Rich Harvey
speaker
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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Appearances
And the settlement period was, you know, one to three years until the complex was built.
And then by the time the owners were ready to take possession, the market had tanked.
And a lot of people found themselves stuck with these units that were valued, you know, tens or hundreds of thousands of dollars below the original contract price.
So, the owners had to either decide, well, you know, do I settle and cop the loss on the value or do I on sell it at a discount or walk away and lose the deposit?
So, there are serious consequences if you get it wrong.
A valuation report will identify the risk of a suburb, a risk of how much the market is rising or falling.
And you'll start to see that risk rating on valuations starting to be at a higher ranking as we go through this market.
And unfortunately, that could potentially also kill a finance, what we call a
full unconditional approval.
If a bank goes into an area and values a property and they say, look, it's a blacklisted suburb, watch out because you may not be able to get finance on that property.
My view is the market's going to correct, right?
Whether it's 2%, 5%, 10% or whatever.
So if you're buying for the long term, don't panic.
Property is forgiving over time.
So for me, I'm out there buying right now.
In fact, I just exchanged on a property last week, Craig.
So I'm putting my money where my mouth is.
Even in a declining market, I'm still buying.
So I think you've got to have a long-term perspective and decide that, you know what, I know the market might fluctuate a few percent, but I know I'm buying in the right location.
It's got the right fundamentals for growth, close to shops, schools, transport, good education facilities, population growth is moving ahead, all of those factors.
Showing 1121–1140 of 1,863 · page 57 of 94
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