Property prices beginning to drop

Perhaps younger generations are starting to give up on passive investing all together. To amass a cashflow equivalent to what the jobseeker/pension gives out would require not only a paid off PPOR, you'd probably $1 mill+ of other assets just to yield you anything close to a 40kish per annum age pension from the govt. Not impossible but definitely tough going without adopting some sort of active strategy.

 

And you'd think the outlook has deteriorated since then. Thats why im so suprised with the recent sales. Blimey. Must be some combination of lower rates and price hikes in other suburbs relative to the cbd.

On facebook I've recently come across ads for a new OTP apartment development in Burwood priced at under $450k with over 20odd comments from what look to be interested buyers. Must be tough buying at that price point.

Also heard of standard 2,1,1 apartments near syndal station being sold OTP for $600k odd. Yikes.

 

Oh yea the apartment market is mainly propped up by non Australian residents in China, Singapore and Malaysia. Not much second hand market in CBD. Stay farrrrr away

 

Some regional areas seem to really be lifting. I've noticed many places on the coast trend up. Maybe people have had time to think about life quality.

 

The Victorian Greyhound Adoption Programme had nothing listed the other day, and the RSPCA has relatively few dogs on its site.

Even the weird, mutant, hairless dogs that I like have sold out!

 

My friend was willing to take a blind somewhat disabled cat... nope, not available! Too much demand.

 

So turns out Scott Morrison has been great for renters whilst Jacinda Arden was great for investors. The irony!

 

Wow if these comments are true about citizens going out and spending every penny of their (what is very much temporary) extra seeker/keeper payments on discretionary items such as the like that Harvey Norman sell, then it paints a pretty bleak picture.

Bleak both of the mindset of average Australians and their poor attitude towards money, and also more widely a bleak picture for the state of the economy when the music stops in 3-6 months time (need to include those announced 4-month semi- extensions to programs that are currently on the table which spits us out to January).

MMT seems to be the practice by the gov at present. Helicopter printed money will save us, right?

 

Also @Gockie I was so happy to read about the cats! Normally so many get euthanized due to no home to go to and obviously cannot be released to the wild due to ecological impact.

But if demand for kittens and cats is outstripping supply, hopefully every cat will get a good home. The great thing about this also is that there will be far less non-desexed cats in the stock pool which in time will result in less feral cats being born and a more controlled population, which will result in less needless deaths into the future.

 

Not great for investors in NZ. It is really hard to borrow money once you have over 4-5 properties. Banks turned me down for a refinance of $196,000. I went to a non-bank lender and that still took 3 months of intensive scrutiny. Property market is going gang busters here in Christchurch. An example - Renovated Heritage property listed for Auction on Monday 6 Jul, auction bought forward to following Tuesday. Sold for over $1m on the day. Centre City with a small piece of land.

 

I can't understand why apartments in Syndal would sell for more than apartments in the city!

 

Might well see a temporary move away from the ‘as close to CBD as possible’ mindset for the next few years

 

Hope it's earthquake proof

 

Dogs too.

 

Melbourne's property prices are crashing - MacroBusiness



Melbourne is down 0.67% already in just 15 days. And its not yet September.

 

As one of the prop gurus said, "Don’t make 30-year investment decisions based on the last 30 minutes of news"

 

Yes but there isn't a Melbourne property market. You can compare the Eastern Suburbs with the West and Outter North. McMansion estates an hours drive from Melbourne was always going to get hit at one point of another. There's been absolutely no drop in the East, if anything prices have risen. Does this drop also include all the apartments being fire sold?

 

They are looking at getting a pet parrot now.

 

Real desperation setting in now then.