by Marshall Cobb - Principal
Falling property prices will stabilise next year before moving into a moderate growth phase, new research from Domain Group has predicted.
Domain has modelled median house and unit prices in the capital cities to the end of 2020.
Domain Group economist Trent Wiltshire said solid population growth, low unemployment and low interest rates underpin property price growth in the period to the end of 2020.
"We think the market will correct itself in 2019, and then change gears into a cycle of modest growth into 2020,"
Domain predicts unit prices will be more resilient, in part due to stamp duty concessions in Sydney and Melbourne.
Unit prices are expected to grow nationally by two percent in 2019 and three percent in 2020 after bottoming out to their 2016 levels early next year.
Finally some sensible advice.
When the media are all doom and gloom, and your friends make you feel like a lunatic just for thinking about buying real estate - then in my opinion that is the bottom of the market.
All our projects are tremendously well priced and many have special offers for buyers between now and Christmas.
Don't be a sheep and follow the herd. Be a shark and cut yourself a sensational deal. This market won't last forever.