News Corp’s Finance Writer Sophie Elsworth says 2021 will be the perfect time for first home buyers to enter the property market. “At the moment the housing market isn’t fairing too badly,” Ms Elsworth told Sky News.
"Come 2021 when JobKeeper ends, when Jobseeker continues to be wound back and when businesses don’t re-open, there is going to be a lot of people out there who simply cannot afford their mortgages and will be forced to sell their properties. “That could be the perfect time for people, particularly first home buyers to pounce.” Image: Getty
sophieelsworth Newscorpse after having artificially bolstered housing prices through hype.
sophieelsworth LNP wanting to reduce job security and wages. And youth unemployment at around 20%. Yeah. Great time. LNPCrimeFamily LNPFailures auspol
sophieelsworth The Tornado 🌪 of debt is coming, the bank better watch out for falling houses.
sophieelsworth ... seriously? Australia needs, as a matter of urgency, to back door property as a means to financial prosperity..!
sophieelsworth 10%+ unemployment... justthink1 linzcom adamseconomics
sophieelsworth More opinions from hacks and zero facts. Classic skynotnews
sophieelsworth Pigs will fly too
sophieelsworth If you have purchased property in the past 10/15 years, almost certainly you will be in negative equity in 2021. All depends on your job security & leverage model. This will slam migrant families in particular, I suspect many will have to reverse migrate.
sophieelsworth The banks will take a hit because they have over extended the “price elasticity model” and loaned proportionally too much above the asset fundamentals. They will get the repro proceeds first however.
sophieelsworth Buyers of new builds, designed ONLY to last for 1.5 mortgage cycles before they have to be demolished, will be hit worst. That’s a lot of young families that will be impacted.
sophieelsworth The smart money will closely watch the flight of foreign speculators, stay calm during the downward correction... and swoop at the bottom. I’m calling a minimum 30% market correction, maybe closer to 40%.
sophieelsworth Because the CCP has ordered cash to flow back to China to make up for the foreign capital shortfall caused by CV19 Watch out for the fire sales by foreign speculators now that the residential property market is no longer a secure “safety deposit box”. Prices will correct 30% min
sophieelsworth 3 to 4 times median wage Let it crash
sophieelsworth If you're cashed up, then yes. If not, good luck getting a mortgage even if you have a 'secure' job.
sophieelsworth Nothing like financial advice from the worst media company on the planet
sophieelsworth Because due to the covit-economic situation, many will be unable to service their mortgage and the banks will foreclose and sell real estate cheaply to recover moneys owing. One persons tragedy will be another persons opportunity, sad to say.
sophieelsworth Totally agreed. You get a good deal on repossessed property as they'll be plenty to choose from.
sophieelsworth Probably good to disclose the interest in REA about now..
sophieelsworth Ugh