Ep 115: The Melbourne Market Just Flipped - Jeremy Iannuzzelli & Steve Ash

Well, I've never seen negatives.

I know we've had, you know, Iran war and Strait of Hormuz and oil shock and we've had, you know, but the leak of the budget and then obviously the budget as well.

We've had a lot of knocks, but I've never seen ever in over 15 years of being in the profession, now closer towards 18, I've never seen that even being an investor for that period of time as well.

I've never seen sentiment change so quickly and then actually translate into into a drop as quick as what I've seen never seen it now when I talk about drop I'm not saying crash you know a drop a pullback it could be a one or two percent pullback which you know can be a lot for some but for most people that's just the normal course of investing but I've never seen how quick that's happened before and whether that's been a lot of people waiting for this to happen they've been Willing it to happen or it's just the way the market is now, Steve.

It's just things move and move quickly.

We're almost looking at property in the same lens as the equity market.

Things happen very quickly and you've got to be quick to react.

Would you say that comment's fair or would you say maybe there's other things in there that we need to be looking at and reviewing?

I think your comment is very fair.

As you talked about at the top of the episode, we were talking about property for a long time.

I think it's really social media and the influencers and everything that's going on.

I just think what that's done is that's brought obviously a lot more people in.

There's a lot more people seeing how it's in property investing.

Fantastic.

Obviously it's changed my life, changed your life.

Um, and I think a lot of people come in and maybe, you know, I don't want to disparage or it's just how it is.

Like a lot of people just aren't, Maybe geared up for that investing handle.

It's very hard to go against the tide.

I mean, it's one thing saying I can, if you talk about the stock market, if you take the GFC in 2008, stock market came down, I think it was about 57%.

It's very easy to say I can handle that drawdown.

That's no problem.

But if it's when you've got skin in the game, it's your actual retirement savings, your grand kids inheritance on the line.

It's very different to living through that.

And so what we've seen now is what I think is the advent of social media, the growth of bars agent, more and more people investing in property than ever before, trying to stack assets on doing certain strategies that as soon as you get that slightly negative news, it's like, oh, the world's ending.

We're still talking about dwellings.