Property Edge - 01 Jan 1970
Tonight on Property Edge, Oriel and Ben discuss the negative forecasts that have started to come through from the likes of Louis Christopher at SQM Research, of a 30% peak to trough drop in Sydney and Melbourne and the Finance Brokers Association of Australia, who are saying we face a supply glut from expected forced sales. With the markets in most areas having shown to be thus far resilient in the face of the COVID-19 pandemic, these reports are worth bearing in mind.
Our first guest is Chris Corbin, CEO at pioneering Australian online auction firm, GraysOnline. Historically a traditional plant and equipment auction house, Gray’s went online in 2000. Having recently ventured into the real estate space with a soft launch this month, “We’ve really been quite successful on auctioning property online” he says “and largely that’s because of our market bias and of course, the recent COVID experience means lots and lots of people are looking to do something different to what they’ve always done.” With a database of over 3 million users, Gray’s will certainly be one to watch in this space
And joining to tell us how deposit bonds can assist property buyers tonight is Etienne Rizzo, Co-Founder of Deposit Assure. Effectively a guarantee for the 10% cash deposit required to buy property, “they’re commonly used when people are buying and selling because their cash is often locked away in the equity of the home that they’re planning to sell or selling at the same time” he says. “So they cover and bridge that gap from signing contract upto settlement when the money is made available, including the deposit.”
Deposit bonds are not for everybody. According to Etienne though, for a one off fee they can be a cost effective means to assist purchasers who either don’t have cash at hand or for those who simply find it more convenient “to use a bond versus cash that could be working harder for them elsewhere.”
See what more these market leaders have to say in the episode above.
29 July, 2020
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