The world completely changed a month or two ago.
You’re socially distancing, you’re washing your hands a lot more, you’ve been sitting at home in quarantine for how many days now?
Maybe you’ve lost count.
How are you going to take advantage of this time?
When you find yourself struggling through times of uncertainty, like we all are right now, you’ve got a choice to make. Are you going to be a victim of circumstance or a warrior for growth?
That’s what we’re going to discuss in today’s podcast, which is a joint episode between my podcast and The Elephant in the Room podcast.
Change doesn’t mean you have to accept a fate you don’t want. This is the time to focus on taking advantage of the opportunities that are going to arise in our property markets when we get to the next stage – when we cross that proverbial bridge.
In today’s podcast, we’ll be discussing wealth, property, and finance with Chris Bates and Veronica Morgan, the hosts of the Elephant in the room podcast.
Some of the Topics We Discuss:
We’ve survived market downturns in the past. That experience is valuable. Learning from prior experiences can help us get through this one.
In times of uncertainty, some things are certain. For example:-
In 12 months’ time, we’ll be in April 2021.
Somewhere between now and then, we’ll come to a survival line. Once we cross that line, desire and greed will overcome fear. Fear is holding a lot of people back, but that won’t last.
There are risks that buyers and sellers need to be thinking about right now. For example, loan pre approvals from before the coronavirus are now invalid.
Certain sectors of the market are going to suffer more than others.
Immigration is probably going to slow down for a while but will pick back up in the long run. People want to come to this country, so we can afford to be selective.
Some industries, such as the travel and manufacturing industries, are probably going to be different after this.
Some attitudes toward homeownership may change. There could actually be more owner-occupier demand. People may also want different sorts of homes. If working from home is working out for most people, we may need fewer office buildings and homes with more at-home workspace.
Our attitudes toward debt may change. Some may not want to buy a new car or upgrade their home, because they’d rather avoid debt.
The density in Sydney CBD is as high as it is in Wuhan. People may not want to live in those high towers anymore.
People may have more choices about whether they work from home or in the office in the future.
The biggest risk in development lies with the investor. The less experience an investor has, the bigger the risk.
Links and Resources:
Chris Bates – Wealthful
Some of our favourite quotes from the show:
“If you’re going to look for bad news, you’re going to see it, but if you look for good news, there’s also a lot of good news out there in the medium to long term.” – Michael Yardney
“There is a segment of the market that’s overcommitted, but overall, the fundamentals are strong with owner-occupiers usually in good financial condition.” – Michael Yardney
“That’s what people are paying us for in these uncertain times. To give them some clarity. To give them some direction. To give them better results.” – Michael Yardney
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