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The residential property market may have reached the bottom of its downward cycle RP Data predicted yesterday.
Tim Lawless, national research director, said that while picking the bottom of the property market cycle was difficult, he believes in “all likelihood” it has now passed.
“With most economists predicting further interest rate cuts during 2008 and 2009, and with two consecutive falls already, it is likely the broader consumer market will begin to view the residential property market with a much higher degree of confidence,” he said.
The return of buyers to the market would be gradual, Mr Lawless said, as a result of a slowing global economy and volatility in financial markets.
Published: 10-10-08
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