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Australia: How homeowners can make the property downturn work for them

THE dire forecasts in the Australian property market have some investors starting to panic, with some economists even claiming it poses a threat the famously stable economy. But it doesn’t have to be doom and gloom if you’re a homeowner with dropping prices. What could at first seem like a problem could be turned into an opportunity. According to the Financial Times, national house prices fell 1.3 percent in December, the largest monthly fall since 1983, which resulted in an annual decline of 6.1 percent last year. Prices in Sydney, the country’s biggest property market, are down 11.1 percent from their peak, which warned this week the slump could torpedo Australia’s run of 27 years without a recession – a modern global record. SEE ALSO: Former ‘ugly ducklings’ of Melbourne housing market are now the golden eggs And the downward trajectory doesn’t look set to change course. Shane Oliver, economist at AMP, told the Times he predicts house prices in Sydney and Melbourne will fall 20 percent below their peaks. Despite a decline across the board, some neighbourhoods are expected to drop more than others – opening up an opportunity for shrewd homeowners who want to trade up to a better location. Those in the outer suburbs of Australia’s major cities, where prices are expected to decline the least, could potentially sell and buy into cities’ blue-chip suburbs – the high-class, more desirable postcodes. ... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Australia: How homeowners can make the property downturn work for them, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Australia: How homeowners can make the property downturn work for them

 

 

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Published By: ASIAN CORRESPONDENT - Thursday, 10 January

 

 

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