The national property market continued to lose ground in July – the national dwelling value now down by 1.81 per cent over the first seven months of the year, RP Data and Rismark research showed on Friday.
Tim Lawless, RP Data national research director, said the fall was a result of buyers waiting on the sidelines; house and unit sales are now 30 per cent below the ten year average.
But despite the year’s dismal result so far Matthew Hardman of Rismark said large national falls were unlikely.
“Recent stress testing conducted by Rismark International suggests the probability of a ten per cent fall nationally in a twelve month period is less than one per cent,” he said.
Dr Hardman also expressed optimism that the falls recorded over winter could easily be reversed with the traditional spring bounce back, “particularly now that the interest rate environment appears to have stabilised”.
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