by Marshall Cobb - Principal
Amidst the numerous property horror headlines from this weeks media, I had a great laugh reading a piece by Peter Switzer titled "Should you stress out about the biggest house price drop in 6.5 years?"
He wrote (and I abbreviated)...
The media’s obsessive love affair with telling horrific housing stories continues this morning. Maybe if the writer revealed the facts, before the story was nearly two-thirds completed, then maybe he wouldn’t have created the scare factor and got a top headline for his yarn. Take these facts in to hose down your property worries:
• The actual fastest drop in house prices in six and a half years was, wait for it, 0.6%!
• House prices in Sydney and Melbourne have risen by varying amounts over the past five years. The story today says 45% but others have said 75%.
• The predicted fall in house prices in Sydney and Melbourne is 10% over two years, or 5% per annum, which hardly looks like Nightmare on Elm Street.
He is spot on. The best headlines get the top billing, and the best headlines are scary ones!
The boom is over, we get it. And the smart buyers are out in force every weekend looking to snag a great deal.
Luckily for you WE have great deals on everything from 'design your own' bespoke townhouses and apartments, to surplus developer stock that is finished and must be sold. Remember that developers are also out looking for great deals on land for their next project, and they don't want to be holding completed stock. They want to sell and move on - and that provides some great buying opportunity right now.