Post to Facebook on 2/4/2020 1:26 AM
Commenting on “Housing market 'not immune' to coronavirus crisis as cracks show in Sydney and Melbourne”
https://www.theage.com.au/politics/federal/housing-market-not-immune-to-coronavirus-crisis-as-cracks-show-in-sydney-and-melbourne-markets-20200401-p54fut.html
One of the members from this group called me via Messenger about 2 weeks ago asking for my opinion / advice on a property he was to bid the following Saturday. I checked the advertisement posted by the agency, and did some calculations based on the information provided in the Section 32, I reckoned it was worth no more than $625K.
We exchanged messages and when he asked me whether the property prices would fall, I replied that "The virus situation can only get worse. ... Too much uncertainty about employment and there will be a shortage of buyers, and therefore the price will come down."
After my quick analysis of the property, I had a long conversation with him, and emphasised that he must keep to the budget and not to get too hyped up. I reminded him that the coronavirus outbreak would result in banning on-site auctions, and falling house prices.
I did not attend the auction, but he provided me the feedback. There were not many interested parties, and it came down to a 2-horse race. He continued to push the price up, beyond what he budgeted for. The final killer bid was $686k, $1,000 more than his.
He was really keen to buy the apartment, but I believe even $625k was generous.
I was pleased that he did not win the final bid.
Thank you for reading.
Commenting on “Housing market 'not immune' to coronavirus crisis as cracks show in Sydney and Melbourne”
https://www.theage.com.au/politics/federal/housing-market-not-immune-to-coronavirus-crisis-as-cracks-show-in-sydney-and-melbourne-markets-20200401-p54fut.html
One of the members from this group called me via Messenger about 2 weeks ago asking for my opinion / advice on a property he was to bid the following Saturday. I checked the advertisement posted by the agency, and did some calculations based on the information provided in the Section 32, I reckoned it was worth no more than $625K.
We exchanged messages and when he asked me whether the property prices would fall, I replied that "The virus situation can only get worse. ... Too much uncertainty about employment and there will be a shortage of buyers, and therefore the price will come down."
After my quick analysis of the property, I had a long conversation with him, and emphasised that he must keep to the budget and not to get too hyped up. I reminded him that the coronavirus outbreak would result in banning on-site auctions, and falling house prices.
I did not attend the auction, but he provided me the feedback. There were not many interested parties, and it came down to a 2-horse race. He continued to push the price up, beyond what he budgeted for. The final killer bid was $686k, $1,000 more than his.
He was really keen to buy the apartment, but I believe even $625k was generous.
I was pleased that he did not win the final bid.
Thank you for reading.
