house prices jump

I can't believe how much around here house prices have suddenly risen. Not saying about ours except we could not afford it if we wanted to buy it now.

Re: house prices jump

Similar problem here.

Currently house prices are rising at about 3% per quarter or 12% per annum. Surely this is not sustainable? Yet house prices have not stagnated for decades.

As the population growth is currently negative it also makes a lie of the claim that immigration forces up house prices.

I'm alright Jack I have owned my house outright since the 1980s but its value is meaningless because to buy another will cost me the same. What is concerning is young people trying to buy their first home.

Re: house prices jump

We have seen similar stunning house price increases here, as well. Part of this is attributed to higher demand due to very low mortgage rates.

Bruce, you are so right, I don't know how the younger generation will be able to get into their first homes without even longer terms or lower down payments. That said, those who can get into homes now are finding sizable equity building immediately.

Re: house prices jump

My eldest daughter and her husband bought a house in Canberra many years ago so are laughing.

My youngest son living in Sydney is just buying a house on the mid north coast at a popular tourist and retirement town. He is in the odd situation of getting heavily subsdised rent from Defence but if he owns a house where he is stationed then he has to live in it hence buying a house far away. He can afford it because he is single, has no responsibilities except a dog and more money than he knows what to do with.

My middle son seems destined never to own a property (at least until I cark it) he has two kids, lives in heavily subsidised rental accommodation but spends money like it is going out of fashion. Since his wife started working they just spend more. I have lost track of the times I have suggested to them to put the difference between their subsidised rent and market rental into a savings account but I fear I just sound like a broken record.

Re: house prices jump

Huge house price increase here. Due to the pandemic, people are moving into less populated areas where they have more space and privacy which is causing a sellers market. In a sellers market, house prices automatically go up at least 10 to 20%. Banks have also dropped their mortgage rates making it an ideal time to sell.

Re: house prices jump

As usual, its all relative, whist you're stuck in the game, it don't matter.

Re: house prices jump

A friend has just called her daughter who lives in Canada has sold her house at a fantastic price . She bought it for £28 k just a few years ago and has sold it for £170k .
It’s everywhere.

Re: house prices jump

If she is buying again in the same area, it don't matter.

Re: house prices jump

It would seem my house has increased in value by around £16,000 in just a year. That isn’t an estate agent valuation, but from elsewhere, an estimated. But this is my last home now and the only beneficiaries will be my siblings and others, when I go. Seems I moved at the right time. The flat I sold in London would always be low, as being shared ownership they seem to keep valuations lower than freehold properties.

Re: house prices jump

Hi

No such huge movements around here in general, it is very focused.

Housing is just a cost, it takes money out of the economy.