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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Oil prices plunge into negative territory

By Cameron Micallef · April 21 2020

Reading:

Invest

Oil prices plunge into negative territory

By Cameron Micallef
April 21 2020

Reading:

Oil prices plunge into negative territory

By Cameron Micallef · April 21 2020

Reading:

A lack of oil usage due to people staying at home and high volumes being produced has led to oil falling to negative territory for the first time in its history.

The benchmark price for crude oil plummeted to negative $35 a barrel as traders sought to avoid owning crude, as facilities for storing oil are nearly full.

David Winans, principal and credit analyst for PGIM Fixed Income’s US Investment Grade Credit Research, believes the price of oil will remain low while the virus is around.

“Today’s price move feels like oil is passing a kidney stone. A very painful move, but it can’t last for long, since producers are switching off wells as we speak,” Mr Winans said.

The “supply shock” from the OPEC+ collapse in March was really a mirage, the demand shock from COVID-19 is overwhelming everything. Ultimately, the path for oil prices is going to follow the path of this virus. Until demand shows some sign of life, oil prices will likely remain on life support,” Mr Winans explained.

Scott Haslem, chief investment officer, Crestone Wealth Management, also believes oil prices will not move up until life returns to normal.

“Oil is one of those markets, often true with global commodities, where demand and supply is genuinely more visible and calculable in the short term than others. Notwithstanding, oil still ultimately ‘feeds’ final consumer demand, it feeds a broad range of it, not the fickle consumer choice between one brand of car or one form of transport than another.”

Mr Haslem believes the collapse in the price of oil tells us less about a lack of storage facilities globally and more about a lack of demand and the sharp correction unfolding in mid-2020 global activity.

The major producers of oil have agreed to cut the supply, although this starts in May, leaving the 30 per cent reduction in the 100 million barrels of oil used in a day left in storage.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.