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Sellers Who Refused To Lower Their Price Had No Hope Of Finding A Buyer

A report from News.com.au on Australia. “Now we have proof the house price crash has well and truly arrived. When 13 Woodi Close in Glenmore Park sold in April 2017, the three-bedroom house fetched $670,000. But when the owners were forced to sell the three-bedroom western Sydney home this June due to divorce, they pocketed just $635,000. It means the family home’s original value plummeted by $35,000 or 5.22 per cent in 14 short months — even though it was in ‘the exact same condition.'”

“That’s according to Penrith sales agent Peggy Willcox of Mooney Real Estate, who said homes in the region had been dropping in value for most of 2018. Ms Willcox said some sellers who refused to lower their price had ‘no hope’ of finding a buyer at the moment.”

“‘It has been pretty bad all year and it’s getting worse — as soon as we hit the spring selling season, we will have a lot more stock, with not many buyers,’ she said. ‘Buyers now have so much power. Last year it was very much a sellers’ market but I’d love to be buying at this point.'”

“However, property expert Matt Bateman said there was no cause for panic. Mr Bateman said some suburbs were suffering from an ‘oversupply of certain property types,’ which meant some vendors have had to adjust their price expectations to meet the market. Starr Partners chief executive Doug Driscoll also called for calm.”

“‘Is it property Armageddon? Absolutely not. Not long ago this is what most people probably wanted to see, a calming market, because prices had been going up too aggressively,’ he said.”

From Domain News. “The sound of silence was all that rang out at the auction of a lower north shore home on Saturday. Despite having all the ingredients for a promising auction, there was no bidding to be had, with buyers maintaining a long silence.”

“‘I’ve been talking just about five minutes, and I reckon I’m done,’ auctioneer Jesse Davidson of Auction Works joked to the crowd of more than 30 people, as he waited for an offer for 5 Huntington Street, Crows Nest.”

“Among the buyers who opted not to bid were locals Jess and Chris, who are looking to upsize after selling their nearby home in August. ‘We just don’t know what the market is doing. There’s a bit of uncertainty and if we hold off another year we could potentially get more for our money,’ said Jess.”

“‘We’re not scared of being out of the market for a couple of months,’ Chris added. ‘The last five auctions we’ve been to have been like this … so we don’t mind holding back.'”

“Of the cooling market, Vendor Linda Boge said that as property prices had risen tremendously in recent years there had to be a reality check. ‘[Buyers] are now looking for a bargain, and who wouldn’t be,’ she added.”

The Daily Telegraph. “Sydney’s cooling housing market has presented buyers with the chance to get quality homes in prestigious suburbs at temporarily lower prices. Research showed some of the best deals were being offered on detached houses, rather than units.”

“The biggest drop in median house price across an individual suburb was in Warrawee on the upper north shore, where the median dropped 24.2 per cent over the year, according to CoreLogic data. This was followed by Birchgrove in the inner west with an 18.5 per cent fall, Wilberforce in the Hawkesbury region with 14.4 per cent and inner city suburb Alexandria with a 12.8 per cent fall.”

“Buyers in other popular suburbs like Longueville, Concord West,Petersham and North Bondi were also being served up bargains, with the medians in each area falling by more than 10 per cent for the period. The biggest fall in the unit market was in Milsons Point, where the median price dropped by 30 per cent.”

“Waverley in the east was next with a decline of 25 per cent followed by Lewisham in the inner west, Ultimo in the CBD and Centennial Park.”

From Corelogic. “In the run-up phase of the mining boom there were two Australian regions that recorded spectacular capital gains. The Pilbara region of Western Australia was booming on the back of iron ore and the Bowen Basin of Queensland was thriving thanks to coal prices.”

“The Karratha council area (called Roebourne until 2014), which is a good benchmark for the Pilbara mining region, saw housing values rocket 87% higher over the five years preceding the market peak in 2012, while the Isaac shire, which covers a broad swathe of Queensland’s Bowen Basin, saw house values climb 72% higher over the five years preceding the 2012 peak.”

“Since conditions peaked in line with commodity prices and a wind down in infrastructure spending, dwelling values in these regions have moved through a long and deep downturn. Some suburbs have seen the median value of a house fall by more than 80% (WA’s Newman is down 84.2% since peaking and Qld’s Dysart is down 83.0% since peaking).”

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This Post Has 28 Comments

  1. ‘property expert Matt Bateman said there was no cause for panic…Starr Partners chief executive Doug Driscoll also called for calm’

    Guys, really, I’m fine.

    ‘Is it property Armageddon? Absolutely not. Not long ago this is what most people probably wanted to see, a calming market, because prices had been going up too aggressively’

    That’s just like here in the states Doug. Everybody just wanted to “build more so shack prices would fall” and now they’re running around with brown spots in their pants. This is what you supply and demanders wanted, right?

    1. ‘Is it property Armageddon? Absolutely not. Not long ago this is what most people probably wanted to see, a calming market, because prices had been going up too aggressively’

      I bet his facial tic is acting up something fierce.

    2. I did notice a realtorish looking fellow behind me in line buying a bulk load of depends adult diapers just the other day at Costco 🤔. Maybe for agent supply at his RE office?

  2. Last year it was very much a sellers’ market but I’d love to be buying at this point.’”

    Keep trying to conjure up that non-existent demand, Peggy.

    1. Boomer AntiFa level dissent against #MuhRealEstate.

      Maybe after this is all over you can move into one of those cage/cubicle things like they have in Hong Kong?

  5. ‘Shock not over’ as Asian stocks extend slide; oil jumps and pound drops
    A man looks at electronic boards showing Japan’s Nikkei average and Dow Jones Industrial Average outside a brokerage, in Tokyo, Japan, on Oct 12, 2018.
    PHOTO: REUTERS
    Published 3 hours ago
    Updated 3 hours ago

    TOKYO (AFP) – Asian stocks opened the week on the back foot on Monday (Oct 15), with investors still in gloomy mood after several days of market turbulence sparked by trade rows and a spat over the US central bank.

    Japanese equities led the way lower, with the benchmark Nikkei 225 shedding almost two per cent, not helped by reports that Prime Minister Shinzo Abe would later Monday announce a hike in sales tax.

    “We have never seen a share price rise in the past after an announcement of a sales tax hike,” noted Kyoko Amemiya, senior market strategist at SBI Securities.
    …

  6. “Ms Willcox said some sellers who refused to lower their price had ‘no hope’ of finding a buyer at the moment.”

    You have to know what game you are playing. They are playing price competition in a very competitive Hunger Games type market comprised of many sellers of similar units in the same location. Whoever sets the lowest price will find the odds are always in their favor. Anyone pricing above this lowest price level will be unable to ever find a buyer.

    1. Wrong again Dan. The article clearly shows Trump has not caused what is happening in China. Debt and corruption carry their own consequences.

      1. Obama’s best years were when oil was over $100 a barrel and it caused shale oil to boom. As far as China within that article there were plenty of links showing the devastating impact of the trade war and that is why there are no places to invest in China. They do have money which you always denied, but they do not have good places to invest their massive savings since the tariffs are making many of the export industries uncompetitive. Sorry if I just cannot teach you how to connect the dots. MAGA

        1. About that devastating trade war, it hasn’t hardly gotten started, and the problems in China that the article discusses have been steadily trending for years. Trumplove’s got nothing to do with it, yet.

          Ironically the article also states that the “middle class” in China is a myth, because they’re all in debt.

    1. There is next to zero demand for oil at $400 per barrel. In fact, a price even half that would eviscerate the economy.

      1. Canada and the U. S actually do better with higher oil prices due to shale oil and oil sands. I suggested it a while back and OnE Against Many was actually able to show a study proving it. That said $200 a barrel would kill the world economy. However the US and Canada should be able to keep oil from rising much above $100 a barrel. At that price you can ship oil by rail or even truck and make a profit.

        1. We’ve already seen that $100 oil brings the US economy to its knees. Net growth in the US has been negative since the last round of that mania.

        1. Every Time Elizabeth Warren Has Lied About Her Native American Heritage:

          (Thread)

          1. Elizabeth Warren self-identified as a “Native American” in the The Association of American Law Schools Directory of law professors in every edition printed between 1986 -1995.

          — Benny (@bennyjohnson) October 15, 2018
          2. After becoming a professor at the University of Pennsylvania, Warren demanded the University change her faculty listed ethnicity from “white” to “Native American.”

          — Benny (@bennyjohnson) October 15, 2018
          3. Warren was identified by Harvard Law as a “woman of color.” Harvard promoted Warren’s hire as expanding their campus diversity by hiring a woman with “minority background” onto their faculty.

          — Benny (@bennyjohnson) October 15, 2018
          4. Warren claimed that her mother and father had to elope due to her mom’s obvious Indian heritage and the white bigotry of her father’s family. Here is a photo of Warren’s mom: pic.twitter.com/B2zSHdNkXL

          — Benny (@bennyjohnson) October 15, 2018
          Here is video of Warren telling this story: “My mom and dad were very much in love and they wanted to get married. My father’s parents said ‘Absolutely not because she’s part Cherokee and Delaware.’ After fighting it they eloped.” pic.twitter.com/3lGCf9xGmY

          — Benny (@bennyjohnson) October 15, 2018
          5. Warren submitted multiple recipes for the Indian cookbook “Pow Wow Chow” and signed her name, “Elizabeth Warren – Cherokee” pic.twitter.com/Fr3ECGsUa2

          — Benny (@bennyjohnson) October 15, 2018
          6. Warren used offensive, racially charged language to defend her claims of Native American heritage, declaring that her family had “high cheekbones” like “all the Indians do.”

          Here is video of that moment: pic.twitter.com/DzU60yowHe

          — Benny (@bennyjohnson) October 15, 2018
          7. Warren has now claimed that she *may* have 1/1024th Indian DNA. This is equally problematic since DNA science proves that the average white American has .18% Indian DNA, far more that Warren’s .098% (lowest estimate according to study) https://t.co/tNwZcdIDeS

          — Benny (@bennyjohnson) October 15, 2018
          8. Multiple members of Warren’s direct family have disputed her claims of a “proud Native American heritage.” They deny the Senator’s Indian heritage stories fervently:https://t.co/iF53pWxymP

          — Benny (@bennyjohnson) October 15, 2018
          9. Warren’s DNA report did not measure actual Native American DNA. The report actually measured Colombian, Mexican and Peruvian DNA. Of which Warren *may* have a tiny, tiny fraction – possibly. pic.twitter.com/SK7LExbawl

          — Benny (@bennyjohnson) October 15, 2018
          10. It is very difficult to argue that Warren did not commit racial fraud. She used the advantages in the system to advance her career with no evidence (to this day) that she is actually Native American. Democrats defending her behavior on this point is dubious – at best.

          — Benny (@bennyjohnson) October 15, 2018
          * end thread*

          — Benny (@bennyjohnson) October 15, 2018

  10. How long before politicians begin to conjure up bailouts in Australia? And in the US too. I don’t want to sound pessimistic, but it has to be taken into account. Too much is predicated from bubbles chugging along all over the world. If they can stop it, they will.

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