It’s been too long since we heard from McGrathmageddon. These days, the MEA stock price is only down three-quarters from the listing price:
The handsome but sullied McGrath has some advice, too:
“Perhaps we will see more stock and if interest rates come back a bit, then we will see a market either holding at these levels or perhaps going up between 2 and 5 per cent,” Mr McGrath said.
…“There’s certainly been more pressurised selling at the lower end of the market in particular, but we haven’t seen wholesale sell-offs by banks or any of the lending institutions,” he said.
…At the upper end of the market, there were no signs of a price slowdown as more wealthy families were immigrating to east coast capital cities Sydney, Melbourne and Brisbane. The number of capital city suburbs where $5 million-plus sales were becoming normal have increased as a result.
“The top end just continues to move forward unabated. The top end of the markets is as strong as I’ve seen it ever in my 40 years of real estate history,” he said.
In short, no local can afford to buy a house but rich migrants are still flooding in to inflate what’s left.
Now that’s McGrathmageddon.
