Covid 19 price correction: Place your bets!

I feel the same. There might be reasoning in waiting for covid19 to go away and then sell.

 

I have seen price dropped in Carnegie (VIC) this week. Properties that are set to auctioned this and next weekend have been sold over last couple of days for 5-10% less than what they could have fetched in a month ago. That could be partially panic selling because of stage 2 lockdown but no doubt price will drop further as unemployment increases

 

That resonates well with me as well. Been getting calls from agents about excellent offers due to vendor needed to sell. Some even go to say awesome price! Which is 15% below what they were advertising a month ago. Interesting times ahead. Hold on tight it’s gonna get very wet around here.

 

I was looking around outer west of Sydney in Dec-Jan 2020 before giving up. tbh most agents were knowingly ruthless in pricing, even for poor properties. Very few were decent who understand this extreme greed will kill future gens. Still properties being advertised at similar prices means no sign of value coming back soon unless recession is confirmed, at-least one major bank bust, multiple businesses bankruptcy, mass unemployment etc.

 

Sold at auction on 24th for $1.42M

 

A 3BR HOUSE (416m2, 1km from station and central) in Oakleigh, VIC was sold for 963k just 2 days ago. It could have easily been sold for 1.2M two months ago.

www.realestate.com.au/sold/property-unit-vic-oakleigh-133262458

 

this is a unit not a house. Not aware of any unit on 400m2 fetching 1.2m in Oakleigh.
Not around bishop street anyway

 

Are we talking about the same country and election? Maybe your understanding of the word vote is different to everyone else's? If the AEC website is accessible from your browser, you can look it up. 1st preference votes:

LNP: 5,906,875
Labor/Green: 6,235,083

You are right. Tragic.

 

So the ALP and Greens are a coalition?

 

No, but the Geens would have passed most of Labor's policies. I'm just pointing out the major untruth of the post.

 

Okay, understood.

 

Prob vote Greens next time since no difference?

I think resi and non prime commercial already down 20-25%

 

what are your thoughts now on this prop selling for over $1.4 m ?

 

Wow, decent price.
It's a nice street though (I should know, I used to live in it).

 

J

Just proves Australian real estate is an unstoppable force that you can not lose money on, now is the time to buy before you miss out forever...every real estate agent in the country agrees, interest rates are so low it's basically free money, gear up, get onboard to secure your financial freedom, the government will bail out all holders of debt, they will print money... you have nothing to worry about, unlimited demand from China means Australia will be able to sell everything we have and PROFIT..think how rich we will all be, we can even maximize our returns with leverage, retire at 45 with a 6 figure income. Remember the government will save you from any stupid decisions you make.

*** Note: this is not financial advice, you should seek independent advice tailored to your individual circumstances

 

If we keep bailing out property investors, then nobody has any incentive NOT to invest in speculative property investments.

 

Someone with deeper pockets can afford and I can't. What are you thoughts?

 

You missed /s at your sentence

 

Haha you have convinced me, seems like a great time! Record low interest rates, not much competition, government stimulus - get in now before the market booms again and you miss out

 

And don't forget leverage. You must use leverage to maximize your returns, remember it's free money....
**Note: this is also not financial advice. Seek you're own financial advice tailored to your individual circumstances