Adelaide House Prices-Going up or down?

[Guest Rachel & Jeff]

Hi

 

What is happening with house prices over there? Are they still going up?

 

Really keen to know to help me decide whether to accept a £25 below asking price offer on my house in UK.

 

I'm so keen to move that I'm tempted but just don't know what to do:confused:

 

Rachel

[Guest tooeasy]

house prices in adelaide have fell by 5-10% in the past few months and are supposed to be still going down

[Guest Guzzler&Sas]

Hi,

A week old report you can have a look at, http://news.theage.com.au/business/house-prices-to-flatten-apm-predicts-20081111-5lty.html

 

Good luck,

 

Guzzler

[Guest massive]

Hi Rachel,

another thing to consider is the exchange rate, when we got here 9 weeks ago we didn't exchange our money straight away and were lucky because when we did it had gone up and we got 40k more .

The other thing you need to consider is how much you spend at first I would say going on our recent experience that 25k will go along way , things here are not as cheap as you might think and when you first get here you are just constantly paying out .

Maybe meet them half way

Good look anyway Debbie

[Guest swampo]

Sell it Rachel and Jeff and get yourself over here. Some good bargains to be had if you look hard enough.

 

Kev & Mall

[Anne B]

Rachel,

Last week I started my own totally unscientific monitoring of prices in Henley/Grange (the areas we would like to live), to see if prices are falling. I checked the prices again today, and of the 18 properties I picked, 2 have lower asking prices this week, the rest are the same. A couple failed to sell at auction so are now on the market with an asking price, and 1 has failed to sell and is now up for rent. So it is beginning to look promising. By the time you get there they may have dropped a lot more.

 

Whereas prices in Sydney and Melbourne have dropped quite a bit, in Adelaide (over the last 12 months) they are still showing a small rise. However, I think Adelaide just lags behind what is happening in the rest of the country (and the world). When house prices fell in the UK in the early 90's my father in law in Adelaide didn't believe that I had negative equity on my flat in England. However, a year or so later prices started falling in Adelaide too, and my sister in law sold her house in Paralowie for less than what she had paid for it in the late 80's. Likewise when the house price boom took off in England in the late 90's, Adelaide prices didn't start rising until a year or 2 later.

 

Obviously this is my opinion and not based on any scientific figures, but I just think Adelaide's house prices follow the same pattern, but the cycle lags behind the UK and Sydney/Melbourne. My prediction is that Adelaide house prices will start falling more rapidly next year, towards the end of the summer (fingers crossed!).

 

Will keep people posted with the results of my unscientific survey!!

[Denise]

Hi

 

What is happening with house prices over there? Are they still going up?

 

Really keen to know to help me decide whether to accept a £25 below asking price offer on my house in UK.

 

I'm so keen to move that I'm tempted but just don't know what to do:confused:

 

Rachel

 

Hee Hee Rachel, did you mean 25K!! I would defo accept a £25 below asking price!

Joking aside, we are now 30K below what we wanted and really would take that if offered but everyones circumstances are different.

Good for you getting an offer.

[Guest Rachel & Jeff]

Thanks for your replies.

Yes Denise I did mean £25k.:err:Must have still been asleep when I posted this morning.

 

Have asked them to up the offer but that is their absolute limit so I'm still undecided.

 

Also had another couple round on Saturday and haven't heard back from that one yet.

 

My heart says go for it but my head says no - don't know which will win.

The real problem is that we are already asking £50k less then we started at (and sold) in August 2007 and that much drop is an enormous amount of dollars. We won't be able to afford anything like we looked at on our reccie.

 

We also fancied Grange/Henley area but would only get a flat there now.

 

Rachel

[Denise]

Its just horrible isnt it, we only bought 3 years ago so are now level with our mortgage and wont be making a penny. Really worried we are going into negative equity soon and will start our new life in Aus broke.

Still keeping positive, atleast we can go and hey ho, we will just rent.

[Guest Nicky&Andy]

if it was me, and i had someone in a position to buy, i would accept a price drop,

the way things are going over here, i think i would rather struggle abit in oz,

at least its warmer and the sun shines more

 

good luck with your decision

[Guest Dave & Carole]

We put our house on the market for £100K more than we ended up getting for it!!!!! Combination of crap valuations by estate agents & awful timing (went on April '07 when prices at a high in Bristol - sold in Aug '08 when prices had plumetted). By the end we just wanted shot of it so we could get on with our lives. You'll agomise over it if you accept it - but if you are anything like us, the day its sold - you won't care! Think about if you've made money since you've bought it rather than how much you could have got. This helped us.

 

Good luck

Carole

[Guest happy feet]

Carole have to agree with you. I put my house on the market april 08,50k less than what its up for know!!! But i am luckly that we still have some money left in it so will take a lesser offer if it means i can start my dream... maybe not so well off but alot happier xxxx

 

cara

[Guest Nick11]

Personally I think house prices in adelaide are stabilising at the mo.

Over priced houses aren't selling. The house next door to us is up for sale at a silly price - its come down by $19k - still over priced in my opinion.

There is so much variation in price over here.

Lots of bargains still to be had though.

[Guest rowy]

Its tough deciding what to do, but I think there is little to wait for here! Go for it while you can! Out of curiosity those of you in Adelaide, roughly how much money do you think is a minimum you should have as funds for starting again?

[Guest Rob and Clare]

I know over the last 12 months the average price in Adelaide has risen by 12%, whether they continue to rise is debatable, with all the interest rate cuts and home buyer grants it's possible they continue to rise, but we cannot ignore the world recession, so who knows...

 

I do think in our area people started asking stupid prices but when they dropped their prices they have still sold, and the average price continues to rise.

[Guest smit]

There are always areas that still rise , when the average falls,.................and I believe a lot more in Australia than UK. This market is completely different. Each state has its own unique circumstances......, like being a diferent country.Adelaide has stabilized, and the govt has cut interest rates to put money back into peoples hands, and increased the FHOG to try and protect the housing market. I feel this will stem the tide at the moment , and may do the job. But if the recession starts biting as I feel it might, when jobs start getting lost,. This is when house prices get affected.

[Guest Rachel & Jeff]

Still agonising over a decision:arghh:

We bought 5 years ago and the current offer is £10k more than we paid + cost of extension so it is possible.

 

Real worry is whether we get jobs straight away cos if we have to use our not very large equity to live we might not be able to buy a house.

 

God this is stressfull! Jeff bought some cigarettes last night (we gave up nearly 3 years ago) and I'm feeling really shaky and tearfull this morning.

 

On the bright side, maybe the stress will help will lose the weight I can't shift since getting an underactive thyroid!

 

Rachel

[Anne B]

Are house prices in Adelaide falling ??? I think YES.

 

Here's an update to my totally unscientific survey of house prices in the Henley/Grange area.

 

Of the 18 properties I originally chose 2 weeks ago to monitor, one went up for rent last week so I am left with 17. This week another property has disappeared, is no longer for sale but can't find it in the Sold section or the Rent section. So that leaves 16.

 

Last week 2 properties had reduced asking prices.

 

This week a further 3 have dropped their asking price.

 

So out of 16 properties, 5 have dropped their asking prices in just 2 weeks.

 

It's been a long time coming, but a change is gonna come!!!

[Scousemouse]

Hi Rachel and Jeff,

yup, take the offer, but make sure you get an exchange with a decent length befor completion, else beware gazzundering!!!!!!

 

Depends where you are in Cheltenham i guess; but even so, the house prices there are much higher than in murkyside, where i just left!!!!

Just left CGH, after 3 years of working away from home............don't ask, but i suspect it gee'd up my decision(no pun intended).

Good luck, and see you here soon

x

Jane

[Carole Jolly]

Still agonising over a decision:arghh:

We bought 5 years ago and the current offer is £10k more than we paid + cost of extension so it is possible.

 

Real worry is whether we get jobs straight away cos if we have to use our not very large equity to live we might not be able to buy a house.

 

God this is stressfull! Jeff bought some cigarettes last night (we gave up nearly 3 years ago) and I'm feeling really shaky and tearfull this morning.

 

On the bright side, maybe the stress will help will lose the weight I can't shift since getting an underactive thyroid!

 

Rachel

 

Hi Rachel

The whole process brings its stresses, we have all been through it and totally understand how you are feeling. You will get through it and look back and wonder why you got so stressed... i am sure you have lots of people over there saying if you have the chance to try and new life, go for it.

We wobbled many times as our life in England was pretty good, however, then we said if we dont go, we will always wonder. Didnt want to live life with, what ifs ..

 

On the jobs front, a lot of people on the PIA site have actually got jobs before arriving, it may take some stress out if you could look into doing this.

 

Take care