There’s no need to panic. Every few years, these so called property experts come out of the woodwork to generate headlines about the Sydney and Australian property market being 40% over priced. 

I’ve been in real estate for almost 30 years now and have heard these suggestions on at least eight occasions (seems like once every cycle). To date, I have yet to experience a market that has fallen more than 20%, and invariably within nine months, any market losses have typically been regained.  In the meantime, property values have kept doubling about every eight years.  

I also remember an instance several years ago, when one loud academic promoter of the “Chicken Little” theory had our company sell their apartment because they believed and publicised the market was 40% over heated.  So we sold it and we got them a good price.  They were relieved as they had avoided the ‘Armageddon’ mania perpetuated by these so called experts in the news. Since then property values in that particular area have increased by 25%.  

It’s not my intention to criticise people for having a view. I'm just encouraging you to look at our history, look at the present and try to foresee the future trends – after all, we are the Lucky Country, rich in everything from resources to political stability and we’re also on the doorstep to the world’s two largest populations.  

I personally believe there won’t be a major property correction. In effect, I think there is a 95% chance we will see healthy prime residential markets around Australia over the next 12-18 months.