Coronavirus and property values

Discussion in 'Property Market Economics' started by einentiva, 28th Jan, 2020.

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  1. Cornflower

    Cornflower Member

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    Just had one the same. Started marketing the property and had 3 people make pre-auction offers. Vendor wanted the auction brought forward, so we did.. it was only on the market 9 days. Had 5 registered bidders, all serious. Sold it for more than the vendor had it on the market for (with another agent) in March last year.

    It may be a pre-lockdown rush, but I think there are still buyers out there.
     
    Cornflower, 24th Mar, 2020
    #721
  2. wylie

    wylie Moderator Staff Member

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    I've just had a conversation with someone who's saying she's heard this is a pre-lockdown rush, and people who've sold and are in the market to buy are rushing into purchases while they can.

    My friend's sale might not go through if they baulk at the B&P or cannot get finance, but fingers crossed it does.
     
    wylie, 24th Mar, 2020
    #722
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  3. Sackie

    Sackie Well-Known Member

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    That's very interesting. I've heard somewhat similar from the ground. Lower stock as some pull out. Those committed to buying need to buy and want a safety of a home during this crisis. It'll be interesting.
     
    Sackie, 24th Mar, 2020
    #723
  4. Gabbaking

    Gabbaking Well-Known Member

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    Just returned from auction for 97 Dartford Rd Thornleigh and it went for...


    $1,421,000!!!!!

    Lol! What recesion and job losses! Within the first two bids we were out of the race. House bought by a Caucasian mature couple with young kid.
     
    Gabbaking, 24th Mar, 2020
    #724
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  5. Warrenkh018

    Warrenkh018 Member

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    All congrats to the mature couple with a young kid... but... that means they have to move into the place within a couple of months... if this virus is going to hit hardest in winter.... where are they going to find the removalist to move them?
     
    Warrenkh018, 24th Mar, 2020
    #725
  6. matt_j

    matt_j Well-Known Member

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    That is insane!
     
    matt_j, 24th Mar, 2020
    #726
  7. Omnidragon

    Omnidragon Well-Known Member

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    Yea interesting. I think it’s holding in the middle class range ($1-1.8m). Seems to be struggling at the more expensive end and high end.
     
    Omnidragon, 24th Mar, 2020
    #727
  8. matt_j

    matt_j Well-Known Member

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    I really hope you're right as that's where I just bought..
     
    matt_j, 24th Mar, 2020
    #728
  9. Jana

    Jana Well-Known Member

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    what I take is different. They rush for some unknown reason, sooner that will get 180 turn. That is just related human mentality and missing out opportunity without seeing bigger pics..
     
    Jana, 24th Mar, 2020
    #729
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  10. Omnidragon

    Omnidragon Well-Known Member

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    Oh absolutely, I'm not suggesting they'll hold value. Just interesting watching how it's unfolding. I think risk is to the downside so not sure why they're rushing in
     
    Omnidragon, 24th Mar, 2020
    #730
  11. ndpjai

    ndpjai Well-Known Member

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    I was thinking definitely it will sell around $1.3m but i was gobsmacked when i heard $1.421m so property values never fail ;)
     
    ndpjai, 24th Mar, 2020
    #731
  12. Gabbaking

    Gabbaking Well-Known Member

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    Bummed out on the missing out the place however they were about 3-4 strong bidders from the Start and bidded in increments of 50k. Our budget was around 1.1m so really didn't had a chance. Not sure how to gauge the market these days.

    Prime example:
    3 Adamson Avenue, Thornleigh, NSW 2120 https://www.realestate.com.au/sold/property-house-nsw-thornleigh-132773498
     
    Gabbaking, 24th Mar, 2020
    #732
  13. Kangabanga

    Kangabanga Well-Known Member

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    There's always like a half year lag so it will take a while for property market to reflect the recession and stock market falls. Now that interest rates fast approaching zero, working professionals in healthcare related sectors would be feeling very secure in their jobs and wouldnt mind buying into the market.

    However there will be many job losses soon in other sectors combined with selling houses for margin calls for stocks, we should see property prices moderating pretty soon.
     
    Kangabanga, 24th Mar, 2020
    #733
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  14. Gabbaking

    Gabbaking Well-Known Member

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    Let's see how this will pan out. We'll continue to attend inspections but going to reset our expectations and perhaps look for less undesirable blocks.

    Now looking back at the property, decent sized flat block, walking distance to school, decent street will command a handsome Price.

    Knock down and build and property would be worth upwards of 2m. IMO
     
    Gabbaking, 24th Mar, 2020
    #734
  15. ollidrac nosaj

    ollidrac nosaj Well-Known Member

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    Just announced No more open house inspections!
     
    ollidrac nosaj, 24th Mar, 2020
    #735
  16. Waterboy

    Waterboy Well-Known Member

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    Developing Story

    ScoMo: Property Auctions and Open Houses/Inspections no longer allowed by tomorrow night.
     
    Waterboy, 24th Mar, 2020
    #736
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  17. The Y-man

    The Y-man Moderator Staff Member

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    Well that's the end of this thread then.... :oops:

    The Y-man
     
    The Y-man, 24th Mar, 2020
    #737
  18. 2FAST4U

    2FAST4U Well-Known Member

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    The economy is completely screwed. Keating called it the recession we had to have. This will go down in Australia's history as the recession that was government created.

    "In the retail space auction houses, gatherings together in auction rooms, that can no longer continue. Real estate auctions and open house inspections, in particular open house inspections, that can not continue...In terms of personal services the following now will not not be able to continue: Beauty therapy, tanning, waxing, nail salons, tattoo parlours and same for spa and massage parlours". ScoMo has even restricted funerals to a maximum of 10 people FFS. Crazy.
     
    2FAST4U, 24th Mar, 2020
    #738
  19. Triton

    Triton Well-Known Member

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    These are a good measures, you have to be proactive
     
    Triton, 24th Mar, 2020
    #739
  20. tonyvooz

    tonyvooz Active Member

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    This is painful, but necessary measures. How do you propose we control the spread then? Tens or even hundreds of thousands Australian life are at risk if we don't do what it takes
     
    tonyvooz, 24th Mar, 2020
    #740
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