White HK money left last year and Investment grade property in Mosman (where I live) being sold at a discount, properties not been in market for 40+yrs coming on, without fanfare.
I am a HNW by some metrics and wouldnt buy for 6+ months locally, sit it out and rent , too many negatives and unknowns. There is bugger all to rent and not much to buy but the scuttle amongst the locals is who will blink first ... to sell, not buy! its not pent up demand here.
pre approvals are a dangerous metric. When I used to write mortgages the junior staff always tried to sign everybody up on getting them to a preapproval but no skill required... most could barely service the figures . Now that these are online I could get preapporval at several different lenders quite quickly means nothing IMO.
Expats wont come here with AUD as it is, the Brits I know living here see Australia as too expensive and will head back post covid as they dont want to be ‘trapped here. Expats from other countries same ...
I wouldn't believe any horseshit that Westpac puts out.
