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I have about a $200000 deposit to buy my first home in Brisbane. When is best time during or after this Corona virus to maybe pick up a bargain?
Cheers
Property Purchase Post Corona
David76 on 01/04/2020 - 20:35
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Have you ever seen a video of dominos falling? Takes time to get to the end
you want bottom ? a year or 2 from now
Really? that long. Everyone is talking about a quick start when the social restrictions are over.
a quick start is what "they" want you to believe in ;)
Everyone meaning RE agents lol.
Im waiting too, hopefully some bargains soon.
Most people waiting for the bottom will not have a share or property to their name by the end of it
i have waited 20 years & it will be one of these days now :)
ought to happen if you wait long enough (:
Trying to catch a knife on its way down?
Maybe set aside some money for solid concrete walls around the house.
What's your occupation? Would a bank even give out a loan at a time like this?
POST carona?!!! wow… that seems like fantasy land with unicorns and rainbows where everybody dances outside while it rains kfc.
200k!
Stand in line.
Alot more people with alot more liquidity ready to pounce.
i dont think there will be any bargains.
just do it now if you canWhy do you say that?
feel like:
there a lot of people waiting
the stimulus packages that have come out
low interest rates
real estate I think is a long term investment - so overall you should make your money back…
You have to wait two years before world governments get control over this crisis.
Since there is a home loan holiday of 6 months, you won't see owners have an issue to repay the loan.
but 6 months later if owners don't have the cash flow, the investment property doesn't have tenant, there will be property forced to get into the market.
The banks will just kick the can down the road by extending the repayment holiday.
Sure. And how the banks are going to survive?
RBA to print more money
@dcep: If it could be an answer to all previous crises! And the current one is unprecedented with full lock down of multiple countries across the globe
A year or more. The shock to the economy is not just the virus, but the record high household debt, the bond financial crisis that started last year and the fact that interest rates aren't going to continue dropping. The economy is also going to be much 'leaner' after this recession - those who can work entirely from home may find their jobs disappearing.
those who can work entirely from home may find their jobs disappearing.
care to elaborate ?
Jobs offshore maybe
I'll keep an eye out on
a) Low socioeconomic area
b) As close as possible to urban centres. Especially if it has proximity to hipster suburbs.That's the opportunity zone, and it's coming.
(A not so serious thought experiment)
- business owners borrowed easily in the past
- some purchased their properties as well by leveraging their business
- now businesses are in trouble and must liquidate some assets
- first sell shares, bonds, etc
- second get Gov injected funds
- third sell their properties
So I guess the most discounted sales will happen in prime areas and still not affordable to people like me.
If they could borrow money from banks, they wouldn't sell. So my second guess is borrowing is not easy unless I have quite high % of deposit (at least 70%?)Conclusion
Yes there will be bargains but only a few are ready to get them.A correction across all markets what we have been waiting for.
I would suggest at least two months. Highly indebted landlords, will need to start to feel the pinch first. The longer Tenants with no income cant pay their rents, the more houses on the market, More supply of houses, the lower the price goes.
if home prices start to lower, there will be a downward spiral in home prices. Pick up cheap houses at that point. It should be clearer in two months exactly how long this virus lasts and how long home prices will go.