Post to Facebook on 27/5/2018 at 1:14 AM
Commenting on “Melbourne homeowners dropping prices to sell in ‘house of cards’ market”
https://www.domain.com.au/news/melbourne-homeowners-dropping-prices-to-sell-in-house-of-cards-market-20180526-h10jn0/
Many people who have some experience in property investment laughed at me when I said house prices would fall, and some would go down a lot more than the others.
Property prices have fallen and now the press are jumping in the band wagon, and confirmed what I have been saying / writing.
Predictably, there are still ignorant non-believers, who have the backing of the Mum-and-Dad banker, who bid outrageously well above the reserved price at weekend auction.
Not all properties would fall at the same rate. While artificially inflated high end properties at Glen Waverley, Box Hill may fall in prices, some old family homes with reasonable size blocks are not falling fast enough, but my gut feeling tells me the time will come. I have heard stories that some are still bidding over the reserve prices, but for those who read the auction results in Domain and realestate.com, there are about half of the auction properties in those areas are passed in.
A word of caution who may have a windfall and go crazy over committing themselves in property investment. Some seminar gurus advise the audience to use the same successful "duplicate and replicate" method to grow the portfolio. Those words of wisdom has some truth, but must be not taken as gospel.
Every property locates at a different location, with own design and ambiance, neighbourhood, surrounding, and eventually different tenants with their own set of financial circumstance, family makeup and behavioral character.
If you do not like to hear / read what I say / write, please go to read more about why franchise businesses fail. Franchise model is based on duplication and replication. In fact, even some McDonald franchisees can suffer ill fate, too.
Thank you for reading.
Commenting on “Melbourne homeowners dropping prices to sell in ‘house of cards’ market”
https://www.domain.com.au/news/melbourne-homeowners-dropping-prices-to-sell-in-house-of-cards-market-20180526-h10jn0/
Many people who have some experience in property investment laughed at me when I said house prices would fall, and some would go down a lot more than the others.
Property prices have fallen and now the press are jumping in the band wagon, and confirmed what I have been saying / writing.
Predictably, there are still ignorant non-believers, who have the backing of the Mum-and-Dad banker, who bid outrageously well above the reserved price at weekend auction.
Not all properties would fall at the same rate. While artificially inflated high end properties at Glen Waverley, Box Hill may fall in prices, some old family homes with reasonable size blocks are not falling fast enough, but my gut feeling tells me the time will come. I have heard stories that some are still bidding over the reserve prices, but for those who read the auction results in Domain and realestate.com, there are about half of the auction properties in those areas are passed in.
A word of caution who may have a windfall and go crazy over committing themselves in property investment. Some seminar gurus advise the audience to use the same successful "duplicate and replicate" method to grow the portfolio. Those words of wisdom has some truth, but must be not taken as gospel.
Every property locates at a different location, with own design and ambiance, neighbourhood, surrounding, and eventually different tenants with their own set of financial circumstance, family makeup and behavioral character.
If you do not like to hear / read what I say / write, please go to read more about why franchise businesses fail. Franchise model is based on duplication and replication. In fact, even some McDonald franchisees can suffer ill fate, too.
Thank you for reading.
