Brisbane apartment price warnings mushroom -$4 billion drop in property values over the next three years
Bali news and views editor's comments:
My predictions of gloom and doom in the Australian real estate markets are now coming to fruition as more and more buyers realize that prices cannot continue if you you can not obtain a positive cash flow.
Perth prices have already dropped as much as 20% to 30% the last 24 months.
Brisbane amy be starting now on a downturn.
Sydney and Melbourne will surely follow in the next two to five years.
Please don't kill the messenger.
Smart investors will get out now, take an offer and put that money into a more fruitful markets such as Bali real estate which has already had the first downturn in modern history where prices are down as much as 50%.
As Baron Rothschild said you must "buy when the blood is running the streets"
I personally bought my first
Bali Villa in years 9 months ago and have had nothing but really positive cash flow.
For more of the Best Properties, at the Beat Prices in The Best Locations check out our brand new high tech
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Brisbane apartment price warnings mushroom
By Houses and Holes in Australian Property
at 11:33 am on October 2, 2017 | 6 comments
Still more Brisbane apartment gloom today:
Brisbane apartment owners face a potential $4 billion drop in property values over the next three years in the face of oversupply and a falling market.
Amid concern from the Reserve Bank and major banks, BIS Oxford Economics has tipped a drop in the city’s median unit price of 7 per cent to 2020, taking the median price of a Brisbane unit from $392,500 to $365,025 in today’s terms.
BIS Oxford Economics residential property manager Angie Zigomanis said while this was a worst-case scenario where all sales fell from current pricing, newer Brisbane units were expected to lose value in the short term.
“Anyone who has bought off the plan now is unlikely to see a gain at all in the three years,” he said. “Those losses are bigger when you take into account the stamp duty on the purchases as well. For a lot of purchasers it means their equity has dissipated.”
Almost a quarter of Brisbane apartments lost money in the first three months of the year, up from about 18 per cent of sales making a loss mid-last year. Across Brisbane each loss-making sale, including homes, wiped off an average $27,000.
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