Anecdotal evidence suggests that consumers are cutting back on their spending around Australia. And it’s likely that luxury items and overseas travel will be the most affected.
A recent article in The Age expounded “The Flight to Value” — where Australian Property Monitors reported a 24% drop in the median price for Toorak Homes, in the 6 months to September.
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With the recent financial turmoil, you’re seeing a number of potential buyers who have pulled back from the Commercial Property Market for the time being.
Therefore, for some properties, you are starting to see the “Neglect Effect” come into play.
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Earlier this week, I returned from a delightful holiday in Adelaide.
And in many respects, South Australia has been the poor relation when compared with the other mainland states.
New South Wales and Victoria have always shown solid momentum over the years. And lately, Queensland and Western Australia have enjoyed sudden wealth through their coal and iron ore exports.
People keep asking whether we are going to see the current market collapse — just like it did in 1989.
If you have been following my eBulletins and blog over the past 5 years, you already know that we are approaching the end of the current cycle. But this time, the fundamentals are not quite the same.
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The various signals coming through on the economy are mixed. And we continue to hear more doom and gloom from the US.
Australia’s growth is likely to slow a little. However, on balance, we should now experience a soft landing — with the RBA saying this morning, that the rate rises may have done their job; and inflation looked as though it might have peaked.
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With all that has occurred recently as a result of the American Sub-Prime crisis … Property Investors are finding it hard to gauge the current market.
Some are preferring to “sit and wait”. Whereas, others are seeing it as an opportunity to secure a good deal … while the present confusion reigns.
You probably saw that the “Full House” notice went up yesterday for the Property Workshop.
But there is provision for you to go onto a Wait List, if you missed out on reserving your seat — because, invariably a few people will drop out between now and March.
PLUS, if you do put yourself on the Wait List BEFORE the end of January … I will still honour the early-bird rate of $797 for a seat.
However, if you wait-list yourself AFTER 30 January … then unfortunately, it will have to be at the full rate of $1,100.
So, make sure you don’t miss out for a second time.
