SAN FRANCISCO — A realtor is warning that if President Donald Trump decides to impose a trade embargo against the United States, real estate sales in NSW could fall by more than a quarter of their normal levels.
Realtor Barry O’Shea said his clients were struggling to find homes for their new apartments and he expected some of them to go bankrupt.
“If he decides to make that trade embargo, there are going to be people who are going out of business, particularly in Sydney,” Mr O’Shaas said.
“So it’s a real concern for us, particularly if we have a housing crisis and there are so many new people coming in to Sydney and they’re not getting housing.”
Realtor Paul Brown said his own business was being affected.
“I’m not sure if they’re going to take the real estate to other states, I don’t know if it’s going to happen,” he said.
Real estate market hits ‘hockey-stick’ barrier after Trump sanctionsReal estate in NSW is set to drop by about a third in the next 12 months if the Trump administration imposes a trade ban.
“We have a hockey-stick-shaped cliff in terms of what happens,” Mr Brown said.
“I don’t think we’ll ever get to where we need to be, but there’s no question that we are heading down that road.”
“The real estate market has reached the point where if you’ve got a downturn, people are going down, and the next recession is going to come.”
And it’s just a question of when.
“The Trump administration has not commented on the proposed trade sanctions but the White House is expected to announce them in the coming weeks.
The Federal Government is also expected to make a statement on the matter.