Property prices beginning to drop

CoreLogic weekly house price update: Still falling - MacroBusiness

 

So you are actually thinking there will be a crash - how are you different from the many others you appear to be critical of?

 

No, I'm not thinking there's going to be a crash. I'm thinking some fluctuation, 10% generally, some pockets 15-20%. Dunno how it appeared I was thinking there was going to be a crash.

 

What is a crash because 15-20% seem pretty big numbers. Many would argue those figures are verging on a crash...definitely if it reaches 20%.

 

Property goes up - "yay my property has increased in value"

Property goes down - "yay I can buy more property"

 

Lol. It is like share investing. Shares go up, I am happy with increased value/wealth. Shares go down, I can buy more with the same dollar. Of course, they are not the same.

 

I thought there was a property crash in WA after mining boom problems.

 

Who is wallowing in the quagmire of fear mongering. Weird ass pandemic hits and kills thousands of people over the globe, shutting down economys and the mention of what effects it could have on property investments and it's fear mongering? no way! I also do not see this naysaying content everywhere out there that you talk about. Most of the subscription news channels are on sky and those guys are definately not talking property crashes.
Keep your chin up and look for the positives and if nothing happens be even happier.Thank god footy is back!

 

Exactly. But Eastern states seen a significant growth.
The point is. Those charts with weekly price movements are useless. They lump up the worst with the best across one of the largest countries on this planets by area.

 

I see what you mean but I don't see the correlation between WA mining boom crash and the Eastern states. The few propertys I have seen with price drops are actual propertys advertised as price has dropped.

 

Some stuff is probably selling 15-20% cheaper. Not sure if you’d call that a crash. 15-20% is pretty common- happened when Shorten almost got elected.

 

What downturn?
3/5 Jolliffe Crescent, Rosanna, Vic 3084 https://www.realestate.com.au/sold/property-townhouse-vic-rosanna-133746442

 

I consider > 35% a crash. Post GFC, Dublin w et down 60%. 15-20% is a small correction in the scheme of things

 

In Sydney, I'm seeing weaker prices in the C and D areas (Campbelltown, Mt Druitt etc - particularly props that need a lot of work) but everything else seems to be holding up.

In many instances, its like COVID19 never happened.

 

I'm not seeing drops in the wealthier suburbs either, not yet anyhow. A lot of these properties are PPOR and at this stage I don't see a real issue with purchasing PPOR.

 

2nd week in a row very small crowds as in no one there at couple of opens in inner Brisbane , same houses 12months ago you wouldn’t get parking
Could be an anomaly or just the particular houses

 

Went to an apartment auction today with a faint interest. I reckoned my assessment would put me in the ballpark but just short so never had real expectations. There was a full house in attendance and the final price was as though it was Feb 2020. I wasn't disappointed and I can't really say my assessment just missed the final price but maybe that's because of my half-hearted attitude. I just didn't see a coronavirus effect today but when you look at the overall auction figures elsewhere in Victoria, there is an effect of sorts

 

It's the middle of school holidays in Brisbane, fantastic weather and everyone has gone "out".

 

Houses or Units and which suburbs? I'm seeing the opposite in Bayside and Inner South.

 

Going by the amount of people out at the Gold Coast today you wouldn't know anything about a pandemic. Restaurants and cafes FULL.

No shortage of bidders at this auction in Southport.