The REIQ has urged Homeowners not to panic as little less than 30% is wiped of values of Brisbane homes in only three months. While Queensland’s Real Estate Industry lobby group tries to play down the significance of the data, suggesting there is a lot more activity in the lower segment of the market potentially skewing the data, their Victorian counterparts have been accused off jigging auction numbers to hide the extent of the collapsing property market.
Crikey.com.au writes :
On Saturday, The Age listed 332 auctions that were taking place that day. Crikey reviewed the actual results reported (assuming that if no result was reported, the property was passed in), comparing the foreshadowed auctions with the listed results. The actual calculation appears far less rosy than the scenario painted by the REIV. Of the 332 Melbourne properties listed for auction on Saturday 6 December, 144 were sold — a clearance rate of less than 44%. A stark contrast to the reported clearance rate of 55% and well below the clearance rates achieved in 2007, which often exceeded 80%.
» No need for housing panic: REIQ – Brisbane Times, 7th December 2008.
» Jigging auction numbers – Crikey, Monday 8th December 2008.
The housing industry, property etc groups have shown their figures are completely unreliable and biased, based on several independent reports I’ve seen, I’ll never again believe a word they say!
I have been reading your website on and off for a while. I know you don’t get many comments so I would just like to thank you for the good work you do.
I don’t think that Brisbane has dropped 30% yet? I think it will in the next few years though, if people start losing their jobs, which seems to be slowly starting now. If there had been a 30% drop then I would be able to afford a two or three bedroom place within 8km of the city for $350k, which at the moment is nearly impossible. I think that the housing market is going to drop but this will take years to reach the bottom due to the time that it takes for events to work their way through the market.
I like the site, keep up the good work. I’m looking forward to the next UK, US and Australia housing graph.
I can’t say that i agree with this. I keep a regular eye on Brisbane real estate, and I would have thought maybe a 10% price decrease so far, and I would expect it to reach 20% in a year or so.
Well let us hope that they drop at least 20% this year so that the long overdue correction can happen.
Thanks for your posts. I must also say that brisbane looks to be in keeping with other major Australian cities in dropping residential around 10%, but at the top end of the market there could well be some sales that have wiped off 30%, it has certainly been reported that this is the case in Sydney and Melbourne. I think we are almost at the bottom, some tome between now and this May (2009). Then our econmy will probably just be flat for a while, I think most people will have been given a big scare and be very cautious about jumping back in. jamie B.A.
At the bottem you say ???
we are at the top …. and about to drop in ….
$21000 for first home owners …. the same old story these peolpe could not save the money and now they are used as puppets … they are still not saving and still not listening ..