Newspaper article Gympie Times, The Qld.

Property Market in Air

Newspaper article Gympie Times, The Qld.

Property Market in Air

Article excerpt

Michael Yardney is a best selling author and one of Australia's leading experts in wealth creation through property. His opinions as a property commentator are highly sought after and frequently quoted in the media.

In his latest article (smartcompany.com.au) Michael poses the question: Where are property prices heading?

OUR property markets are flat and some investors are worried that the value of their properties are falling. Many are asking, aWhat will my property be worth next year?a

Each Monday they look at the auction clearance results and every month they check on median property values. While it's not as bad as watching your shares fluctuate in value on a minute-by-minute basis, this short-term focus is unhealthy for investors who are generally in it for the long-term.

I think a better question to ask would be awhat will my property be worth in 10 years time?a

The scary thing for some is that there are commentators out there suggesting property values won't rise for another decade. Just look at the financial mess the world has got itself into, they say.

Then there's the overseas gurus who come and visit us, predicting the world is about to go through an economic tsunami that will finally swamp Australian property, taking prices all the way back to where they were a decade ago.

But there's nothing new about these property pessimists a they've always been around and they've always been wrong. Just look what happened to property values in the first decade of this millennium.

I still clearly remember the turn of the century...

While many were celebrating a new millennium, others had concerns. Some were worried that the millennium bug would melt down our computers and others were uneasy about our property markets. We were moving out of a difficult decade, which commenced with the arecession we had to havea, and there were concerns that property values could not increase any further.

At the time we were paying less than $300,000 for an average house in Sydney; $245,000 in Melbourne; $144,000 in Brisbane; $149,000 in Perth; $188,000 in Darwin; $128,000 in Adelaide and $113,000 in Hobart. …

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