A shorter, shallower property price downturn could be on the cards on the back of the Coalition’s victory at the polls, experts say.
It’s pretty clear to us that the bottom [of the market] is just around the corner,” Commonwealth Bank senior economist Gareth Aird said.
“We had a 15 per cent [peak-to-trough price forecast] and we’re almost there now.”
With reforms to negative gearing and the capital gains tax off the table, a likely interest rate cut on the horizon and a scheme to encourage first-home buyer activity, Mr Aird said, it was reasonable to think prices would not fall much further.
AMP Capital chief economist Shane Oliver and Domain economist Trent Wiltshire both also expected the Coalition’s victory, combined with expected rate cuts, would see the downturn bottom out earlier.
Matty Ma shares her opinion…
With the market turbulence as it is now the real estate industry needs more global level players. Real estate agents don’t just need knowledge in the property market but a wider scope of business visions for safe play.
The art of negotiation also plays a major role in all real estate transactions in real.
Leaders need more skills and a good sense of risk control globally and realise the operation in New Zealand are not about itself, it is linked in with the East and West, and the more powerful world economies.
One thing for sure is the wind will not be able to tell you how to sail right, good sailors lead well against the current.
Amongst all the market statistics we have access to and those available to the public we must be aware they are all past market records.
As professionals at TEAM Mars Realty we are here to try and read the symptoms of market change. Then analyse, advise and lead our clients for future success.