Yes...this is when Boganaires....become Boganrupts.
LOL!!
Anyone got a graph of wait for it........
Sydney Property Prices VS Interest Rates VS Rental Yield VS Income VS AUD VS AllOrds VS BoganFactor
Just kidding, thought I'd ask anyway
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Yes...this is when Boganaires....become Boganrupts.
Seriously how can anyone predict a GFC ?!?!?!?! Westpac predicting that Our economic should be recovering by the end of 2015. If you know GFC is coming or as predicted by R.Kiyosaki a "world deflation", might as well sell everything now and just cashed everything up ?
Who knows your property might only worth 5-10% of the current value next year right ?
Seriously how can anyone predict a GFC ?!?!?!?! Westpac predicting that Our economic should be recovering by the end of 2015. If you know GFC is coming or as predicted by R.Kiyosaki a "world deflation", might as well sell everything now and just cashed everything up ?
Who knows your property might only worth 5-10% of the current value next year right ?
If you think I'm saying I predicted the GFC , I'm not saying that at .
What I did know is at some stage there would be good buying opportunities . To take advantage of this we had a LOC of over 1 mill available which we had put in place a few years earlier
We watch the market on an ongoing basis . When the GFC hit , it impacted the upper echelons of society in a big way , hence we went looking for bargains in the lower north shore , and we found one in Mosman ( or should I say my wife did .. As she likes reminding me ) . We were able to make cash offers at a time when the banks were very reluctant to lend .
If my properties are worth 5-10 percent of their current value next year , the last thing I'll be worrying about is my property values
Cliff
Yes...this is when Boganaires....become Boganrupts.
Yes i believed the Top end of the market is pretty volatile right now. However this is probably applied for anything over 2-3 millions. I don' think if you purchase 2 bedrooms old apartmen in blue chip suburb (say near mosman, bondi, coogee, etc) for 800-900k can drop significantly.
I've looked at the median prices for 2 bed units around blue chip suburb of Sydney during GFC 2005-2007, the price just flat for a while and i don't see any significant drop at all.
Last time I looked the GFC hit in 2009 .
Re.com shows around a 10 % decrease in 2009 prices compared with 2008 , but bear in mind the GFC HIT TWARDS THE END OF THE YEAR and not many places sold at that time because few people were buying .
Unit prices show a small drop .
Being in the market at the time I can reassure you that some properties sold for significantly less than they would have sold prior on now .
You mention a 900 k price for two bedde unit . In late 2009 we bought two units in Musgrave street , both around 100m2 with drop dead views over the water , for 900 for both of them .
That's not going to happen any time soon and will only happen if there is a significant economic hit , rather than reaching th affordability limits .
Cliff
Agree with you mate Only if there's a significant economic hit in Sydney.
But i guess the 2 bedder unit in bondi, coggee, Kiribilli is so popular and there's not many new supply available, so price increased is slow but sustainable.
I wish i can afford an investment in blue chip
Our first investment was in Logan .
When we started , in the last cycle , Sydney had already boomed , but like now .
Cliff
to be honest.. The hope of owning my own house is VERY slim for me..... Just feel depressing....
even to own an investment in a blue chip Sydney is starting to fade away.... I don't know how many people can do it!
to be honest.. The hope of owning my own house is VERY slim for me..... Just feel depressing....
even to own an investment in a blue chip Sydney is starting to fade away.... I don't know how many people can do it!