Rich Harvey

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1,863 appearances 17 recordings 1 series first heard Jan 2022 last heard Oct 2022

Rich Harvey’s voice in public audio — every appearance, attributed to the second.

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Aussie Real Estate Podcast · Valuation Challenges in Shifting Market · 5 May 2022 podcast

So, I think the cash rate will probably settle around 1.75% to 2%.

Craig, the initial effect it's having on the market is obviously pushing buyers away.

There's going to be less buyers.

We're going to see the volume of listings increase.

It also spells opportunity.

So, I don't think buyers should be scared off by this market.

It's just a natural part of the property cycle, correcting.

In a cooling market, Craig, it is a real risk and buyers need to be really careful that firstly, they've got their finance pre-approval in place.

I mean, that's the first step.

So, buying a property is inherently risky.

The risk is you buy a property, let's say you made an offer of $1.5 million, you got it accepted, then the bank valuer comes in and he's got his little clipboard, he's got his checklist, he walks through the property, he does his comparable sales check, he goes back to the office, then he goes and

you know what, this $1.5 million you paid, it's actually too much because I can't justify that price.

And he puts a valuation of $1.4 million.

So all of a sudden, what you thought was a good price, you're 100 grand out of pocket in the sense.

So it doesn't mean it's at the end of the world.

What it will mean is that you've got to then go and find that extra 100 grand and supply that for settlement day.

If you've got equity in another property, great, or if you've got cash, great, you can solve that problem.

But if you don't have access to that extra 100 grand, you're going to be in all sorts of hot water and you've got to be so careful.

There's also that lag effect, Craig.

So when you sign a contract and then settlement or completion date, in New South Wales, it's typically 42 days.

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