I remember apartments just in the s you know selling billion numbers something for,now one bit is our to you know in the best suburbs so you know yes definitely will apartments go up will a two-bedroom apartment in Melbourne but with. million I know that’s currently like science fiction because you can get a nice house in keyworth on for.
Million yes two bidders will go to.million and if you want to know the future of Melbourne property market go to New York and look at Manhattan I mean there are partners there are two bellies in Manhattan selling for five million dollars right now and there are penthouses selling for to million dollars overlooking Central Park now Melvin has been voted the most livable city in the world six years in a row.
What can only be that price you know you look at the touchdown houses in Manhattan near Central Park right you’re looking at million dollars so people think well can a townhouse in South area go from million to absolutely it’s gonna get a and then go to and then and we’ll just keep going remember Melbourne and Sydney are no longer relying on a local economy and local buyers we’re an international commodity guys we’re attracting millionaires from America from China from everywhere.
Everyone wants to live in Melbourne and Sydney so we’re no longer competing just with wage growth in our cities we have people coming in from outside with millions of dollars buying up some of our best real estate and that’s good news for you if you’re an investor because you’re leveraging of that wealth property valuation sydney you’re leveraging of their ability to buy properties and their ability to push up our market even further so the question is are you going to be part of it that’s the only thing you got to make up your mind and I’ll tell you now in my experience in the next five to ten years with the definitive ears.
Which will separate people from home ownership indefinitely if you miss the next three to five years and you can’t get into the market you might never get into the market unless you change your career and triple or quadruple your income because it is getting harder and harder for people to get into the property market especially with the recent changes that Oprah has implemented and the banks have executed in terms of tightening credit policies and and changing all the algorithms it’s getting harder and harder to lend money.