I am really into Bubblepedia because it’s committed to collecting and presenting facts & data about Australian real estate and property prices, not just spreading speculative industry propaganda like all the news sites do.
I love how they provide links to all these propagandist articles but correct the headlines. My favourite correction this week read: Umbrella Manufacturer’s Association says we need a million new umbrellas over the next five years and calls for increased umbrella production despite falling umbrella sales.
I also enjoyed reading Dan’s blog post today about a place that is listed for sale in Bulli, near Sydney, at the moment:
A colleague pointed out this beautiful spot for sale in a beachside community outside Wollongong. We often see the argument that apartments in dodgy spots might fall in price, but prestigious lifestyle locations will be protected, but it is exactly those locations that are even more overpriced than dodgyville.
For those who don’t know the area, you can ride your bike along a seaside path into Wollongong from here, catch the train to Wollongong or Sydney very easily.
Surely a house over the road from the beach, bike track and cafe must be safe from price falls?
Well, no:
From onthehouse.com.au:
8 TRINITY ROW $1,000,000 19-07-2005 493 RESIDENCEThis house was advertised for 1.1million a few months ago and here it is now
advertised for 750 000.
Yep, that’s right, the asking price is $250,000 less than the purchase price three years ago. So if the owners eventually do sell, they will lose about $500,000 all up on this house. And as the blog says, it’s not even in dodgyville. It’s something to think about.
