by Marshall Cobb - Head of New Projects
Herron Todd White updated their 'Property Clock' today, and it shows the following...
Clearly the boom is over in all the capital cities and the market is self-regulating. We are moving back to normal property market conditions, where properties will take a little longer to sell, and of course the buyers will negotiate a little harder. But we are not facing the Armageddon which some media promoted - this slowdown feels more like a balloon with a small hole and a slow leak.
Even the construction boom, which has more cranes in the sky than any other time in history is starting to cool as the approvals and commencements have dropped quite sharply.
Does all of this mean that people stop buying property? Not at all, in fact the smart buyers are very actively looking for opportunities!
And smart buyers are also aware that property is a long term buy and hold - so it is very important that you buy quality property, in quality locations, from quality builders and developers.