https://www.news.com.au/finance/economy/australian-economy/a…
Check above out. Looking like there will be a lot of house bargains in the next few years.
Australian Housing Market Could See a Historic Crash
Punisher on 09/11/2020 - 08:09
Comments
How do I get a job at the CBA or News and just write these predictions.
You'd write one article and just change up the dates and % every few months to make it fresh and just get paid for the work.
Judging by the cognitive dissonance on this thread, the market isn't quite ready to crash.
Indeed, if the people don't believe in a crash, there can't be a crash.
Prices reflect what the population is willing to pay.
If anyone thinks the housing market will crash here, ask who is going to sell their home for a loss?
Those who lost the jobs and can’t afford to repay once the mortgage holidays dry up ? Unemployment figures using fake calculation from the govt is around 7%, so reality is at least double of that and recession just started. The very essence of this thread and the responses by many claiming that nothing happened in the last 30 years so nothing will happen in the next 30 is pure stupidity.
Prices reflect what the population is willing and able to pay
who is going to sell their home for a loss?
Those unable to pay?
Everyone understands this is a news.com.au, on par with fox news.
Fox is run by teens with melenials as managers ??
Depends on what you are referring to. Doubt that houses with land will crash. Apartment prices are going to drop massively as lower demand from immigrants and lots more apartments coming into the market in the next two to three years
Yawn since 2014
can date your yawn back to 2012 may be?
JOKE … IGNORE … As soon as you can afford to buy a house DO IT .. This applies to all the renters !!!
Never - not the way the RBA are going to print money
Historic crash? Nope. Job keeper, seeker, maker, home builder grant, access to super, interest rate cuts, axed responsible lending laws, 120 billion QE, home loan payment deferrals and CBA hold on foreclosures. Anything else?
All depends on where you live. Maybe a slight drop in Melb and Sydney. But South East Queensland is going gang busters. Gold Coast market is booming - huge price increases. I had one open house for my property, had 60 groups through, 11 offers, under contract the next day for $30k over what we wanted. Similar story to a mate from work - except they had 75 groups through. Gold Coast is going crazy - people are realising they can work from home, so lots of Sydney and Melbourne people are selling up and moving up here and getting a much nicer home for the same money and enjoy the lifestyle up here.
I wouldn't be surprised. Queenland is viewed as safest of the exciting states (East coast). Just like the trend of people moving into regional areas.
Until COVID is far in the rear view mirror and people get bored of regional areas again. Remember the 1918 flu, I am sure people moved into the regional areas to get away from the cess pits of the city but we've been urbanizing for decades after.
You read history on cities like London, even with multiple strikes of black plague and other less lethal diseases have gotten bigger.
Everyone make their own decisions, just offering a perspective.
😴 News media recycled garbage.
Sydney wise, I'm seeing more property sell for near their estimates… BUT at the same time Sydney is back to 75% Auction clearance rate.
75% of a smaller number or the same number of auctions. Percentages lie.
Brought our first property back in March this year. Had it under contract high 900’s. Corona hit the news headlines big time, we thought now it was over priced due to sentiment. We pulled out and brought the property at auction high 800’s. The same price as the previous owner paid in 2015.
A good friend of ours who is quite the expert when it comes to realestate explained that even if things got bad in 2020 stock would dry up. Therefore, preventing a large dip in prices for assets that are in demand. Suburban homes specifically in Sydney.
The same friend has a strong opinion that now is a good time to sell and upgrade, due to low stock, for those looking to find a potential bargain end of March. His opinion is that the end of relaxed mortgages will cause a surge of supply. (If these do come to a sudden end)
In my opinion, the only bargains you will get is on bad sentiment. I think that window passed earlier in the year. Unless we have a bad second or third wave of this virus I don’t believe we get any more bargain seasons.
Remember after the last recession we had one of our biggest ever property booms with prices up 60% in 10 years. And I really believe Australia will recover strong from this mess.
A good friend of ours who is quite the expert when it comes to realestate explained that even if things got bad in 2020 stock would dry up.
Stock that comes on the market might dry up. Then so has migration. Supply issues is temporary. Land in location people want is in short supply.
The same friend has a strong opinion that now is a good time to sell and upgrade, due to low stock, for those looking to find a potential bargain end of March. His opinion is that the end of relaxed mortgages will cause a surge of supply.
Good time to sell due to low stock. Upgrade when there is low stock. That is a problem. Relaxing mortgage lending rules is allowing those in deep mortgage trouble to get out and sell to those with money. But as well know there is always more poor people than rich, is there enough of those with money to pick up the bag. It is like Bank of America buying Merrill Lynch then going under and asking for a bail out from the American tax payer.
In my opinion, the only bargains you will get is on bad sentiment. I think that window passed earlier in the year. Unless we have a bad second or third wave of this virus I don’t believe we get any more bargain seasons.
You are not wrong but then wisdom of the crowds aren't necessarily the best indicators.
Remember after the last recession we had one of our biggest ever property booms with prices up 60% in 10 years. And I really believe Australia will recover strong from this mess.
Boom was because interest rates kept on going down. It isn't because we suddenly all made more money. The housing market will recover but the real economy will be just the same, morbid.
Fixed the URL for you.
https://www.news.com.au/finance/economy/australian-economy/australian-housing-market-could-see-a-historic-crash-says-increasingly-nervous-man-for-10th-consecutive-year
Lolz… I don't see no crash. There are alot of people out there with money just waiting to snap up anything that goes to market. Differs by suburb to be honest. Some suburbs are already suffering while others have already grown between 5%-10% this year.
Agreed. Rich people just keep buying and hopefully get out before it all comes crashing down. Who is unlucky enough will wait for a bail out.
Slow news day after us election
Just the over 40s crowd squeezing money and prosperity out of young AUstralians. Many young Australians aren't even getting married let alone having kids, especially in the cities. I just looked at my grade 12 cohort, uni cohort and the NSW marriages stats. Let COVID sweep through the population I say.
https://www.dailymail.co.uk/news/article-8757891/Westpac-exp…
https://www.adelaidenow.com.au/business/where-australias-hou…
https://www.abc.net.au/news/2020-09-09/house-prices-to-bounc…
Just pick your media outlet for what you want to hear.
it's murdoch propaganda who cares?
nothing more than a regurgitated article, recycled, rehashed every few months, stocking filler.
basic bullsh#t article designed to create a bullsh#t discussion from bullsh#t experts based solely on speculation and bullsh#t
following news.com.au articles about property price crash is almost same as western media daily feeds of fuming china or hong kong democrazy movements!
Wow we are still talking about this thread. I have ran out of popcorn.
not sure about elsewhere but houses in my area are selling on first open house or a week tops and at bloody good value to so this doom and gloom is click nonsense. Probably a counter paid article out the following day. I swear they do this to pander to ppl who are skittish to justify their shit and same with the other article to reaffirm to others ready to pull trigger. either way they win lol
im rebuilding there right now ( half way through ) but wont sell for 20+ yearsEvery time there is a sign of correction, the govt backs it up with some kind of incentive for the first home buyers and people go berserk . Also I think most of the development in Sydney is backed up by a politician directly or indirectly and they would hate to see the money go in drain so they lobby the govt hard.
Property prices in Sydney are crazy for the kind of luxury/land size they are offering. Average land size has come down to 250-300 sqm in Western Sydney which is un Australian.
And there people buying corner lots and building 2 houses flaunting all rules which councils choose to ignore, pathetic.
Australian Housing Market Could See a Historic Crash
Not unless government stop negative gearing against other income
In the investment property UK rent needs to be 145% of monthly repayments based on interest of 2% above central bank rates, never stops people buying especially the low income people. Until they figure out living poor for 25 years they get a massive windfall and massive capital gains tax. A lot of people can't take it psychologically share price volatility but because house doesn't fall over they are satisfied (they can't see natural deterioration, that is why we have crap rental stocks in this country).
A lot of people who buy investment property only work out how much can I afford as a mortgage and then they are ready to go. Not many of them know the true on going maintenance cost and out goings.
people have been telling me this since 2008 - none with a particularly convincing track record
The housing market will crash as much as north korea was supposed to launch nukes
Ignore news.com hyping up non issues just to get a headline.
These articles focus on prices on the whole, apartment prices might be stable but independent house prices across Sydney are increasing like crazy.
It looks like the gravy train is about to leave the station. Get your tickets while they're still cheap.
https://www.bloomberg.com/news/articles/2020-11-22/world-s-m…Australia’s A$7.1 trillion ($5.2 trillion) housing market is facing the ultimate stress test — the first recession in almost three decades — and passing with flying colors for now.
Economists had predicted property prices would tumble 10% or more as Covid-19 swept Australia; now, they’re scrambling to reverse those forecasts to gains of 5-15% in the next couple of years. Policy makers have switched from worrying about plunging prices to being on guard for excessive exuberance.
Anyone sitting back waiting for a magical crash is simply being priced out of the market