{"id":24636,"date":"2020-04-13T09:13:17","date_gmt":"2020-04-12T21:13:17","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=24636"},"modified":"2020-04-13T09:14:33","modified_gmt":"2020-04-12T21:14:33","slug":"aussies-should-be-wary-of-housing-crash-forecasts-2","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/aussies-should-be-wary-of-housing-crash-forecasts-2\/","title":{"rendered":"Aussies should be wary of housing crash forecasts"},"content":{"rendered":"\n

PHOTO: Housing crash<\/strong><\/p>\n\n\n\n

Recent restrictions on in-house and on-site auctions are making some nervous about the housing market, but speculative reports of a coming crash in values are flawed, writes Aidan Devine.<\/strong><\/p>\n\n\n\n

OPINION<\/strong><\/p>\n\n\n\n

Coronavirus has up-ended almost every part of our lives so it seemed inevitable it would come for our homes.<\/p>\n\n\n\n

There\u2019s speculation home prices could fall up to 20 per cent due to fallout from the pandemic and understandably people are worried. But I\u2019d caution against reading too much into early predictions.<\/p>\n\n\n\n

Economists who specialise in housing market analysis can take months to develop price forecasts but new virus predictions are being thrown about by so-called experts within hours of government announcements.<\/p>\n\n\n\n

\"Great<\/a><\/figure>\n\n\n\n

\u2018It\u2019s way worse than the Great Depression,\u2019 says KPMG economist | WATCH<\/a><\/h2>\n\n\n\n

I\u2019d question exactly what \u201cexperts\u201d who have put a number on coming price drops are basing their predictions on since there\u2019s little historical precedent for the kind of changes we\u2019re experiencing.<\/p>\n\n\n\n

And let\u2019s keep in mind that our biggest property research companies and lenders, who often invest the most resources into developing predictions, have yet to issue comprehensive new forecasts.<\/p>\n\n\n\n

I think it is fair to expect prices to take a hit but anyone putting a precise number on those decreases is making pure guesswork at this stage.<\/p>\n\n\n\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n\n\n\n

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