Here’s why the property markets may have already bottomed, with Stuart Wemyss
Jan 27, 2023
Have their property markets really bottomed?
Well, that's a brave call made by my guest today, Stuart Weymss.
If you think about it, this time last year, the property market was running full steam ahead, consumer confidence was high, and you could still get a fixed mortgage rate with a 2 in front of it.
What a difference a year makes.
The Reserve Bank of Australia began lifting the cash rate in May in response to rising inflation and hasn't stopped since - enacting the fastest series of rate hikes since the 1990s and sparking a dramatic turnaround in property values.
As the property market edges toward the end of 2022, prices have fallen by around 7% overall, but by more than 10 percent in selected areas; fixed-rate mortgages start from 5 percent and buyers can afford to borrow far less than they could a year ago.
So how much further are our property markets going to fall?
Links and Resources
Stuart Wemyss – Prosolution Private Clients
Stuart’s Book – Rules of the Lending Game & Investopoly
Get the team at Metropole to help build your personal Strategic Property Plan Click here and have a chat with us
Shownotes plus more here: Here’s why the property markets may have already bottomed, with Stuart Wemyss