Veteran adviser and author Noel Whittaker has urged property investors to stop reading newspaper headlines, which he says present misleading information about real estate markets.
Whittaker says in a newspaper column: “One day we are told real estate is booming, the next day people like Steve Keen and Harry Dent are predicting falls of up to 40%. When a boom is on we are even subjected to articles telling us how much our home is increasing each day.”
Whittaker says “it’s all nonsense” and should be largely ignored by consumers.
“The problem is that most media commentary focuses on what they call the ‘property market’. We might be told that Australian property is overheated, or that the property market has fallen by 5.6% in the last year (they’re talking about Sydney).
“But there is no such a thing as a single property market – not for Australia, not even for a single capital city – there are myriad markets all doing their own thing. Some markets may be rising, other markets may be falling, and some may be at.”