2009: best buying opportunity in 20 years

Posted on 1/01/2009  

The coming year is the best time in over 20 years to buy residential real estate, according to experienced market analyst Michael Matusik.

 

Matusik says a sharemarket rebound, rising consumer confidence and a stable property market boosted by lower interest rates and federal stimulus packages will lay the foundations for opportunities for home buyers and investors.

 

“2009, for mine, represents the best buying opportunity I have seen in 20-plus years of working in residential advisory,” Matusik says.

 

“Don’t waste this opportunity. I, for one, won’t.”

 

Matusik urges investors to ignore the negativity of the media and the “doom-celebs” who seek to lift their personal profiles by forecasting disaster. He suggests people avoid reading the daily press in an effort to start the New Year in a more positive frame of mind.

 

“All I want is a little bit more common sense from those who should know better and, most of all, a good boost in confidence. The inauguration of President-elect Barack Obama should help.

 

“Ask yourself how confidence might improve were we to move into 2009 with a sharemarket rebound. Overlay a stable residential property market – and, other than a few weak spots at the top end of the market, that is exactly what the Australia residential market is, stable – add declining interest rates and the enormous federal fiscal stimulus package, and all of a sudden you have the basis for a dramatic bounce in confidence.”

 

Matusik notes that Reserve Bank Governor Glenn Stevens has said that Australia will have a recession only if it talks itself into it. “Other commentators are now starting to get on board, agreeing that the doom and gloom is unwarranted. Things are tougher than we have been accustomed to, but it is not all that bad. Some of us can remember the late 1980s and early 1990s – now that was tough!”

 

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