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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: MulhollandDrive who wrote (15177)	6/11/2004 12:12:40 AM
From: Proud Deplorable	Respond to of 110194

Its on the news. When a top is in and it makes the news that there are now price reductions all of the sudden, everything comes to a standstill except that everyone will want out and the supply will increase dramatically in the next few weeks. Same thing just started in Sydney, which leads the way for the rest of the world, down 12.9% IN ONE MONTH ------------------------ House prices fall, but experts disagree on numbers By Aileen Keenan Property Editor May 27, 2004 Related: Going down Further signs of a slump in the residential property market have emerged, with a major research company reporting that Melbourne house and unit prices tumbled in the March quarter. Yet there is wide disagreement on the extent of the fall. According to Sydney-based Australian Property Monitors, Melbourne had the worst performing property market of all capital cities between January and March this year. APM reported yesterday that Melbourne's median house price fell 12.9 per cent, with Sydney the next worst performer, dropping 7.5 per cent. But figures from the Real Estate Institute of Victoria paint a far less dramatic picture. The REIV says Melbourne's median house price fell just 0.8 per cent in the March quarter. Institute chief executive Enzo Raimondo said its data was provided by its member agents, and represented about 60 per cent of market activity. Louie Christopher, research director at APM, said the company's data included both auction results and information from the Victorian Valuer-General, representing about 55 per cent of sales. According to APM, Melbourne's median house price dropped from $310,000 to $270,000 in the March quarter, while Sydney's eased from $497,500 to $460,000. Median prices in Melbourne's suburban apartment market fell 8.7 per cent in the March quarter from $276,000 to $252,000 - also the sharpest fall of any city - resulting in a yearly decline of 2.3 per cent, said APM. But Melbourne's inner-city unit market was hardest hit, recording a decline of 8.8 per cent in the year to March 31, according to APM. Over the same 12 months, Melbourne's median house price had risen 3.2 per cent, while Sydney's had gone up 13.6 per cent. Despite indications that prices have peaked, Australia's home building boom refuses to die. Figures released yesterday show home construction edged up to set a new record in the March quarter. The Bureau of Statistics estimates that home building activity rose 0.1 per cent in the quarter, surprising many who expected a decline. The figures showed a 0.7 per cent fall in Victorian home building, according to Housing Industry Association economist Harley Dale. But in a further sign of more money being poured into housing, the Reserve Bank reported that investors increased their housing debts by $4 billion in the March quarter, an annualised growth rate of 11 per cent. - with Tim Colebatch theage.com.au

To: MulhollandDrive who wrote (15177)	6/11/2004 12:19:53 AM
From: Proud Deplorable	Read Replies (1) \| Respond to of 110194

Story on Vancouver real estate coming up at 11:30 tonight on CTV number 9 news They just mailed me the transcript. Here it is: WHILE VICTORIA HEATS UP -- THERE ARE SIGNS THE RED HOT REAL ESTATE MARKET ON THE LOWER MAINLAND MAY BE STARTING TO COOL DOWN A BIT. C-T-V'S MIKE KILLEEN FOUND ONE AREA WHERE SOME OF THE SKY-HIGH PRICES ARE ACTUALLY DROPPING. [SUPER=103-NORTH VANCOUVER][:00] PATTI BUCKMASTER PUT HER NORTH VANCOUVER HOUSE UP FOR SALE A MONTH AGO.. [SUPER=102-PATTI BUCKMASTER/North Vancouver Resident][:06] patti @ 1:17:15 "we had an offer in a day of the open house.. i mean it was fast" PERHAPS TOO FAST. THE OFFER FELL THROUGH. WHEN ANOTHER ANXIOUS BUYER WASN'T BANGING ON THE DOOR WITH AN OFFER... PATTI WONDERED IF SHE'D WAITED TOO LONG TO LIST. patti @ 1:18:20 "i think we got in too late.. we had actually a few realtors that came through and said had you listed a month sooner.. you would have got anything you wanted" AND UNTIL A FEW WEEKS AGO... THAT WAS THE CASE. HOMES HERE WERE BEING SNAPPED UP... IN MANY CASES WELL ABOVE THE ASKING PRICE. [SUPER=102-DARCY McCLARY/Sutton Group - West Coast Realty][:40] darcy tease @ 1:03:17 "what goes up has to come down" AND THAT MEANS A BIT MORE BREATHING ROOM FOR BUYERS... darcy @ 1:01:58 "houses are selling well .. but there's definitley a change in the market.. and we're moving away from that frenetic time" [SUPER=102-JOHN ROGERS/Prudential Sussex Realty][:47] john rogers @ 1:09:56 - 1:10:07 "it's still a good market.. but we are seeing more inventory enabling people to spend a little more time looking for a home instead of having to jump on it as soon as it comes off the computer" REALTORS SAY SELLERS ARE NOW BEING MORE REALISTIC ABOUT WHAT THEY'LL GET FOR THEIR HOME.. [SUPER=117-MIKE KILLEEN][1:04] killeen @ 1:15:28 "just last month.. this bungalow in deep cove went on the market for 559-thousand dollars. it sold almost immediately for 601-thousand.. 42 thousand dollars over the asking price" AGENTS AGREE.. THOSE DAYS ARE OVER... [SUPER=102-PETER OHRNBERGER/MacDonald Realtors][1:21] peter @ 1:08:01 "those record prices may not be as achievable though its still a very good market for sellers.. but it's a better market for buyers" PATTI BUCKMASTER WISHES SHE'D KNOWN THAT WHEN SHE LISTED. THAT SAID... HER HOUSE DID SELL.. TODAY. A MONTH AFTER IT WENT ON THE MARKET.. AND FOR ALMOST 40-THOUSAND DOLLARS LESS THAN THE ORIGINAL ASKING PRICE. patti @ 1:17:38 "we went on the market thinking we're going to hit the peak with everybody else .. and we had gotten in just after the peak.. so we were in the landslide with it" THE LANDSLIDE THAT STILL LET THEM SELL THEIR HOUSE FOR 130 THOUSAND DOLLARS MORE THAN THEY BOUGHT IT FOR A YEAR AGO. MIKE KILLEEN CTV NEWS NORTH VANCOUVER