How am I preparing for the upcoming property market slowdown?
That was a question posed to me by Jarrad Mahon for his Perth Property Insiders podcast, but we discussed much more than what’s happening in Western Australia.
And that’s why I asked if I could share the recording of that show with you, which is what you’ll be hearing in a moment because we discussed what I believe is ahead for our property markets, what I’m doing personally to protect myself, and what you can do to ensure that you make the most of the current market and don’t become a casualty of the economic and property changes ahead.
Highlights from my interview with Jarrad Mahon
- What’s currently happening in the property markets:
- Sydney and Melbourne have been the first cities to record negative monthly growth.
- Hobart has recorded negative growth as well.
- There isn’t just one market – some areas within these areas are doing well, others are not.
- Looking back at previous cycles:
- Booms lead to downturns and downturns lead to an upswing.
- Why the property market is unlikely to crash:
- Australians put away 230 billion in excess savings during the pandemic.
- Home values have gone up, so homeowners have more equity.
- Superannuation and the share market are strong.
- Half of all homeowners have no mortgage.
- Minimum wage increase.
- Interest rates will probably only go up 1.5-2% more.
- The incorrect predictions from experts during the pandemic.
- Having a plan and financial buffers.
- The population is going to grow, and the nation is going to continue to get wealthier.
Links and Resources:
Jarrad Mahon – Investors Edge Perth
If you’re keen to buy your next home or investment property why not get the team at Metropole to build you a personalized Strategic Property Plan – this will help both beginning and experienced investors.
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Some of our favourite quotes from the show:
“Every boom leads to the next downturn just like every downturn leads to the next upswing.” – Michael Yardney
“If you look at previous cycles, history shows that rising interest rates haven’t stopped the property market moving.” – Michael Yardney
“Properties have gone up and values have gone up and rents haven’t gone up proportionally.” – Michael Yardney
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