Well it is almost the end of 2011, and it hasn’t crashed…
In fact, we have two properties, and the one in Sydney has just begun to rise in value again. It was bank valued 2 years ago at $360k, and again this year at $380k. We were even offered $400k for it last week. Best offer two years ago was $380k.
Local houses in Queensland also seem to be selling at higher prices than they last sold at, between 2 to 5 years ago.
This is based on actual example houses that have sold more than once in the last few years.
So the question is now: Why didn’t the AUSTRALIAN housing market crash in 2011?
An interesting website by Michael Yardney on “Australian property market predicitons for 2011 & beyond” made this comment in February 2011:
“I can safely make three predictions that I am certain will be true for 2011.”
- My first prediction is that it will be a bad year for those in the prediction business- most predictions will be wrong!
- My second prediction is that most property investors will get it wrong this year.
- And my third prediction is that those investors who get it right will do very well out of real estate this year and set themselves up for the years ahead.
I do NOT give any credence to any website that advocates investing in property or anything else for that matter. there are too many people out there that like to get rich at our expense, but he did seem to say it as it is.