Property locust attacks investors for not buying

Via the Property Locust:

Investors using  the potential for a future natural disaster to not invest in a particular location should probably not bother investing at all, according to respected property market research firm and buyer’s agency Propertyology.

This summer’s bushfires followed by flooding in various parts of the nation had made some people reconsider their investment strategy, Propertyology Head of Research Simon Pressley said.

 “While there’s been a noticeable increase in investor enthusiasm in this New Year, our buyer’s agents have had numerous people emphasising that they want to avoid locations which are susceptible to bushfires,” Mr Pressley said.

“Given the damning footage of this summer’s bushfires that dominated our news feeds, I reckon at least one member of our team received a remark about bushfires every second day.”

Ditto for virus, I guess.

Don’t “invest at all” is great advice.

David Llewellyn-Smith
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  1. Are buyer’s agents any good? Don’t they need to form good long term relationships with RE Agents to get leads? Don’t they often take % of sale? Still seems like it is their interests to stitch-up a potential client/buyer? I guess most of them are ex-RE agents?

  2. Buyer’s agents are incentivised to make a buy – at whatever price, not a good price. I can’t understand why anyone would use them. These are the worst type of RE agents

  3. Oh god, i got to about 4 minutes in the video before I almost threw up. Safe as houses, the market is safe because houses are used for shelter, the Australian economy is strong (because we have just returned to surplus), these guys are muppets….

    Almost as good as Koche’s comment on Sunrise that the Australian economy was strong (about a week ago)!

    • That’s another potential positive side effect – all these TV identities either losing their jobs or taking big pay-cuts.

      There are very few people whose earnings are going to be entirely unaffected by this – among those, doctors and medical staff.

      • SoCalSurfCreeperMEMBER

        Here in CA many types of doctors, including ones I know, are being severely impacted. Elective surgeries are being cancelled for months ahead. This impacts orthopedic surgeons, gastroenterologists, anesthetists, dental surgeons, cosmetic surgeons and on and on. They are among the most severely impacted. Some are worried about paying their giant mortgages.

        • Interesting. Shows there are going to be a heap of unseen / unknown consequences. There will be a few people doing well, like consumer /medical products manufacturers but so many will get run over.

  4. The real estate spivs will have to wait 6 months for the deceased estates to hit the market. Of course, they’ll have to tell the vendor is take the first offer because prices are only going to fall.

    • With a 3.4% mortality rate, mainly in the older population, that’s a 850,000 person death toll in Australia.
      Allowing for 50% of those to be old couples (an extrapolation of mine, with no scientific or economic basis) thats 425,000 houses BUT if 20% of those are in old folks homes, thats brings it down to about 340,000 homes hitting the market in as deceased estates.

      Note: this is a very roughly flung together scenario, which will hopefully never happen. My personal expectation is that the market will be flooded with bank repossessions due to people

      • Every single AirBnB will be put up for sale – thats around 23,000 for Melbourne CBD alone.

        I absolutely – fully expect the banks to let owner occupiers to not have to pay their loans – however if investors are not paying then there will be blood on the streets – imagine that.

        • A big glorious smile is on my face at the thought of all those properties being sold to FHB or put on the permanent rental market – because that’s where they SHOULD have been all along.

          Hobart also has thousands of locals and families who are either paying too much or can’t even afford to rent. Hopefully this will get rid of the tent cities forming there.

          AirBNB is a scourge of illegal hotels and full property rentals should have been banned years ago.

        • Agree one of the best things things that could happen to real estate / property is the total decimation of AirBnb platform and all its woeful overpriced ‘holidays homs’ good riddance

        • Wow I hadn’t thought about Air BNB.
          I imagine that with tourism in the crapper why would anyone stay in an Air BnB when you can get a nice hotel room for less and , most importantly, it’s likely your hotel room was cleaned to a better standard.
          No income equals default equals forced sales equals price capitulation.
          Maybe this is what the banks already know. Behind closed doors they are very bearish on residential property. They know that unemployment is THE thing that counts.

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