PHOTO: What’s ahead for the Australian property market in the next 10 years? (Source: Getty)
What can we expect to happen to our property markets over the next decade? That’s a common question I’m being asked.
But I think I’m disappointing them with my answers because I tend to say something like “a lot will happen over the next decade, but I don’t make forecasts – instead I have expectations.
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Now there’s a big difference between forecasts and expectations. I expect there to be a recession in the next decade. But I don’t know when it will come.
I expect the property market to boom and then prices will tumble again. But I don’t know when.
I expect that some investments I will make won’t do well. But I don’t know which ones they will be.
I expect interest rates will rise. Probably not for a number of years. In fact, I don’t know when.
I expect that some investments I will make won’t do well. But I don’t know which ones they will be.
And I expect another world financial crisis. But I have no idea when it will come.
These aren’t contradictions or a cop-out
As I said, there’s a big difference between an expectation and a forecast.
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