CoreLogic's December survey found property prices have risen nationally by 4 per cent and up to 6 per cent in Sydney and Melbourne, evidence of a buoyant market. But are the signs all rosy?
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"Yes, we've seen reports of rising property prices along the Eastern Seaboard due to increased supply and demand, but a lot of Agents and Brokers I work with are saying that this is not uniform, both buyers and sellers are sitting on their hands in large numbers," said Darren Giles, a leading real estate coach.
"Intel from boots on the ground is that buyers are concerned about the future, so they're playing it safe," he said following the news that the RBA board, at its final meeting for the year, kept rates on hold at the historic low of 0.75 per cent which "should" signal happy days for home buyers and investors.
"What investors are doing is moving to refinance their property loans by taking advantage of the lower interest rates and then using the additional funds leftover from the lower repayments to pay down some of the principal debt owed," he said.
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Apart from a search for safety by investors lowering their LVR percentage, Mr Giles said there were other reasons to be concerned:
Is there a "property Armageddon" in the wind?
"Zero or negative interest rates and a slight loosening of lending criteria since the Banking Royal Commission can encourage riskier investments as people search for yield. This could inflate a property bubble, and we all know what happens next," Mr Giles said.
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"This explains the focus on debt reduction strategies by many and why the Reserve Bank has adopted a 'wait and assess' policy; these are interesting times," he said.
Mr Darren Giles is a Brisbane based consultant to real estate agents and business brokers with a focus on helping them ethically improve sales techniques and results. He is the founder of http://www.realestatecoachinghub.com.au/, https://www.businessbroker.coach/ and https://www.salesbreakthrough.com.au/ To find out more and schedule an interview, call owner Darren Giles on 0011 61 418 278 127 or email coachdarren@realestatecoachinghub.com
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