The REIV released its latest figures and of course the press misinterpreted them:
http://www.heraldsun.news.com.au/co…55E2862,00.html
“Some areas have dropped in value by 40%” says the article including Frankston South (a drop of 19%) an area mentioned in a number of posts in this forum.
We have discussed before how statistics lie and how these figures are skewed by the type of property sold.
I don’t think any indidual property in Frankston south dropped in value by 19%, if so we should all go out and buy a few.
Of course some suburbs just keep on performing well over the long term.
Michael Yardney
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I think this is itOriginally posted by MichaelYardney:the article including Frankston South (a drop of 19%) an area mentioned in a number of posts in this forum.
Well, if people on this forum are buying for 19% ‘BMV’, the market value for those properties has fallen by 19% which inevitably drags down those neighbouring…
I don’t think any indidual property in Frankston south dropped in value by 19%, if so we should all go out and buy a few.Or we could just wait a little longer and buy a few when they have dropped another 19 percent![biggrin]
Originally spun by The Herals Dun:Property growth has slowed to a crawl across Melbourne: house prices rose by a minuscule 1.8 per cent
So even with the REIV massaging the figures they still ended up with a loss![blink]
Cheers, F.[cowboy2]
Michael,
I agree with your comments.
I guess if you built and sold a large block of $250k apartments in an area where the median is $500k then the median has to come down.
I would like to see evidence of houses in Belgrave South being purchased in 2003 for $457k and then sold for $268k in 2004 – you can’t blame that on interest rates can you?
Cheers
JeffDear Michael,
The link below doesn’t work:
http://www.heraldsun.news.com.au/co…55E2862,00.htmlI really want to know about this information. Can I get the correct link ??
Thank’s in advance.
Originally posted by MichaelYardney:
“Some areas have dropped in value by 40%” says the article including Frankston South (a drop of 19%) an area mentioned in a number of posts in this forum.We have discussed before how statistics lie and how these figures are skewed by the type of property sold.
Agreed about stats but it works both ways. Selective stats help create the feverish atmosphere of the boom, it will now support the depressed atmosphere of the “gloom”.
It goes both ways.
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