Back in December, when ABS figures showed a tiny rise in prices across the eight capital cities, agents and developers proclaimed the market wasn’t dead – it was springing back to life. Sydney’s one percent rise in median house prices was declared proof of the resurrection.
Mark Twain once declared that rumours of his death had been greatly exaggerated; we now have the converse in the property market where news of its re-birth has been hugely over-stated.
But given that this was Sydney’s best result in two years, the excitement might be understandable.
The ABS figures resulted in some silly headlines including “Housing prices set to soar again” and “The tide has turned” – and comments such as “Australia could be on the cusp of a second housing bubble” and “First-time buyers are back in a big way”.
But there will be no second coming in real estate….More