamed the high delinquency rate on rising interest rates and the recent financial crisis.
Herron Todd White managing director Brendon Ptolomey said that while mortgage stress was high for those who bought in the boom, there had never been a better time to get a bargain.
He said WA was the best place to invest in Australia at present, after a long period of stagnation in the market.
Mr Ptolomey predicted healthy gains in real estate this year, but disputed claims from Australian Property Monitors that Perth was heading back to boom-level growth this year.
APM said house prices were set to surge this year as quickly as they had in the 2006-07 boom.
“Consumer confidence has been seriously dented and I would say there will be a cautious approach this year,” Mr Ptolomey said.
“It will be a good year, but not back at 2006-07 (growth) levels.”
The Fitch report said the South West had the highest value of loans in arrears in WA, with 2.8 per cent of total mortgage balances in arrears.
“Fitch cannot exclude the possibility that the increase in arrears might also be due to the investment mortgages or second home mortgages of Perth residents being particularly affected by the recent financial crisis,” the report said.

UNDER PRESSURE
Postcodes where home loan repayments are more than 30 days late
6167
Anketell, Casuarina, Kwinana
26 loans in every 1000
6064
Alexander Heights,
Girrawheen, Marangaroo
23 loans in every 1000
6110
Gosnells, Huntingdale,
Martin, Southern River
22 loans in every 1000
6210
Erskine, Falcon, Mandurah
21 loans in every 1000
6169
Safety Bay, Shoalwater,
Waikiki, Warnbro
20 loans in every 1000
Source: News Yahoo & Fitch
Perth peaked in Oct 07 $485K and Feb 10 $505K. Perth may have reached threshold of affordability at $485K in Oct 10

 

[bushseeker]

Youve linked to 2 story's one isnt wa related
And one is from 2011 after the gfc when house prices eased. They since the then have boomed back up

 

[Contrarian]

The point is that housing repossessions have taken place and houses were being sold for below what they were bought and sellers were still indebted after the sale.

 

[bushseeker]

And 2 years later house prices had risen again so whats your point?
Theres been at least 2houses on my street sold in under a week at first home open
i said house prices did ease but not until aftervthe gfc housing actually boomed during the gfc

 

[Contrarian]

My point was that the houses were repossessed and sold at lower prices and you said it didn't happen. It did. That's all.

 

[bushseeker]

My point was that the houses were repossessed and sold at lower prices and you said it didn't happen. It did. That's all.

its not all at all

you claimed house prices fell during the GFC

that DIDNT happen in fact they boomed on the back of the stimulas package

now THAT is all


they actually fell AFTER the GFC briefly when the stimulas was wound up and not by much and quickly made up the falls and them some

honestly if you dont know your facts dont coment

 

[bushseeker]

Should also add I bought in 2006 50 people came to the home open and 18 people walked straight in the door and put an offer on
Walley s like cintrarian were saying prices will crash.........
You cant buy a dump 50ks down south now for what I paid .......

 

[Contrarian]

Should also add I bought in 2006 50 people came to the home open and 18 people walked straight in the door and put an offer on
Walley s like cintrarian were saying prices will crash.........
You cant buy a dump 50ks down south now for what I paid .......

Aaah, the personal attack - always a good sign of a winning argument when you're wrong. Oh okay, you're right.

 

[bushseeker]

Well I was right.
You said house prices went down during the gfc
I pointed out you were wrong and they actually increased over the gfc
You took offense and posted some articles irrelevant to that statement
And it wasn't s personal atack.
I have a Walley mate who keeps telling me hes going to buy a house for 1/2what they are now.
But all thats happened is rents where he is have skyrocketed and the house he rents has gone up % 12
Thats what you call a walley in a lose/lose situation

 

[Mile High]

Perth peaked in Oct 07 $485K and Feb 10 $505K. Perth may have reached threshold of affordability at $485K in Oct 10

March 2013, Perth property prices have only just regained these levels, i.e has gone nowhere for nearly six years. Which as per my initial post I expect to happen for the next few years.

 

[Contrarian]

Should I bother? No, I shouldn't, oh okay for the purpose of accuracy - have a read Bush and you'll see that the portion you've quoted has been misquoted - the bit about prices coming down has been made by someone else. All I've stated is SOME people were caught out when they couldn't service their loans due to the GFC. Taking offence? Jesus wept!

And that's the last I'll say on the subject.

 

[Naio]

The price of rent here in WA is absolutely disgusting. A daggy old 3 bed house is around the $400 per week mark. I wonder how the single people out there are coping!

 

[bushseeker]

Perth peaked in Oct 07 $485K and Feb 10 $505K. Perth may have reached threshold of affordability at $485K in Oct 10

March 2013, Perth property prices have only just regained these levels, i.e has gone nowhere for nearly six years. Which as per my initial post I expect to happen for the next few years.

This I agree with. I expect the prices to bounce around at the upper end of afgodability for a while
No long term upward or downward trend but short term volatility on both ends

 

[Drach]

actually not true

majority of construction workers work a 4/1 roster and dont live in WA anyway - they just fly back to QLD and NZ for thier R and R

as production ramps up from the construction while there are alot fewr jobs they will be even time rosters with the people residing in WA
common misconception is the ending of the construction boom will have an adverse effect on housing - fact is im expecting a short term slight downturn in housing while the transition occurs but after 2 years business as usual

Maybe i should be more clear. Yes, there are a lot of guys from over east, NZ, South East Asia etc. A large proportion in my experience are from WA though and have families here (in my experience about 30-40% are from WA). However, certain trades MUST be from WA (or at least hold a WA license), such as elecricians due to licensing regulations. Also, there are a lot of mining support services (drilling, maintenance etc.) as well as manufacturers (switchboards, pumps, steel). It's a large knock on effect throughout.

I agree there will be a lot more even-time rosters, but the pay isn't as much as from construction. Generally, construction roles go from 5000 people to about 500-1000 for operations. Even if only 20% of people are from WA, that's 800 people who need a new job directly.

 

[SashaFabulous]

I agree I'm from london and I'm even shocked by the prices its insane!

 

[homer]

Before the property boom in WA people would not believe property prices would skyrocketed this high. Definition of million dollar house was in suburbs such as Dalkeith, Nedlands, Claremont, Subi, etc etc...but now, the unbelievable became facts.

So if you think they can't go any higher, well think again. Growth is a major factor that drives it up. Even though, economists say resources sector has run out of steam but doesn't mean that it will stagnate.

 

[Anastacia]

I just came back from Bunbury....Ocean front streets, literally house after house SALE SIGN. LAND IN Leewin National Park ( not sure if i spell right) ON SALE!!! I dont think the economy shine that much in Western Australia.

 

[Anastacia]

Mining boom yes....But i always thought that majority of miners fly in out take back $$$$ to NZ, Ireland and other states of Australia.-))) I seriously, wonder how ordinary families can pay rent or mortgage in Perth?

 

[Anastacia]

For a last few month i was fly-in fly-out of Perth lady, that have seen LT and a bit of Perth outside of drivers car on escorts by night. The rest of the time i slept, shop and exercise...Some of us .. Drink green tea. Exercise...-)
This time i said to myself, ok Miss Anastasia... Its time to take break and see a bit of WA. I drove to Margaret River, drove to Pinnacles....OMG!!!!!!! I have been number of times around the world and i havent seen scenery like that anywhere else!!!!
Vineyards here can easily compete with best vineyards in France, Italy and Germany. I learn a bit more about Real Estate in WA. Now i know there are possible to buy, ocean views, huge blocks ( 1 000 sq.m.) in Lancelin Turquoise coast from $ 200 000- 250 000. About 2 hr South drive from Perth. Same in Busselton. 1 000 sq.m block $ from 200 000. ( towards to Margaret River) I love, absolutely fall in love with Busselton, Lancelin... There is no way you can get it for that price on East Coast! Pinnacles....I cant describe breath taking view along Indian Ocean Drive.. I think i know where i want to die..One day..-):laughing5:laughing5:laughing5
Ladies! Get yourself out there!!!! Some of you have been flying to Perth for number of years and HAVE SEEN NOTHING!!!!
Bushwalking, camping, sandboarding ( yes, not snow boarding) in Lancelin... Ladies how many of you tried sandboarding????
Fishing... Turquoise beaches with white sand... People....You so lucky to live in here!!! Yes, its Wait Awhile State and i hope it will never change!!!:icon_salu
And, there is quite a few Perth locals in here, can you recommend any other places to visit within 2-5 hr. drive from Perth? I really would like to explore more territories of WA. Cheers.

 

[Contrarian]

Girrawheen - you can spend a weekend there in one afternoon!

 

[Anastacia]

Girrawheen - you can spend a weekend there in one afternoon!

I get on Google!-)) Kiss:walk:

 

[svengali]

Girrawheen??

Nah, Aboriginals brawling is too tame. Go to Mirrabooka and watch the Africans, they really know how to fight. Just get out before they start shooting.

 

[Dallas]

Thanks for the info Anastasia, when I move over to Perth in the next few weeks or so, I'm planning a road trip along the south coast of Australia and when I get to Perth I plan to check out as much of the west coast of WA as I can as I only see the inside of LT's when I visit Perth (nice scenery there though!). So any recommendations for places to visit will be welcome, who knows some a bit closer to Perth could make for some great Outcalls as I'm sure I won't want to see it all on my own

 

[TheRoamingEyeball]

Armada if you can go four wheel driving I highly recommend it! Somewhere that covers sand dunes and the muddy bush tracks

Also Kalbarri I have fond memories of, and I've always wanted to go to Shark Bay! Six hours and ten hours away from Perth respectively so they might be a bit far for a day trip :/

 

[katiegirl]

Dunsborough is my all time favorite place to go down south. My partner and I stay frequently stay at Bunker Bay Resort down there, its amazing, fantastic service, beautiful accommodation and its right on the beach just a quick walk and you step out onto the sand.

Sugar Loaf rock is a beautiful place to watch the sun go down and the bays around Dunsborough are clear blue water and bright white sand, the only ocean water I like to swim in.

Sugar Loaf Rock;

If you're coffee obsessed like me there is a chocolate shop in Dunsborough that make the most delicious mocha's I have ever tasted;

You should also next time you go down south book into one of the winery tours, I've always done it with a few friends or family and we always end up very merry!

Oh and the caves in Margaret river are definitely worth a visit! There is a company called 'Margaret River Climbing Co' and they do a 4 or 5 hr adventure tour of some of the caves. You get in a climb around and get dirty, its an awesome way to experience the caves.

 

[Langtrees VIP Perth 3]

I agree Anastacia I like you have been here 6 months and hardly ventured anywhere.
It has just been work and sleep. We should get a couple of girls together and do a road trip xxx

 

[Dallas]

That's some great suggestions Katie, someone I know said they stay here in Mandurah at the Oceanique apartments as there are some for holiday rental, and there's also the Oceanique day spa. Looks like it might be a place with adding to my list.

Link not working so taken down