Won’t you be my neighbour....

[Kerplunk]

But they are again now lol. Andhe government is supporting them to make it happen.

Yeah to some extent, but banks are still using expenses to validate loan applications and changing their Hem calculations upward. So the old days of bull shitting about household expenses etc on the loan application is pretty much gone. That has a bigger effect on lending capacity than the serviceability rate.
Having said that this gov will try anything to keep the bubble going so who knows to what extent they will go to. I will happily admit that I underestimated how corrupt the banks, gov and in particular the regulators still are. The only thing holding them to account atm is the class actions and a federal case against westpac.

 

[Kerplunk]

So Adams spent some time in Melbourne with the Citizens Electoral Council. According to wikipedia the CEC is an affiliate of the LaRouche movement. If you don't know who LaRouche is google him (he did make it into a Simpsons joke one time).

Cheers,
CBG.

Martin North is very thorough and professional. John Adam’s is a border line paranoid prepper.. His twitter account is all over the shop, it really hurts his economic credibility.

 

[Calvin27]

Yeah to some extent, but banks are still using expenses to validate loan applications and changing their Hem calculations upward. So the old days of bull shitting about household expenses etc on the loan application is pretty much gone. That has a bigger effect on lending capacity than the serviceability rate.

Lot of little things going on in this space that suggest they are trying to boost lending a fair bit. BSing on loan applications still happens it's just toned down a bit. Nothing has changed because ultimately the banks have outsourced this part of the business to private brokers so it's now their problem even if they are exposed to the risk. At this stage most banks could still take another 20% drop on deposit buyers and and LMI covers the other positions.

 

[Dales Cannon]

Shudder... One day, I will have my cement brutalist house with big open spaces with fuck all in them.

Very dusty.

 

[link1896]

Very dusty.

Sealed, it’s fine. I had a double brick walled garage at the last house, sealing the walls made a night and day difference to the dust.

 

[Sethius]

Another relevant case study:

Eeeeek.

LOL. Our rep alone in that has sold more than that. Sounds like he spoke to small developer and that's it.

 

[Dales Cannon]

Sealed, it’s fine. I had a double brick walled garage at the last house, sealing the walls made a night and day difference to the dust.

Only if you add sand, water and aggregate.

 

[downunderdallas]

Only if you add sand, water and aggregate.

A touch of reo wouldn't go astray either

 

[Dales Cannon]

A touch of reo wouldn't go astray either

It is only for @Haakon...

 

[hifiandmtb]

LOL. Our rep alone in that has sold more than that. Sounds like he spoke to small developer and that's it.

When though? He said things were selling well before the end of last year.

 

[Sethius]

I did one myself in March, we've had 18 in Donnybrook this year, just checked the precon list for suburb and sell date and we are a single builder. That town house row is ours in the opening credits too, my broker owns one of them. Markets dead and we are doing 90 this month.

 

[hifiandmtb]

Re-watched that part of the video:

. about 5000 properties in Donnybrook (built & proposed)
. selling 18-25/month up to Christmas
. in the first three months of 2019, 5 properties sold

Who do you think he was talking to - a single developer (obviously not your mob)?

 

[Litenbror]

Question @Sethius are you seeing a decline though? Maybe not as drastic as they are describing but you have sold 18 this year and they were selling 25/month last year apparently. I'm just wondering if your figures are down from last year or if it's just that developer?

 

[Sethius]

I'd

Re-watched that part of the video:

. about 5000 properties in Donnybrook (built & proposed)
. selling 18-25/month up to Christmas
. in the first three months of 2019, 5 properties sold

Who do you think he was talking to - a single developer (obviously not your mob)?

Re-watched that part of the video:

. about 5000 properties in Donnybrook (built & proposed)
. selling 18-25/month up to Christmas
. in the first three months of 2019, 5 properties sold

Who do you think he was talking to - a single developer (obviously not your mob)?

I'd suspect one of the smaller developements and not the collective group. I'm actually going to spend the next 3 weekends up there, it'll give me a good on the ground perspective of the foot traffic coming through.

 

[Sethius]

Question @Sethius are you seeing a decline though? Maybe not as drastic as they are describing but you have sold 18 this year and they were selling 25/month last year apparently. I'm just wondering if your figures are down from last year or if it's just that developer?

Our numbers early this year down compared to late last year definitely, but we've had an steady increase again since Feb though. (on track to hit those same figures as October last year which is great result in market confidence, and it's a vastly different market segment buying right now). As much I know things could go wrong, the engagement and traffic over the last few weeks and this month is a big swing in a favourable direction. I'm hitting the market now, end of the years going to be too late.

 

[Kerplunk]

BSing on loan applications still happens it's just toned down a bit. Nothing has changed because ultimately the banks have outsourced this part of the business to private brokers so it's now their problem even if they are exposed to the risk.

They might try and BS but there is comprehensive credit reporting between institutions and a higher HEM plus expense/tax return checks. People can’t hide extra credit cards now. The brokers don’t process the application the banks still do that. And that part is still tight.
I agree the gov and regulators are trying to pump more credit into the system which seems quite stupid considering the state of the economy..

Maybe we should start a aussie economy forum thread to discuss all this stuff? The australian economy is facing a testing time in the next 1-2 years be interesting to get on the the ground feedback like what really is happening in Donnybrook rather than youtube’s version.

 

[Sethius]

I'll be there as of next weekend for the rest of the month both days, it'll be interesting to see general traffic through the estate for the day and what the people come in are doing. I suspect it'll be what the team is reporting, a high percentage of first home buyers who are feeling upbeat from the latest developments. If I don't take 2-3 sales from the stint it'll be a good indicator for me that's it down against other areas. (ie. Most my success has to the lower west this month) agreed, economy thread and yes we are in for some rough storms.

 

[Flow-Rider]

My searches seem to be pretty much on par for what they've said, even if all sales haven't finalised yet the place isn't moving like it was before Christmas and the sale prices have curved back down which means they're not selling well.

https://www.realestate.com.au/sold/in-donnybrook,+vic+3064;/list-1

https://www.propertyvalue.com.au/suburb/donnybrook-3064-vic

 

[Haakon]

Is that what that development is called... I’ve been driving past it on the Hume and wondering why the fuck anyone in their right mind would want to live next to a freeway in the middle of bum fuck nowhere... Madness.

 

[hifiandmtb]

Agree @Haakon - there is good development & bad development, not just development.