It’s now official, property prices in Sydney have dropped for a consecutive of 11 months. Almost 12. From the article:
Australian home prices have fallen for 11 consecutive months. Data released by CoreLogic today suggests that streak will extend to 12 months in September.
However, in the aftermath of the exaggerated 60 minutes housing story last week, a few experts have bitten back to correct the information (paywalled).
Kochie dubs recent reports of a looming property crash ‘appalling’
Barefoot Investor: Don’t expect a bloodbath in the property market
Here is another good one from property expert Michael Yardney:
https://www.smartcompany.com.au/industries/property/ticking-time-bomb-60-minutes-right-house-prices-fall-40-per-cent/
For as long as I’ve been investing in property, and that’s over 40 years now, there have been doomsayers and ‘Chicken Little’s’ warning Australians the sky is falling.
And the media has lapped up their stories.
In the meantime, while smart investors and homebuyers were out buying the right type of property, others who were more cautious were sitting on the sidelines waiting to see how things panned out.
While this may seem safe to them, they are likely to miss out on some great opportunities.
Meanwhile, here is another eye roll inducing headline but the article does posit 3 hypothetical future scenarios which makes for an interesting read:
Our weakest link: Australian suburbs most at risk
Clearance rates meanwhile remained stable for the week:
‘Some resilience’ in auction market amid spring surge
If you’d like to know the highest performing suburbs in terms of profit, you can check out the list here. No surprise there that beachy areas dominate.
In the news this week too, it seems some Sydney siders are moving north for a cheaper slice of the beach:
Also, if you want to really know why we’re in this situation, you can watch our latest video “Why is the market so bad right now?”
Have a great week everybody!
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