Commenting on “How will the coronavirus affect the Australian property industry?”
https://www.domain.com.au/research/how-will-the-coronavirus-impact-the-australian-property-industry-939734/
https://www.domain.com.au/research/how-will-the-coronavirus-impact-the-australian-property-industry-939734/
The following is a blog from my SFC Coronavirus COVID-19 News & Articles.
One bad news after another bad one. It appears the world is in the complete state of panic, and the coronavirus is on the match to infect every country without any discrimination.
World Health Organisation WHO finally declares COVID-19 is pandemic, the rich and famous people Tom Hank and wife have tested positive of the infection, Grand Prix in Melbourne cancelled, Home Affairs Minister Peter Dutton tested positive and confined in hospital, AFL games will play without fans, concerts and Comedy Festival cancelled, etc.
More schools are closed, and university / college students tested positive too.
I have been very cautious about meeting people, including family members from interstate and overseas. Many infected people are spread through clusters of family units and close friends. You cannot take for granted that the family members and close friends can be trusted - yes, you can trust them with all you like, but not for your life. You have no idea who they are in contact with, or the people that travel with them in enclosed public vehicles for hours.
When the outbreak was first announced worldwide, I made a prediction on 26 January through my FB "SFC Real estate News and Articles" group that this would have a negative impact on the real estate industry. As usual, most group members remained silent, and the post received 17 out of 152 reactions. I really wonder whether they should be in the group at all, because of their indifferent attitude, and had no interest in real estate matter.
I made the prediction based on the following reasons:
First, overseas buyers, the mainland Chinese in particular, would not be coming, or likely to be restricted to come, especially during the Chinese lunar new year golden week for China. This has a great negative impact on Australia tourism industry.
Second, all other industries would be affected, and the economy stalled. Many potential business owners might go bankrupt and employees laid off. Many business and people would default due to inability to meet their debt obligation.
Third, like Wuhan, it is a matter of time that many cities, including some in Australia, would be in lockdown, and even interstate travel could be restricted.
Fourth, large public gatherings could be banned, and that includes auctions.
All these, will affect real estate investment.
That was weeks ago, and unfortunately, all these reasons are not conjecture, but soon become reality.
Is there light at the of the tunnel soon? I doubt so, because the Australian government, which keeps saying that all actions taken are in accordance to the Chief Health Officer's advice, is not decisive enough to implement tougher testing on inbound travellers and just play the wait-and-see game.
If the Grand Prix proved to be an event that caused massive infection, the state and federal governments, the Grand Prix organisers would be up for many millions of lawsuit, because this is a case of negligence and lack the duty of care to keep the public safe from the virus.
I hope my worry is nothing more than my neurological malfunction.
Thank you for reading.
One bad news after another bad one. It appears the world is in the complete state of panic, and the coronavirus is on the match to infect every country without any discrimination.
World Health Organisation WHO finally declares COVID-19 is pandemic, the rich and famous people Tom Hank and wife have tested positive of the infection, Grand Prix in Melbourne cancelled, Home Affairs Minister Peter Dutton tested positive and confined in hospital, AFL games will play without fans, concerts and Comedy Festival cancelled, etc.
More schools are closed, and university / college students tested positive too.
I have been very cautious about meeting people, including family members from interstate and overseas. Many infected people are spread through clusters of family units and close friends. You cannot take for granted that the family members and close friends can be trusted - yes, you can trust them with all you like, but not for your life. You have no idea who they are in contact with, or the people that travel with them in enclosed public vehicles for hours.
When the outbreak was first announced worldwide, I made a prediction on 26 January through my FB "SFC Real estate News and Articles" group that this would have a negative impact on the real estate industry. As usual, most group members remained silent, and the post received 17 out of 152 reactions. I really wonder whether they should be in the group at all, because of their indifferent attitude, and had no interest in real estate matter.
I made the prediction based on the following reasons:
First, overseas buyers, the mainland Chinese in particular, would not be coming, or likely to be restricted to come, especially during the Chinese lunar new year golden week for China. This has a great negative impact on Australia tourism industry.
Second, all other industries would be affected, and the economy stalled. Many potential business owners might go bankrupt and employees laid off. Many business and people would default due to inability to meet their debt obligation.
Third, like Wuhan, it is a matter of time that many cities, including some in Australia, would be in lockdown, and even interstate travel could be restricted.
Fourth, large public gatherings could be banned, and that includes auctions.
All these, will affect real estate investment.
That was weeks ago, and unfortunately, all these reasons are not conjecture, but soon become reality.
Is there light at the of the tunnel soon? I doubt so, because the Australian government, which keeps saying that all actions taken are in accordance to the Chief Health Officer's advice, is not decisive enough to implement tougher testing on inbound travellers and just play the wait-and-see game.
If the Grand Prix proved to be an event that caused massive infection, the state and federal governments, the Grand Prix organisers would be up for many millions of lawsuit, because this is a case of negligence and lack the duty of care to keep the public safe from the virus.
I hope my worry is nothing more than my neurological malfunction.
Thank you for reading.
