Property prices beginning to drop

Discussion in 'Property Market Economics' started by Property Baron, 18th Jun, 2020.

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  1. K974

    K974 Well-Known Member

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    Houses around the 1.5m price range inner north and west. One house I looked at last week has been removed from sale it seems , could be totally unrelated to the market
     
  2. Rich2011

    Rich2011 Well-Known Member

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    Aha. I'm looking for clients in the 600 to 750k range.
     
    Last edited: 5th Jul, 2020
  3. MTR

    MTR Well-Known Member

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    Are any of these areas in the hot spot/lockdown or nearby?
     
  4. MTR

    MTR Well-Known Member

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    It will be dependent on impact of jobs. If you cant service debt you cant buy. No one knows how this will play out, but the longer the country stays in lockdown we will see more businesses hit the wall
     
  5. MTR

    MTR Well-Known Member

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    Its early days, we have to see how lockdown has impacted on businesses and jobs and whether our government’s management of this works. GDP will be interesting to watch over the next 6 months
     
  6. Property Baron

    Property Baron Well-Known Member

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    Sorry to be negative, but I'm losing faith that there will ever even be a Coronavirus vaccine. There is no real evidence of any progress at all. And that is with the best of the best scientists from all over the world working on it now for 6months with unlimited resources.
    There will be outbreaks in all states eventually as we open up. I fear for many many businesses. Property will drop as most of us expect in the short term and until we find a viable way of living and working with it.
     
  7. Noobieboy

    Noobieboy Well-Known Member

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    The right now culture we are. If we are lucky, it takes around 18 months to develop a vaccine. It probably would take another couple of years till it undergone phase I, phase II and phase III trials. That’s if we are lucky. Usually takes longer than that.

    If we actually get a vaccine in 18 months, I’ll be surprised and a bit cautious...
     
  8. Triton

    Triton Well-Known Member

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    Yes, was the same during the 2018/9 downturn
     
  9. Property Baron

    Property Baron Well-Known Member

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    To add to this - When the expected spikes start to occur all over the country, will Australia ever get to the point where amounts of cases per day won't cause all out lockdown? America is getting 55,000 cases per day recently with most states not considering a second shut down due to budget short falls and double digit unemployment
     
  10. lynchy

    lynchy Well-Known Member

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    This isn't a great post, and makes no sense

    I picked up a block of units in Miami, 75% below the previous sale price during the GFC.

    Were all investors affected by the GFC? No
    Did every investor sell? No
    All rents affected? No
    Everyone unemployed? No
    Was all of American on benefits? No
    Did every employer cut staff? No

    Yet some property, even those with good bones and well located fell by up to 75%
     
  11. Property Baron

    Property Baron Well-Known Member

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    So the Melbourne towers are under heavy lockdown because apparently they spread coronavirus like a cruiseship? So will this mean high rise apartments could see a hefty price drop? I don't see alot of difference in them too the Melbourne towers. Id imagine when or if cruiseships begin operating again a ticket would be pretty cheap..:eek:
     
  12. Peter2013

    Peter2013 Well-Known Member

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    Yes, they are calling them 'vertical cruiseships'.

    Only a matter of time before COVID19 gets into residential towers in Docklands or South Melbourne.
     
  13. The Y-man

    The Y-man Moderator Staff Member

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    People keep telling me they are empty - no OO residents, and certainly no tenants.

    The Y-man
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    I was thinking the same, but they have all been abandoned now because all the students are gone. Those that are left probably have the whole floor to themselves....

    The lockdown towers are special case too - they are housing commission and AFAIK handle a lot of recently landed refugee groups etc.

    The Y-man
     
  15. DueDiligence

    DueDiligence Well-Known Member

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    The Vaccine is a myth, they worked for 10 years on SARS and never got it. Meanwhile , the WHO have cleverly made everyone forget this is SARS2 by calling it COVID.. then cheerleading for a vaccine....
     
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  16. Mark F

    Mark F Well-Known Member

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    Other than being old, it looks like my happy in myself , slightly anti-social personality may be blessing in disguise.
     
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  17. Property Baron

    Property Baron Well-Known Member

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    I was more talking about high rise apartments in general all over the place losing value. So many being built everywhere and now they can be described as Vertical cruiseships. I would not be buying one any time soon
     
  18. The Y-man

    The Y-man Moderator Staff Member

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    Shouldn't be buying them at any time - covid or not.

    The Y-man
     
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  19. Property Baron

    Property Baron Well-Known Member

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    They were ok for positive cashflow strategies pre covid in some areas but I would be staying well clear of the Vertical cruiseships nowdays.[/QUOTE]
     
    Last edited by a moderator: 5th Jul, 2020
  20. Someguy

    Someguy Well-Known Member

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    Different demographic and lifestyle so not really that comparable
     

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