Property prices beginning to drop

Im seeing the same thing in my market i keep an eye on.

 

Sorry if it is not correct but I heard it on sky news - now it couldn't be wrong could it??
Personally I believe it's pretty close and going to get a lot worse.

 

What else do upper middle class big earners who are sitting in capital from previous sales do?

I give it about 3 months for that capital flow to extinguish.

 

False economy at the moment - all these handouts and loan deferrals. Casuals pocketing $1500 a fortnight who normally earn $300. Massive businesses making more than ever with staff on jobkeeper. False economy cant last for ever - just hopefully until a vaccine is made, if not then a cliff is putting it nicely.

 

Some may argue the economy has been false for a while now, well before this

 

Good position to be as long as the job is safe..

 

Saw a couple of articles recently about apartments selling at a loss....do you see this as an opportunity to buy and wait for a rebound, or do you think this is a structural repricing of apartments?

 

Interesting what sort of a loss are we talking about?
Yes Vertical Cruiseships would be a hard sell at the moment.
Definitely an oversupply in a lot of places.
Good rental yield is possible - well it was pre covid

 

You would spend your time wondering whether you picked up the virus every time you pressed the lift button.

 

The decline in finance approval statistics are real but it just reflects the collapse in volume. It doesn't necessarily reflect any change in price - which the statistics also play out. Sales volumes were down 33% in April, bounced but didn't fully recover in May, etc. This is why finance approvals are way down - volumes.

 

Seeing more drops now. Friend just showed me a $12m parcel of land out in whoop whoop on 5 year settlement. Asking $16m pre covid

 

These apartments weren’t going up in best of times.

 

Business opportunity for Otis etc: we’ll replace all your lift buttons with copper ones - apparently the virus cannot survive on copper.

 

you mean silver ?

 

You'd probably have a hard time in general if you can't figure out how to operate a lift without physically touching the button..

 

Nooooooo.....do you know how much trouble they are? (slight adult humour)

 

445 Crown Street, Surry Hills NSW 2010 | Domain

Initial guide $2.1, sold at auction $2.4 today

Presented well. Good stock - still huge demand, no social distancing FYI