Help with my decision please... Put mini deposit down but now terrified about coronavirus recession.

Discussion in 'Investment Strategy' started by Silveyr, 27th Feb, 2020.

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  1. Archaon

    Archaon Well-Known Member

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    "Buy where you can afford to invest, Rent where you want to live."

    For the repayments on a $1.6mil apartment you could rent a $6mil apartment...
     
    Archaon, 29th Feb, 2020
    #81
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  2. Morgs

    Morgs Well-Known Member Business Member

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    80%+ auction clearance rates and decent numbers in Sydney & Melbourne today. Some exceptionally strong prices.
    Guess not everyone shares the view that the sky is falling due to C/V.....
     
    Morgs, 29th Feb, 2020
    #82
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  3. MWI

    MWI Well-Known Member

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    My reply would be because we continue to live and we want to make our life better, including to have a roof over our head. :)
    It just goes to show from history when the dust settles new dust will pick up somewhere else...:D
     
    MWI, 29th Feb, 2020
    #83
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  4. Terry2020

    Terry2020 Well-Known Member

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    Whereabouts in Sydney? I assume it is an investment property?
     
    Terry2020, 3rd Mar, 2020
    #84
  5. The Y-man

    The Y-man Moderator Staff Member

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    post #5 PPOR

    The Y-man
     
    The Y-man, 3rd Mar, 2020
    #85
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  6. Trainee

    Trainee Well-Known Member

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    Did the op go through with this? @Silveyr
     
    Trainee, 13th Mar, 2020
    #86
  7. Silveyr

    Silveyr Active Member

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    Nah backed out.... Unsure what to do with my money now though...do I look straight back into buying or wait for 2-3 months for people to start losing jobs?
     
    Silveyr, 13th Mar, 2020
    #87
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  8. tonyvooz

    tonyvooz Active Member

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    I also have concern over
    I don't blame ya. I'm quite concern where the market is heading as well. There is a property that I'm interested in being auctioned this weekend and I'm thinking not even bid on it. This weekend will be first to see whether whether property market will be impacted at all
     
    tonyvooz, 13th Mar, 2020
    #88
  9. hachoo

    hachoo Member

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    As harsh as it is to wait for that situation, I am also in a similar situation. Unless you've stumbled across or have privy to a specific offer, waiting for the next few weeks/months can't hurt. The following trends will give some insight in to where employment and property markets will go.
     
    hachoo, 13th Mar, 2020
    #89
  10. TMNT

    TMNT Well-Known Member

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    If auction rates overall remain the same or go higher, i will eat my gym shoes

    With basically the world economically falling apart (temporarily as it may be), there is no way confidence in housing can remain the same
     
    TMNT, 14th Mar, 2020
    #90
  11. The Y-man

    The Y-man Moderator Staff Member

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    The Y-man
     
    The Y-man, 14th Mar, 2020
    #91
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  12. TMNT

    TMNT Well-Known Member

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    Damn, hope aucton rates hit 110%
     
    TMNT, 14th Mar, 2020
    #92
  13. tonyvooz

    tonyvooz Active Member

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    I attended the auction and actually had last bid. It was passed in 20k under reserve price. Me and vendor both didn't want to give in so it ended there.

    The rest of market seems did ok today, clearance rate at this time is still 70%+. But it doesn't mean that the market is immune to corona and recession, it's just lags behind. Blueskies in thread "Coronavirus and property value" explained it in a way that I feel so relevant
     
    tonyvooz, 14th Mar, 2020
    #93
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  14. Silveyr

    Silveyr Active Member

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    I actually told my hubby that this weeks clearance rates will be in the 70s. Next week will be in the 60s imo. If they don't cancel the auctions that is. The cases are going to start ramping up pretty quickly from now.
     
    Silveyr, 14th Mar, 2020
    #94
  15. tonyvooz

    tonyvooz Active Member

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    Domain has updated Vic's clearance rate to 68% with a quarter of auctions not yet reported in.
     

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    tonyvooz, 14th Mar, 2020
    #95
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