G'day kingpins...as you wrote don't know what areas you are familiar with but in parts of Vic $350K houses have dropped to $250K, In Qld the figures are the same and this equates for a 33% drop for those select areas
There was a report of a 7 mill home Qld. selling for about 2.3 mill which is greater than 30%
Other properties have not dropped at all.
So how can anyone give a definitive figure of the price drop that we are currently experiencing
No body can give any defintive figure...what I am on about is the carry on about this percentage or that precentage when it will vary a hell of a lot depending on the starting price. Yes familiar with the $7 mill home...and the selling price.
What I am saying is that no one can predict a price rise or fall in a particular property, lots of variables to affect the outcomes.
As far as the FHOG went, I personally don't believe it inflated prices to the extent some believe, first home buyers of established homes don't make up enough percentage to cause any imbalance.
Over the past four years Lenders have been knocking back loan applications due to their own valuations coming in under the contract price...so unfortunately, yes nazzysmith, bank valuations do have a bearing on the final price paid for a property.
