There have been many predictions over the years about Australia's real estate bubble popping for various reasons but despite that prices have been resiliant. Will this covid thing be different though? Will they move away from high immigration that helps sustain this growth in prices ? I have a block for sale in the country and have seen more interest in it lately but imagine cities might go the other way? Thoughts?
Will Melbourne real estate prices collapse ?
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I agree, I have noticed the same.. Sales are being made in the Country, but they have slowed a little in Brisbane...
The Gold Coast is very resilient and quite a few sales have been made during these troubled times...
LW...
The Gold Coast is very resilient and quite a few sales have been made during these troubled times...
LW...
I sold my retirement nest egg property rental in North East of Melbourne in April, taking a 12.5% decline in the expected price thanks to C0-vid crisis
and the fact that the long term tenant wanting to stay Longer than what suited me. Would have been better selling a month earlier. 8.(
With all the doom and gloom around atm who knows what the future holds.
If the economy crashes the big Cities will be the worst places to live.
and the fact that the long term tenant wanting to stay Longer than what suited me. Would have been better selling a month earlier. 8.(
With all the doom and gloom around atm who knows what the future holds.
If the economy crashes the big Cities will be the worst places to live.
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They already are lol
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My daughter payed exactly 1 Million for a nice 2 bedroom garden apartment a few years back near Manly NSW & now that same joint is worth $850,000 or less today .
As our financial collapse evolves her home value will also .
Bad times ahead !
Jack
As our financial collapse evolves her home value will also .
Bad times ahead !
Jack
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The old adage Location Location Location, regional Victoria within 1& 1/2 hours of the metro/outer metro is fairing well when it comes to property prices. The better prices are being realised where highway and rail connections are, rail and highway is the reason we purchased where we are now. I don't use rail and most likely never will unless I can't drive but the car park at Broadford is chockas every day. Diesel passenger service to the CBD is the only way to travel once they enter the electric service it bypasses to the inner city, great for those who head to the footy public events or medical appointments in the city or transferring to another country link.
As far as the immediate/future metro prices go it's anyone's guess no matter which state your in. Current environment doesn't support growth nonetheless it will be interesting to see where it goes, the metro property bubble is one I would hate to be forced into right now, 6 to 12 months post stimulus will be devastating for some yet interesting for others.
As far as the immediate/future metro prices go it's anyone's guess no matter which state your in. Current environment doesn't support growth nonetheless it will be interesting to see where it goes, the metro property bubble is one I would hate to be forced into right now, 6 to 12 months post stimulus will be devastating for some yet interesting for others.
It's all perspective...the property is still the same property as when she bought it so any loss is just theoretical at this point...if she wants to trade up to a bigger property, it's likely that will be correspondingly cheaper as well, so it's swings and roundabouts for the most part...Outback said:
The only time you really loose is if you are forced to quit the housing ladder and take the physical cash loss...
Depending on the laws in Australia, folks who take large mortgages and then can no longer keep up with the repayments say through job loss are the ones who are likely to suffer the most, but otherwise weather the storm and the markets will rebound even if it takes a decade like it did here in the UK...
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Pete E said:
Just as it did when we had the Recession we had to have in the late 80's :argh: as a youngen first entering the market 19% interest rates were hard to ride out :argh: I'm better for the experience
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thedigger said:
its natural to expect a lag between phases ;
COVID > > unemployment . March , April , May
residential rentals being abandoned March , April , May , June
residential mortgage foreclosures / forced sales May , June , July , August , September , October >
increased numbers of Business closures > commercial rental vacancies > Pressure on banks > divebombing economy off a cliff without a parachute ?
During the GFC i witnessed mortgage repo auctions where quality homes and land sold at 50 % of what they had traded at over the 6 months prior.
Christmas is usually a tight time for money , can you imagine what chrissy will be like this year for domestic violence ? :awful:
Put a cop on every street corner please.
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I've told her to get out of the veritable interest rate & get a low Fixed interest deal now .
Lock in that super low rate now .
Guess Iv'e had a few drinks heylayful:
Greeting
jack
Lock in that super low rate now .
Guess Iv'e had a few drinks hey
layful: Greeting
jack
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Outback said:I've told her to get out of the veritable interest rate & get a low Fixed interest deal now .
Lock in that super low rate now .
Guess Iv'e had a few drinks hey
Greeting
jack
You veritably have Jack just like me
:beer: all the best of health to you and your family Jack :flowers:
