Buying a House

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Re: Buying a House

Postby gazzamagoo » Tue Jun 28, 2022 4:40 pm

Frame has arrived, shit's happening!
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Re: Buying a House

Postby Brodlach » Tue Feb 07, 2023 2:37 pm

So interest rates rose again today.


Witnessed an auction on Saturday, 50 odd people there. They expected over $1.05m, passed in at $810k. The bubble has burst
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Re: Buying a House

Postby amber_fluid » Tue Feb 07, 2023 2:41 pm

Brodlach wrote:So interest rates rose again today.


Witnessed an auction on Saturday, 50 odd people there. They expected over $1.05m, passed in at $810k. The bubble has burst


Has to at some stage though the recent figures in house sales in
Adelaide don’t suggest it has burst yet
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Re: Buying a House

Postby am Bays » Tue Feb 07, 2023 2:45 pm

amber_fluid wrote:
Brodlach wrote:So interest rates rose again today.


Witnessed an auction on Saturday, 50 odd people there. They expected over $1.05m, passed in at $810k. The bubble has burst


Has to at some stage though the recent figures in house sales in
Adelaide don’t suggest it has burst yet


Those figures are for Sep-Dec last year

the Jan-Mar figures this year will confirm Brodlach's post
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Re: Buying a House

Postby amber_fluid » Tue Feb 07, 2023 2:47 pm

am Bays wrote:
amber_fluid wrote:
Brodlach wrote:So interest rates rose again today.


Witnessed an auction on Saturday, 50 odd people there. They expected over $1.05m, passed in at $810k. The bubble has burst


Has to at some stage though the recent figures in house sales in
Adelaide don’t suggest it has burst yet


Those figures are for Sep-Dec last year

the Jan-Mar figures this year will confirm Brodlach's post


Yep that’s why I said recent ;)

It will be interesting to see 1st quarter stats to see if it’s as dramatic as some expect it to be
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Re: Buying a House

Postby MW » Tue Feb 07, 2023 3:35 pm

A colleague of mine in Sydney bought a modest 3 bed home 12 months ago for 1.41m...valued at 1.2m now.
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Re: Buying a House

Postby Dutchy » Tue Feb 07, 2023 3:46 pm

It takes at least 6 months for each rise to take effect, things will only get tighter from here - which is what needs to happen
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Re: Buying a House

Postby gazzamagoo » Tue Feb 07, 2023 6:56 pm

Brodlach wrote:So interest rates rose again today.


Witnessed an auction on Saturday, 50 odd people there. They expected over $1.05m, passed in at $810k. The bubble has burst


probably still sold after the auction.
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Re: Buying a House

Postby Brodlach » Wed Feb 08, 2023 9:31 am

gazzamagoo wrote:
Brodlach wrote:So interest rates rose again today.


Witnessed an auction on Saturday, 50 odd people there. They expected over $1.05m, passed in at $810k. The bubble has burst


probably still sold after the auction.

Still unsold and the owner said last night it would probably stay that way (neighbor)
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Re: Buying a House

Postby OnSong » Wed Feb 08, 2023 9:40 am

Dutchy wrote:It takes at least 6 months for each rise to take effect, things will only get tighter from here - which is what needs to happen

Yes, economists consider the Reserve Bank hiking interest rates to slow inflation as a bit of a delayed reaction as, like you say, it takes a while before it takes full effect.

The tip is a slowing economy in 2023, particularly around Q2 and Q4 as people are forced to either refinance their home loans or sell up. Those who don't sell up are forced to focus most of their spending on servicing their home loans, thus driving down inflation.

This concept can be criticised in public circles as it has the optics of making the banks richer and the average punter poorer and that is true to a degree.

But it is also true that superannuation funds and even the Reserve Bank invest significantly in bonds and shares which benefit from such decisions and those are returned back to the average Australian worker in the long term.

There's a good graph that plots the effect of interest rates on inflation here:https://www.orangefinance.net.au/historical-interest-rates/

That link also shows the historical interest rate and comparatively, it is still low but obviously the cost of living is higher, so it's fair to say things are more difficult now but perhaps not as exaggerated as what some commentators would have us believe.
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Re: Buying a House

Postby Booney » Wed Feb 08, 2023 9:50 am

Appreciate that not everyone will be willing to divulge, but what is your current rate that you're on?

Mine is 1.99%, the term expires in August, started the ball rolling with my broker yesterday.
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Re: Buying a House

Postby Brodlach » Wed Feb 08, 2023 9:53 am

Gee you are in for a jump Booney

Being older I don’t have a big mortgage but mine starts with a 6
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Re: Buying a House

Postby Booney » Wed Feb 08, 2023 9:54 am

Brodlach wrote:Gee you are in for a jump Booney

Being older I don’t have a big mortgage but mine starts with a 6


I'm not meaning the amount, I'm meaning the interest rate you're on.

Interested to see how many of us are still fixed on very low rates.
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Re: Buying a House

Postby Brodlach » Wed Feb 08, 2023 9:55 am

Booney wrote:
Brodlach wrote:Gee you are in for a jump Booney

Being older I don’t have a big mortgage but mine starts with a 6


I'm not meaning the amount, I'm meaning the interest rate you're on.

Interested to see how many of us are still fixed on very low rates.


I understand, my rate starts with a 6 not my mortgage
Last edited by Brodlach on Wed Feb 08, 2023 9:55 am, edited 1 time in total.
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Re: Buying a House

Postby Booney » Wed Feb 08, 2023 9:55 am

Brodlach wrote:
Booney wrote:
Brodlach wrote:Gee you are in for a jump Booney

Being older I don’t have a big mortgage but mine starts with a 6


I'm not meaning the amount, I'm meaning the interest rate you're on.

Interested to see how many of us are still fixed on very low rates.


I understand, my rate starts with a 6


Oh boy!
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Re: Buying a House

Postby Brodlach » Wed Feb 08, 2023 10:06 am

Not a great rate however the cost and time to move isn’t worth it for me
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Re: Buying a House

Postby gadj1976 » Wed Feb 08, 2023 10:18 am

Booney wrote:
Brodlach wrote:
Booney wrote:
Brodlach wrote:Gee you are in for a jump Booney

Being older I don’t have a big mortgage but mine starts with a 6


I'm not meaning the amount, I'm meaning the interest rate you're on.

Interested to see how many of us are still fixed on very low rates.


I understand, my rate starts with a 6


Oh boy!


So was mine until last week when I rang them and asked for a better rate. Now in the mid 4s.
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Re: Buying a House

Postby Pseudo » Wed Feb 08, 2023 11:57 am

Had no idea so just looked it up. It is in the mid sixes.

This does not bother me; the principal is very low so the interest rate makes only a small absolute difference to the interest I pay.

In years gone by, when the principal was higher and the bank was offering lower rates for new customers, I called the bank and negotiated a slightly lower rate for myself.
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Re: Buying a House

Postby RB » Wed Feb 08, 2023 12:01 pm

gadj1976 wrote:
Booney wrote:
Brodlach wrote:
Booney wrote:[quote="Brodlach"]Gee you are in for a jump Booney

Being older I don’t have a big mortgage but mine starts with a 6


I'm not meaning the amount, I'm meaning the interest rate you're on.

Interested to see how many of us are still fixed on very low rates.


I understand, my rate starts with a 6


Oh boy!


So was mine until last week when I rang them and asked for a better rate. Now in the mid 4s.[/quote]

Mine is a bee's dick under 6.

Mind if I ask what you said to your bank to get them to lower it? Been meaning to speak to mine for ages. I was thinking of the standard "I've seen a better rate elsewhere etc." if I can't think of anything better.
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Re: Buying a House

Postby MW » Wed Feb 08, 2023 12:11 pm

5.04. Was over 7 until I rang and said WTF and they changed to 5.04. Don't ask don't get.
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