Bargain hunters may not be in for a huge discount as CBA recently wound back its initial forecast of a 10 per cent drop in capital city property prices to 6 per cent by mid-2021 before rebounding.
Koulizos who has studied the Australian property market in the last three recessions believes that bargains will be few and far between as the last thing Australians will do is to sell their own home.
This is backed by the latest CoreLogic data of a small reduction in housing value over the last three months with Sydney prices dropping by 2.1 per cent, Melbourne by 3.5 per cent, Brisbane by 0.9 per cent, Perth by 1.6 per cent whereas Adelaide increased by 0.1 per cent.
Be patient. Don’t go and spend hundreds of thousands of dollars or more on a property that you or somebody that you trust has not even seen.
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