Interest rates are at an all time low.
The official cash rate is on hold.
There is a well documented shortage of stock on the market.
Property prices have not risen as a whole for 2 quarters.
Typical home ownership is recorded as being just over 10 years (RPData) which statistically means that most people will experience some phase of at least 2 ‘boom markets’ in their average home ownership.
Even if a property drops in value by 5% within 8 months of ownership, that particular property, statistically, should rise by about 50% in the next 3 years.
The Royal commission and fear of a falling market seems to take all this reasonable and rational thinking out of the picture though.
Auction Clearance rates were at 50% with around 550 Auctions originally scheduled for last weekend.
Thomas Merriman.
Thomas Merriman 