Hearing today that home loan applications are low makes me think the cost of houses will decrease? Should we buy or build now or will the market drop again in the near future?
Any comments or suggestions are much appreciated!
Thankyou.
Browse Forums General Discussion 1 Apr 13, 2010 3:34 pm Hearing today that home loan applications are low makes me think the cost of houses will decrease? Should we buy or build now or will the market drop again in the near future? Any comments or suggestions are much appreciated! Thankyou. Re: When will be a good time to build or buy - NOW OR WAIT? 2Apr 13, 2010 3:51 pm Generally speaking House prices may go up and down but land prices tend to go up each year. I dont there has been a year where land prices actually went down, but i could be wrong. If you can afford it then i'd say now would be a good time to buy a house. -Juz Re: When will be a good time to build or buy - NOW OR WAIT? 3Apr 13, 2010 4:30 pm Now is a pretty good time to buy and the real estate market is quiet strong. Yes building approvals are down im not sure how this will reflect on home builders but i highly doubt that construction costs will ever go down. Usually home builders do a price rise every 6 months or so for inflation costs etc and pass this onto us as the client. Budde Design 3D Architecural Visualizations, Architectural Rendering, Artist Impressions, 2D & 3D floor plans http://www.buddedesign.com nathan@buddedesign.com Re: When will be a good time to build or buy - NOW OR WAIT? 5Apr 13, 2010 8:44 pm depends on your current situation... but just to let you know we are building and our house price has increased by 15,000 in only 4 months. Not to mention land prices are on the rise! So prices are going up dramatically. If you can now i would if i was you. Re: When will be a good time to build or buy - NOW OR WAIT? 6Apr 13, 2010 8:48 pm I would do anything now, I foresee rises ahead in all areas. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: When will be a good time to build or buy - NOW OR WAIT? 7Apr 13, 2010 8:59 pm Does the market ever really drop? Not yet in my experience .... Building on an acre in Macedon ......one day. Re: When will be a good time to build or buy - NOW OR WAIT? 8Apr 13, 2010 9:06 pm Nope never drops it may flaten out but costs are always going up Budde Design 3D Architecural Visualizations, Architectural Rendering, Artist Impressions, 2D & 3D floor plans http://www.buddedesign.com nathan@buddedesign.com Re: When will be a good time to build or buy - NOW OR WAIT? 9Apr 13, 2010 9:12 pm I read that article the other day too... In the last ten years I've had various discussions with people who were convinced the market was about to take a dive for one reason or another. So they hold off on their purchase because the writing was apparently on the wall and 12 months later they realise the market has gone up by another 10%. Every time people say 'this is the limit it can't go any higher', they get proven wrong. I can only think of one period of negative growth in my lifetime (apart from a short slowdown recently that amounted to nothing) and that was between about 1988 and 1993 when people were paying 17% interest and had enough trouble getting food on the table let alone upgrading to a bigger house. The only things that would make prices go down would be very high interest rates or everyone suddenly deciding they don't want a house. Can't see it happening and if it did there would be so many people in severe financial trouble that the country would be on its knees. My humble advice is don't risk your money on unproven speculation. Re: When will be a good time to build or buy - NOW OR WAIT? 10Apr 13, 2010 9:33 pm there is too much interest in the housing market for the government to let it crash. If interest rates hit high enough levels that it impacts then people will have more to worry about that just houses Re: When will be a good time to build or buy - NOW OR WAIT? 11Apr 13, 2010 10:02 pm I once heard a real estate agent say that the best time to buy property is Yesterday, the next best time to buy is today. I brought last year! Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: When will be a good time to build or buy - NOW OR WAIT? 12Apr 14, 2010 8:17 am misty205 Hearing today that home loan applications are low makes me think the cost of houses will decrease? Should we buy or build now or will the market drop again in the near future? Any comments or suggestions are much appreciated! Thankyou. House prices are not just being pushed up by the local market but by overseas investors and cashed up local buyers who have sold their home already in this hot market and are able to pay a premium for a better property. The danger in buying now or in the near future is paying too much for a sub standard property If I was to buy now, I would carefully consider if the property had potential to 'add value' eg sub divide/renovate so it would be worth more (than what I previously had paid) in a flat market if I was forced to sell. Interest rates, I believe, will be going to 10%. Anyhoo, have a look at this thread about the Melbourne market. It will take a while to read through all the posts but worth the effort if you want to gain real insight about what is happening right now. http://www.somersoft.com/forums/showthread.php?t=60936 Mrs B Re: When will be a good time to build or buy - NOW OR WAIT? 13Apr 14, 2010 1:49 pm As a builder, i definitely can't see prices coming down for houses. Just looking ahead, we might be looking at an 11% increase in the price of steel. There's only so long a bulider can absorb costs for! But then again, asking a builder when is it a good time to build is like asking a barber when is it a good time for a haircut Re: When will be a good time to build or buy - NOW OR WAIT? 14Apr 14, 2010 4:18 pm The best time is as soon as you can! 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: When will be a good time to build or buy - NOW OR WAIT? 15Apr 14, 2010 4:18 pm If you find something you like, and you can afford it, then it's the best time for you to buy. In the long term, the trend for property prices is always upwards. Re: When will be a good time to build or buy - NOW OR WAIT? 16Apr 14, 2010 5:58 pm I agree with the advice in this thread BUY NOW if you can. We built last year and already our land has gone up by at least $35k and the house by $20k... it's insane!! Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: When will be a good time to build or buy - NOW OR WAIT? 17Apr 14, 2010 8:42 pm Thankyou EVERYONE for your valued input I really appreciate it and learnt some good information....For example that when you build I thought once you signed for a particular price that was the fixed price and it couldnt change again. Wow I was wrong. Anyway Its very clear what I should do...... Re: When will be a good time to build or buy - NOW OR WAIT? 18Apr 14, 2010 9:10 pm That was an interesting link Mrs B ....perhaps suggesting that in terms of investement, the Melbourne property market is not such a great place to buy in to at the moment. At least that's what I took from it. I also spoke with a property developer on the weekend and they aren't buying in Melbourne at the moment (because the market is too hot), but they are buying in other places - Ballarat, Bendigo and interstate (Brisbane). Confusing to know what to do, isn't it. Thanks for the link Mrs B - a long, but interesting read! Building on an acre in Macedon ......one day. Re: When will be a good time to build or buy - NOW OR WAIT? 19Apr 14, 2010 10:31 pm Misty I just wanted to clarify something when you sign up to build a house the base or fixed price of the home when you signed doesnt change if the builder decides to do a price rise but upgrade prices may if you make changes along the way. Budde Design 3D Architecural Visualizations, Architectural Rendering, Artist Impressions, 2D & 3D floor plans http://www.buddedesign.com nathan@buddedesign.com Re: When will be a good time to build or buy - NOW OR WAIT? 20Apr 15, 2010 7:10 am nathanbudde Misty I just wanted to clarify something when you sign up to build a house the base or fixed price of the home when you signed doesnt change if the builder decides to do a price rise but upgrade prices may if you make changes along the way. Not quite right.... most builders will usually have provision in the contract for price rises if your site start is delayed beyond a specified date. So if land settlement is delayed, or there's some hold up with permits, you may find that your base price increases. We knew before we paid our deposit in June that there would be a price rise in November. We signed contracts in July and expected to settle in September so our site start was set for October. But the land settlement was delayed, and it wasn't titled till November which meant that we had to wear the price rise. Luckily it was only $1,000, but I know of numerous people who've copped $7,000-$10,000 rises. 9 24816 1 13128 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27740 |