FOMO is not a investing habit I would follow. i went to an Auction in Eastern Suburbs during lockdown $2.5m a hole of a place was upper limits 5 mins before auction 10 people then over 60 at 2 mins past I film auctions for risk purposes to many shame ones IME. Opening bid $2.55m 1:49mins later all done and dusted for $3.26m it needs $1m to do up ! Other houses in the street bigger and needing basic lick of paint $3.8m pre covid. Guess what the Nsw politician that bought it crashed the deal a week later, the agent called me as an one of the under bidders, my offer was still the same as where the other bidders! Deal fell over happening a bit more than people realise !
Qld will have a run of these types of deals Vic too NSW used to have foreign cash running to its rescue. No longer I fear
your statement was that Pre approvals were up as if its a magic indicator then you dismiss it in your next post, cant have it both ways.
if and when I buy its cash and then sort finance out on my own terms, learnt that years ago when I could shop around and not pay “retail rates” so I am one of the buyers that you push as the types that dont need mortgages.
Leverage is just that and I am sure the $18m house a few doors up from me will be bought for less than advertised and with some complex financial arrangement not cash. money is cheap opportunity costly
