There are a few regular events in the Australian calendar; leadership spills in Canberra, the Melbourne Storm reaching a grand final and the media panicking everyone with stories about a property crash.
Recently both 60 Minutes and 7.30 have run features on the property market, much of which ran negative lines about the property market.
As per usual, national TV channels ran stories which showed little differentiation in each state’s market. In truth, while Sydney and Melbourne have enjoyed boom times, Perth has been in a recession. And while it has not hogged the headlines, Hobart has arguably outperformed the lot.
Many economists criticised the programmes for unrealistically negative approaches and using a one-size fits all approach.
Sure, many experts see Melbourne and Sydney as overvalued. But few are predicting a crash and others are predicting growth away from the east coast capitals.
Recently Moody’s noted that Sydney house values rose 12.8 per cent in 2017, and are forecast to fall 5.1 per cent in 2018 before a “slow recovery” in 2019. Moody’s also said apartment values are set to decline more slowly, down 0.2 per cent in 2018, followed by a slow recovery in 2019.
Cookie-cutter journalism is hardly a useful tool for wealth creation. If you want to talk more about property investments, please contact your local C&N office.
Aside from wealth creation, have a look at our accounting and advisory services that we do to help you achieve greater success.
Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with wealth creation as well as any property tax or business tax enquiry that you may have. Contact us today.