Only in 3 other extreme events have clearance rates been in the 30s in Sydney: twitter.com/LouiChristopher/status/1053585757351231488 (they'll be revised down to ~38% once the full results come in) - Oct/Nov 2008 (GFC), May 2004 (NSW vendor stamp duty) and July 1989 when the cash rate hit 17%. Sydney buyers are responding with the same recluctance to buy as during the worst recession in our generation, the highest new purchase tax in our generation, and the highest interest rates in the boomers generation.
All these new buyers on IO only loans will rollover causing spending to reduce in the economy rba.gov.au/speeches/2018/images/sp-ag-2018-04-24-graph4.gif and investors being forced to sell as they cant afford the now 40% increase in repayments. They are new buyers and won't have made a profit, thousands of sellers making a loss, completely eroding whatevers left of positive sentiment.
So what is the best way to profit from these price drops? What has been shown to increase in correlation with decreases in the housing market in the past?
Jack Robinson
yeah but its probably like 75-80% of house are selling not 48%
Aiden Young
what...
the ones that sell get included in the next weeks auction clearance rate... so its still part of the overall trend tally
Leo Lewis
Good luck cunts
Christian Watson
wil it have consequences on the australian economy?
Dominic Gutierrez
yeah all the people who get paid from real estate get less paid and spend less then the things they spend less on get paid less and then the things they spend on get less etc
Cameron Price
Hey you guys now nuthin.
48% is like being on steriods to me.
Check out NT/Darwin - 8%
Now that shit has hit the fan.
Robert Morales
it was 24% in SE Qld today
Christopher Hernandez
Any thoughts on the property market in Newcastle?
Dominic Lopez
keep away from all property for at least 1-2 years. even the banks are now predicting further decline
Justin Young
Hope this guy doesn't hit me or anyone I know when he an heros of a building in 6 months.
Hudson James
What did it used to be?
Chase Butler
Ive been here for a year it it is usually 20 to 30%.
Justin Morales
burn the chink money haven to the ground
Ryder Brown
>Bogans take every dollar equity increase and use it to buy new 4wds. >Sydney/Melbourne officecucks leverage every last bit of equity to cover credit cards used for basic living costs since salaries can't cover extreme mortgage repayments. >previous things means massive consumer spending driven by property price increases.
What do you think faggot? It's a ponzi driving the whole economy, as soon as they start to move into negative equity and the banks come collecting it tumbles down. We literally just had this all happen in 2008, seriously lol @ you fucking zoomers with short memories. Don't worry, lot's of other places are equally or more fucked. NZ is gonna be hilarious to watch implode for example.
