Will this latest Sydney lockdown be the straw that breaks the camels back?

We listed a 2br apartment 3 days ago Doh! Auction is/was to be 20 July. It will probably be rescheduled now - think about it next week

 

Was watching auctions via facebook live and everything was selling and for over reserve. Now with the lockdown it reinforces the fact for houses and is a reinforcing loop. Onwards and upwards just at a slower upward trajectory.

 

Contracts were exchanged on this property today. Very happy with the price and it hasn’t been difficult. Still plenty of interest and all inspections were done privately. Timing could have been a lot better but happy with the result. Postcode 2010

 

Strong restrictions are now in place. Going to be lots of people without an income. How many people will be looking to buy property in these conditions?

 

The majority of Sydney property buyers are people who continue to get paid working from home. Add handouts to businesses and savings from being bored at home, there'll probably be a mini flurry when things open up before it settles down again

 

‘Majority’ you are dreaming.

 

Blue chips will continue to grow as IT and other white collar workers get paid WFH, lower end suburbs will hurt/stagnate (number of Rhodes listings is high)

 

Are the casual workers doing physical labour and customer service roles buying Sydney's 1+million median?

 

My prediction
Market sentiment will turn on 30 Dec 2021

 

Hahaha you’re joking right? Gladys just shut down the building industry. Most of my mates that are builders are on $150k plus.

 

All NSW Construction plus around 900,000 workers in Fairfield, Liverpool and Canterbury-Bankstown LGAs that work in any profession other than emergency and health care (these could be transport, taxis, deliveries, staff working for any other small business even butchers or necessities etc.....).
Interesting times indeed, policies administered on the run as hysteria and paranoia sets in, I would assume on Monday some address by PM and rescue packages...otherwise time will tell?
Current rescue of $1K per week for sole traders makes around $52K as opposed to $150K plus but unsure how long this will go for?

 

No. Short term some wobbles maybe, but that's all short term.
Just be patient and the boom will continue for sure. Sydney is almost unrivalled in Australia. Melbourne can challenge to a degree, but that's it.

 

Its getting ugly

Moment convoy of trucks and tradie vans block the Sydney Harbour Bridge | Daily Mail Online

 

The lockdowns seem to never effect media, football players, "wannabe" celeberties entering australia...or politicians.

The virus can live on all surfaces except aus post and amazon...it does not live in coles, woolies, aldi or bunnings.

The virus is only deadly in pubs,resturants, small businesses, hair salons, beaches and especially churches. It cannot live on food or drinks as long as you get it to go.

 

The one thing I noticed in that article is a picture of 4 people protesting......none of them with masks on.

 

Sure, building industry shuts down and real estate goes quiet for the duration of the lockdown. When they open up, the backlog means roaring business and a short term housing rush. Same story around the globe - stimulus and lockdowns sure are stimulating housing

 

But other countries are not going into ongoing lockdowns. They are moving on and living with it.

I think Oz and NZ only two countries with zero covid strategy.

 

They were booming amidst lockdowns with no end in sight. London's lockdown that went for months and months for example.

 

Its global boom. Turkey number 1 for booming property market

 

I think we are going to see yet more money parachuted into the economy and the boom will have a minor pause before continuing at a faster rate.

Only issue I see is wealthy dual citizens or permanent residents may move overseas to avoid lockdown, taking a decent amount of money out of the economy. That said they will likely be the first ones back when things calm down and will have no trouble being part of that incoming cap. Also If construction was to stop for a decent amount of time there would be sharp decreases in spending on many discretionary goods.