With the downside risks around Australian housing growing by the day, Domain has stepped up the “buy now” propaganda:
In the midst of pandemic pandemonium, Australia’s apartment market could stay afloat from young buyers with a deposit and job stability, as plummeting interest rates and cheap stock spark “once-in-a-lifetime” buying conditions…
“Post-election it was like a light switch for the apartment market,” [Natalie McAsey, of Buxton St Kilda] said.
“The amount of people attending open homes was incredible and the prices being achieved were incredible.
“But now is one of the best times you could possibly buy a property if you have that security.”
Yeah right.
Australian dwelling values are only a whisker below their 2017 peak:
Mortgage rates have hit their lower bound with no further room to fall.
Unemployment is projected to surge into double digits, with huge chunks of Australia now reliant on welfare.
Household incomes are facing a significant haircut.
And net immigration into Australia will likely plummet, lowering housing demand.
If this looks like a “once in a lifetime” buying opportunity, I’ve got a bridge to sell you.
