Hi guys, I’m a new member so I hope I’m doing this the right way. My theory/question lies with the current trend of interest rate rises and the effects and consequential opportunities that will follow.
For reference I currently live on the Gold Coast and am witness to the over supply of domestic property investment/rentals.
I, like many other people with whom I associate believe that the Reserve will increase Interest rates at least 1% in the next year or so. This will cause great upset to those who are already stretched financially.
My theory is that there will be quite a lot of foreclosures following, but how does one go about finding out about such opportunities?
Is it just a matter of approaching banks or has this method changed?
I recently spoke to someone regarding this and he explained that the banks now put all their foreclosures to auction, is this true and how can you find out about them?
I also believe that this will cause a flood in the market bringing property prices down by 10-20%.
What is your opinion on this?
I welcome any feedback and would like to commend Steve & Co on the book the site and the hole shebang.
Power to those who believe there’s a better way and seek the ways to do so.Wayne Power aka Wayno
ideas are good,
action is great!
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