Hah, I'm one of the rabbits waiting at the sidelines now. Looks like it'll be a 2-3 year wait for prices to reach bottom.
[video]http://www.youtube.com/user/ProfSteveKeen#p/u/5/AxIdlnZjCSs[/video]
[video]http://www.youtube.com/user/ProfSteveKeen#p/u/5/AxIdlnZjCSs[/video]
In the past, you get companies like Central Equity going to Singapore to sell Australian properties - using Singaporean migrants as proeprty agents.
The game has move on to where the money is. The smart people will not rush in to compete, it is better for the "wind" to blow in your favour rather than competing. Even if you manage to buy - , eg one local buyer already signed the Sales contract, a few days later, an overseas buyer comes along and offers a higher price and pays in cold hard cash. The developer executes the 48-hour clause, giving the original local buyer 48 hours to come out with a higher bid or the void the Sales agreement - but the bank says no! How to compete?
When KRudd came out with the big First Home Buyer carrot, a lot of excited rabbits were jumping over one other to win the carrot - many of them are 1 to 3 months behind their home loan repayments now and the lucky ones have parents to bail them out. But the vultures are waiting in the sidelines to feed on cheap properties. Some of these vultures already fed once during the GFC, others are rabbits who miss or do not want to compete for Rudd carrots!