The latest in our “Property Market Front Line” series, with a property insider calling it as it is…! Edwin Almeida continues to see more issues ahead.
An important “on the ground” report. https://www.ribbonproperty.com.au/
Edwin says:
My ON THE GROUND METRICS are not as conventional as the MSM economists – then again, I have found these to be great indicators over the years. They haven’t failed me yet and they continue to repeat themselves over the property cycles. The difference with this fall is that it is the MOTHER LOAD the downturn on steroids. And do note, we don’t sit in plush offices with only Eastern Suburbs Data to make up rosy charts and graphs….
1) Shopping centers are running at 60%-70% rental arrears with their tenants. Yes Westfields being one.
2) For-Lease signs popping up like mushrooms in strip-shop areas and malls.
3) Coffee consumption over 13 cafes we have polled has dropped by almost 40% across them and is growing over the months.
4) Pawnshops are seeing an increase in people selling household items, jewelry and the electrical tools.
5) We will see more and more cars with FOR-SALE signs parking along roads and in front of homes.
6) Increase listings on Gumtree and other sights, like I have been receiving more sale notifications on FaceBook pages.
7) More and more calls to assist solicitors with property disputes due to financial tress.
These are my on the ground indicators combined with the property sales and listing data we receive from over 150 agencies across NSW. Hope it helps and please do share what you are seeing on the ground as you go for daily jog…
