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Economist expects rise in property market despite latest price drop

Economists say the property market is starting to stabilise as the major cities experience a small fall in prices.

The Australian Bureau of Statistics reported residential property prices fell 0.7 per cent nationally in the June quarter, which is a small fall compared to the last few quarters.

Independent Property Economist Andrew Wilson tells John Stanley the next quarter could produce a rise.

“Prices continued to fall but it was only a trickle downwards rather than the significant falls that we’ve seen over the past year. I guess that shows that the trend is now easing.

“The worst of the price decline is over… and I think we will start seeing some positive growth towards the end of the year.”

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JOHN STANLEY
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