SUnfish.
well this is my opinion...for those that care...
Doom or gloom type attitude or not, as a few agents have said there are more and more people forced to sell their properties due to cashflow reasons etc. so prices especially in the bluechip areas are suffering, and especially at the higher end...
I don;t think the affects of the crashing shares, super, etc,. etc. have completely filtered through yet, maybe a few people hoping for a better price on their property ie being stubborn or hopeful, or people not accepting the fact that its not worth as much as it used to be or people managing to scramble some cash together to avoid selling their properties...
the unemployment rate hasn;t been affected much, so I reckon i nthe near future it will go higher, so people will need to sell more properties, I assume based on logic.
as for rents, I have no idea, I don;t know the economics behind it either, some people have suggested buying is/will be cheaper then renting, if this is the case, will it encourage people to buy??? or will people be scared in committing for the long term even if its cheaper??? maybe someone can explain the economics of the rent in these type of situations, in times of economical problems, when buying is becoming cheaper, do rents stay the same, drop down to become cheaper then buying, or shoot up becasue no-one wants to buy or can buy
Entry level properties in the not so bluechip areas, I think will remain stable, maybe a few % growth p.a, the bluechip entry levels, who knows, maybe a 5-10% drop,
a few friends who I have spoke to believe that all of these impacts will hit the market say in about april to Jun 09, so maybe this may be a good time to buy...
the above is merely my opinion, it is just intended to see if others agree/disagree.
I am very very smart
but not an economist
