[Podcast] How much will property prices fall during the recession? With Stuart Wemyss

How much will property prices fall during the recession? 

There’s no doubt that the turnover of property sales is dropping, and yes properties in some areas are falling in value.

But will they drop 10%, 20%, 30% like some people are suggesting?

Which headline do you even start to believe? 

Well, let’s not worry too much about the headlines, because today I’m going to have a chat with Stuart Wemyss and we’re going to give you evidence-based facts about what could happen so you’ll have a better understanding about what’s going to happen to unemployment and property prices and what you can do to weather the storm from a finance perspective. 

Some Topics that Stuart and I Discuss:

• While it makes sense that higher unemployment could affect property, when you look back, there is no historical relationship between higher unemployment and property prices. 
  • Property values have risen fast after previous downturns, while unemployment has lingered.
• The best approach to property is to take a long-term view
  • The fundamentals and basic concepts of property haven’t changed
• Transaction volumes have dropped, but so far property prices are holding
• Is timing important when it comes to buying a property during a downturn?
• The value of investing in an asset that provides most of its return in capital growth instead of income
• There will be a lot of negative noise around the property markets
  • This can cause people to avoid making decisions
• Why Stuart wrote a book on finance

Links and Resources: 

Michael Yardney

Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us

Stuart Wemyss – Prosolution Private Clients

Stuart’s article – Property market expectations & the impact of Coronavirus

Stuart’s Book – Rules of the Lending Game

Some of our favourite quotes from the show: 

“It’s really hard to be greedy when others are fearful when you keep getting the negative messages.” –Michael Yardney

“People ask me, “Michael how has your strategy changed for the current circumstances?” The answer is, it hasn’t.” – Michael Yardney

“I believe you’ve only got the right to say financial wealth is not worth it after you’ve created it.” –Michael Yardney

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from Property UpdateProperty Update https://propertyupdate.com.au/podcast-how-much-will-property-prices-fall-during-the-recession-with-stuart-wemyss/