Financial Review: Downturn in the housing market is expected to rise after Easter
Sydney Today, April 4th, Australian Eastern Time, the holiday usually breaks the original development trend of the real estate market and changes its development trajectory; so we should not take it for granted that the real estate market will continue its performance before Easter.
Melbourne home buyer Mal James pointed out that the Easter Bunny has changed the development trend of the property market of more than one million Australian dollars. He said: "The Easter Bunny decides how he wants the market. This is not a new phenomenon, so it is difficult for us to predict what will happen next."
In 2008, after a year of steady rise, the housing market fell during Easter; in 2009, the market was flat at the beginning and rose sharply after Easter; in 2010, it rose at the beginning of the year, and fell after Easter. At the beginning of last year, the real estate market performed poorly, but there were signs of rising before Easter; but after Easter, the real estate market began to slump and continued for a whole year.
Andrew Wilson, a senior economist at the Australian Property Monitoring Centre, pointed out that Sydney has followed a similar trend. Although the number of auctions has been lower than that of Melbourne, the economic outlook for the next few months is still very good. He said: "The conditions in the last few weekends of the spring usually reflect the conditions in the fall."
James pointed out that the performance of the housing market in the next few weeks will reflect the performance of the rest of 2012. He said: "The way people guess the property market is very interesting. It's like guessing who will win in Collingwood or Carlton. I think Collingwood will win, and I think things will turn around in May, but the fact is we don't know it will how about it."
In general, this year's housing market began to recover in February, and the number of auctions surged in March, attracting many buyers before Easter. There will be 2 properties pending auction in Melbourne this week-a turnaround is expected.
English version: http://www.afr.com/p/personal_finance/smart_money/housing_drop_expected_after_easter_ulJDdQ6h0YmeViA9eHNlzN