{"id":22157,"date":"2019-11-18T17:01:44","date_gmt":"2019-11-18T04:01:44","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=22157"},"modified":"2019-11-18T17:01:44","modified_gmt":"2019-11-18T04:01:44","slug":"heat-to-come-off-the-market-real-estate-expert-says","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/heat-to-come-off-the-market-real-estate-expert-says\/","title":{"rendered":"Heat to come off the market, real estate expert says"},"content":{"rendered":"

PHOTO: Sydney – Australia<\/strong><\/p>\n

A leading real estate expert has raised concerns about the long-term stability of the booming property market.<\/p>\n

Real Estate Gym founder Tom Panos would not be surprised if the market dropped off in two weeks.<\/p>\n

The market hit a bump in 2017, and property prices dropped across Australia. Then, earlier this year, the tide began to change, and fast.<\/p>\n

With the unexpected results of the federal election, and the banks lowering interest rates and making it easier to get a loan, strength returned to the market, Mr Panos told Real Estate Business.<\/p>\n

\u201cAll of a sudden, it created the quickest turnaround in living memory,\u201d he said.<\/p>\n

\u201cThe market was down and out, and in a matter of six to eight weeks, we saw Sydney and Melbourne rebound strong, nearly rebounding the losses they suffered in two years.\u201d<\/p>\n

The strong rebound in property prices saw a lot of property owners rush into the market to try to get in and cash out.<\/p>\n

\u201cThey were concerned this is going to be the height of the market for some time,\u201d Mr Panos said.<\/p>\n

As a result of the spike in prices, property buyers who once feared of missing out now have patience because prices grew too quickly.<\/p>\n

Mr Panos believes the market hit a plateau two weeks ago.<\/p>\n

READ MORE VIA REB\u00a0<\/a><\/p>\n