crash what crash, page-100

Hey Acorn, mate I agree that the Gold Coast could be a barometer for the rest of the state / country to an extent. It fell apart here last year, nobody was looking, nobody was buying, everyone including banks were selling, valuers were the winners doing bank valuations for mortgagee auctions. Tourism fell over with the high dollar, beach erosion and bad weather also kept people away, and the media created a false perception it was the epicenter of crime. It was pretty sad but that is the coast I guess - its also famous for its boom / bust property cycle.

I have studied house prices here looking for when to jump in. I am not talking the billionaire homes that now sell for half what they cost or were purchased for in the boom, I am talking the type of stock investors and first home buyers chase - median prices - the 400-500k stock.

Houses in my street (growth ocrridor) almost touched 500k in 2009 for your standard 4 bed, double lockup, brick, render and tile houses built in early 2000's. Those same in 2012 were getting offers in the low 400's - maximum 20% reduction off the peak. They are now creeping up to about 430k - comparing apples with apples, same house standard, same streets, so I would say still at least 10% under the peak on average. Most agents I talk to broadly agree with my assessment which I used to identify good value.

As stated, I am ready to go, if she starts to fall again, I might flip one and just have the principal place of residence, and hold on for dear life!!!