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September 2017

Welcome To Spring!

Welcome to Spring!  This is traditionally the best time to buy or sell property as the weather warms up and people work up the courage to leave their cosy winter loungerooms. Spring also brings out the another round of expert property commentators with their crystal ball predictions...

The Committee for Economic Development of Australia (CEDA) released a report this week that looks at supply and demand constraints for the next 40 years, and concluded that without any major changes to the property market, the lack of property supply is set to get worse. “This is particularly the case in capital cities with a growing population and where an increasing proportion of Australia’s population are expected to reside,” they said. Their recommendations to combat this included eliminating transaction taxes (stamp duty), improved planning rules, and further encouraging downsizers to sell. Read more...

At the same time, John McGrath sent the media into a meltdown earlier this week claiming that the Sydney market was “overvalued” by up to 40 per cent. He quickly recanted and issued a further statement... "In my view is there is no bubble, and no chance of a 40 per cent correction. Sydney is a world-class international city and a major financial centre. The market continues to have strong drivers, including deep demand, population growth, overseas investment and low interest rates. There is a possibility of a small and short correction of a few per cent, and I believe that is healthy for the sustainability of the market." Read more...

Are the experts factual or self-serving? Who knows - but at least they are entertaining!