Property Insider Edwin Almeida and I discuss the latest auction clearance results and debunk the claims of a property market roaring back to life.
Edwin explains how the numbers are produced, and why we need to be cautious and also sets out some real data to show whats happening on the ground. And its not pretty!
https://www.ribbonproperty.com.au/
Edwin is right lies, lies and more lies. I know quite a few agents and they are tricky guys and gals. They were liking the $200- $300 k a year comissions, they all like their leased C600 Mercs. Now OMG commissions have tumbled and all the bodged faked figures on auction rates come out. Yeah they’ll list your home for $1 million, but it will sell for only $800k, they don’t care, they still make the commission. To understate this crash, it will be a disaster, high unemployment 50% reduction in home prices prob by Dec 2019, businesses will close left right and centre. Exactly like what happened in the U.S in 2008-09, but in a couple of years it will come roaring back again, just like the U.S did.