Catching falling knife

Hi,

Sold 2/3 properties in Sydney in 2015/16.

Thought it was a touch early at the time but prices have pulled back past One of my sold prices! Anyway considering recent price drops around me of 20% im getting organised to get back in market later this year or next.

Inner west Sydney seems quite fickle at the moment. Some agents are getting through the odd decent sale to emotional buyers who think it’s 2017 but otherwise very quiet.

Looking forward to discussing with Y’all about market conditions and optimising finance options.

Cheers

 

Hi @Shane Oliver

Welcome to PC.

2015/2016 sounds OK for sale .... it also depends on the type of the property. Imagine not selling a unit in a high supply areas.

Are you looking to buy an investment or home?

 

Well you've certainly changed your tune:

Shane Oliver goes all in for property bust - MacroBusiness

 

Is it the same Shane Oliver?

 

Pretty confident we're not speaking with the AMP Chief Economist.

I can't imagine him ever saying y'all.

 

Welcome to the forum Shane. Well done on your market timing. What parts of the Inner West are you referencing? I'm seeing a decent level of activity- Every auction I have attended recently has sold - with multiple bidders. Prices definitely off peak though, no doubt about that.

 

The old inner west! Around Balmain / Glebe etc... can’t bring myself to call Strathfield the inner west

 

Y’all and folks are wonderful gender neutral greetings... took me a while to give up ‘guys’

 

Of course it's the real Shane Oliver - he is coming here to get confirmation on where the economy is really heading. We are a totally balanced group - both bulls and bears, Lib and Labor.

 

Oh that made me laugh! From what I can see bearish ppl don’t have a long duration on these forums, but the bullish ones abound!

Although @sash and others did a good job of predicting Sydney price falls. Just took most ppl on here about 18months to move past the ‘denial’ stage of the grieving process

 

That proves you have been reading this forum for a while

 

We now know where he gets his information for all of his articles ...

 

Mate....de nial...is the longest river in the world....thus the denial process will be long.

You are spot on about all the bulls...easy to talk about successes bu very few people willing to talk about failures....

 

I'm still spewing about Gladstone.

"Buy for cash flow" they said. It made $1000 a month clear profit at first.
"Dont buy in a mining town, buy in a town with more than one industry" they said. "It's not a mining town, it's a port. It's the power house of the state's economy" I said. Grrr

 

Oh wow, that sucks... who are ‘they’ if you don’t mind me asking? PC members or others?

 

Its a mining town.....

 

Another. One who has a very large following and is considered extremely ethical within this industry.

I knew to ignore any who spruiked "Mining Towns" at that time. "The price of houses always goes up"

 

Thanks for sharing Angel.

Not enough of these cautionary tales are told...

In Sydney considering how firmly and strongly that belief of “the price of houses always goes up” has been held over last decade I expect a more severe downturn.

Current narrative is “the correction we had to have” or “it’s just part of the cycle”....

Once ppl can’t remember the denial stage and we reach exasperation with market... then I go shopping!

 

Yeah, we looked at Gladstone just after the turn of the century.

When we were looking, the price of houses in Gladstone was the same as the price of houses in Brisbane.

I couldn’t compute this:- why was a property in a town of 33,000 the same as a property in a city of 2.4M?

See you later. Went back to Brisbane and bought there.

Thank Goodness.

 

Shane, this is an honour to be communicating with you. I watch you on TV quite a lot. The only thing I wish to say is I think your hair style needs updating. The seventies are long gone. So has the passing of the funny cigarette on campus and demonstrations down Macquarie St.