Most property investors believe that the worst of the price falls has already come and gone, a new report has found.
A detailed report released from ME Bank called the Household Financial Comfort Report, asked investors in Melbourne for their views about the value of their property in the next 12 months. Almost 90 per cent expect to see values increasing or remaining around the same.
ME’s consulting economist Jeff Oughton outlined that investors might be a little more optimistic than they should be, with the general sentiment is that the worst has come and gone with respect to property instead of the market crashing.
“There’s still downward pressures there, but there’s no traditional triggers of any crash with the bulk of investors having made a lot of money over the last 10 years and are happy to ride out a correction.”
Mr Oughton’s also pointed out to opportunities in the coming months with property.
“At the moment, you can still see prices falling, but they’re looking for some turn around, generally over the course of this year with the vast majority thinking things could end up higher at the end of the year than they are now after the correction of the last year so,” he said.
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