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ISCOVER
Staff Reporter
The future of the residential property market looks bright, according to Residex’s founder, John Edwards.
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In his monthly newsletter, released yesterday, Mr Edwards said “things in the financial world and the Australian housing market are looking fine”.
“I am pleased to be delivering a positive newsletter,” he said.
“The Australian property market is presenting growth on an Australia-wide basis and the trend is moving in an upward direction. The only negative is the political situation, but this does not seem to be causing any significant problems for the time being.”
According to Mr Edwards, further interest rate reductions later this year will only serve to further help the property market by returning confidence to buyers.
That said, he believes a dwelling supply overhang in markets such as Melbourne will affect the growth rate – particularly in the unit sector.
“Overall, there is every indication that the market is improving but it has some way to go. If you are currently intending to invest or buy a new home, now is the time to start looking as downside risks are reduced,” he said.
