Gloom and Doom for Oz Thread

House said:
As I said there’s 90,030+ “empty” apartments across just Sydney and this is the norm.
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So you agree there is no housing shortage then? Because Government and property bulls use that as their key argument. Also considering rent prices have been flat over the past few years show there is no excess demand. Prices in Western Sydney are cheaper now then 3 years ago.
 
leo25 said:
So you agree there is no housing shortage then? Because Government and property bulls use that as their key argument.
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Just because they’re empty doesn’t mean they’re rentable. How many are currently advertised for rent and what’s the trend been and I’ll be able to answer that cracker of a question.

leo25 said:
Booms that were caused by excessive speculation (as i stated) and not fundamental booms like technological improvement, then 1 to 1.
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Okely dokely, if you say so.
 
House said:
Nice how they picked someone who ‘believes’ their property is worth $1.2m after a DIY reno. Poor fella should have added a bedroom and sold last year, his neighbor got $1.4m.
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That was last year. He needs to 'adjust his expectations'.
 
willrocks said:
Open letter to Martin North regarding predictions made on 60 Minutes:

https://thekouk.com/item/631-my-open-letter-and-offer-to-dfa-s-martin-north-skin-in-the-game-on-house-prices.html
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Did Martin ever say he thought property prices would fall 40% across all of a city?
I always thought he meant that 40% figure was for the really highly developed boom areas, but not for the overall average of a state. For example a 1 bedroom apartment selling for $1 million at it's peak might come down to $600k, but the overall for the state might be 15% down.
 
@ willrocks why would you bother looking at that blog - the wager "house prices will not fall by more than 35%" - how is that so different to Martin Norths prediction of 40%.
 
clear said:
@ willrocks why would you bother looking at that blog - the wager "house prices will not fall by more than 35%" - how is that so different to Martin Norths prediction of 40%.
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It seems they both agree on the market direction (down), they only disagree on the amount and timeframe.
 
leo25 said:
Did Martin ever say he thought property prices would fall 40% across all of a city?
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We’ll never know as 60 Minutes misreported most of the story, surprise surprise.

“Mr North also weighed in on the debate, saying that the figures used in the program did not reflect his “central scenario” and that Channel Nine “chose not to cover” the more likely alternatives.”
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And Lovely Louis had his comments taken out of context too and as a result will no longer interview for them
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The Granville REA still hasn’t bothered to return my call or emails either.
 
House said:
We’ll never know as 60 Minutes misreported most of the story, surprise surprise.
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Are you questioning the journalistic integrity of 60 Minutes? It's not like they need to sensationalise stories in order to boost ratings. /sarcasm
 
House said:
The Granville REA still hasn’t bothered to return my call or emails either.
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what REA are you talking about?

update:

I see their website says he is from the Granville office, but the 60min video shows him at the Parramatta office. Maybe you should try the Parramatta office as it looks from the video he works there now, which would make sense to what he was talking about regarding being hard to sell. Also i can verify his claim that apartments in Parra have dropped about 15-20% from what they were a year ago.

Though I've spoken to 2 other REA around Sydney and both also noted how it's getting very hard to sell/rent at current prices, so not unique to Parra, but Parra is the front runner.
 
Last edited:
Apple store busy today. Granted they have been closed for a while. Giving customers face masks to wear. Nespresso store, next level with staff wearing face masks and face shields.
 
Ice Breaker stores all shut ☹️. I should have stock piled

Its cool the bargaining power you have in shops at the moment.....
Me: $120 on special ?
Shop assistant: Yeah
Me: I'll give you $50
Shop assistant: oh damn, ah okay yeah if you pay now.
 
OneDay said:
Ice Breaker stores all shut ☹️. I should have stock piled

Its cool the bargaining power you have in shops at the moment.....
Me: $120 on special ?
Shop assistant: Yeah
Me: I'll give you $50
Shop assistant: oh damn, ah okay yeah if you pay now.
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How quickly things become 3rd world. And soon hecklers standing outside of shops yelling about deals. Always loved how we didn't have to put up with that in most places.
 
I was speaking to a boat dealer last week who said around Easter they started getting a lot of phone enquires from those stuck at home. They figured a lot of tyre kickers. Next thing the deposits started rolling in. They are now inundated with orders. I said how that surprised me to which he responded, "People are positive about the future and know that it will get better. Remember, whilst some lost their jobs most people did not. Apart from being in lockdown working life did not change for many".

Is the positivity misplaced? I don't know. It is good that people are in a positive frame of mind and whilst life has not changed for some for others it has been life changing. I admit that I fear what the near future has ready for us economically as a country.
 
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