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Forecasts that house prices will fall by 10 per cent over the coming year are ungrounded, RP Data and Rismark International have proclaimed.
While both groups recorded modest declines across most capital cities in the six months to June, Rismark International’s Dr Matthew Hardman yesterday said the fundamental basics of supply and demand would see property prices continue to rise in the medium- to long-term.
According to Dr Hardman, the treasury has forecast a disconnect between Australia’s housing demand and housing supply of around 55,000 dwellings every year for the next several years, he said.
This shortage of dwellings combined with high immigration and low unemployment made it “next to impossible to justify sensationalist forecasts of price falls of 10 per cent produced by other commentators” Dr Hardman said.
Tim Lawless, RP Data national research director, said the current downturn could in fact prove to be an ideal buying window with certain markets offering strong growth opportunities.
Published: 01-08-08
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