Are property prices in Melbourne and Sydney really going to fall by 40 percent?
Well if you believe Channel Nine’s 60 Minutes show last weekend we’re really in for trouble.
Here’s how reporter Tom Steinfort opened the segment:
“It’s no secret that Australia is experiencing a downturn in the property market. But for Aussies who own their own home or have a mortgage, there’s worse news. Many believe calling it a downturn is foolishly optimistic – the slump we are in is more like falling off a cliff.
“Real estate and finance experts you’re about to meet predict the value of your house could slide by as much as 40 percent in the next year. Yes…two fifth of your home’s worth wiped out in the next 12 months…”
Now that’s scary stuff!
It triggered a flurry of emails, Facebook posts and tweets to me as well as a desperate phone call from my sister who has just purchased a house and was in a panic, fearful that she had made a terrible mistake.
My response to one concerned tweeter was that I found it curious how Channel 9 ran two fantasies shows one after the other pretending they were reality shows – The Block followed by 60 Minutes.
Sydney Harbor at night by Holger, unsplash.com
IT’S GROUNDHOG DAY.
Every few months, the media finds someone who’s willing to stick their necks out and offer a property market doomsday scenario, predicting the end of the world for property owners in Australia.
This happens in spite of the fact that such predictions have been proven wrong time and time again…
Read rest of article here.