It seems that when it comes to property investing, everyone has an opinion. The good news is that a recent survey of experts included in Your Mortgage Magazine paints a positive picture of property prices set to continue rising.
Despite fears of an apartment glut in the coming years, a new survey from The Finder showed that most property experts expect property prices to continue to rise over the next four years.
Around 35 per cent of 20 economists and experts believe that property prices would rise by 10 per cent by 2020, while 30 per cent of the respondents expects a more conservative increase of close to five per cent.
“It’s typical of the cyclical nature of the property market,” said Finder spokeswoman Bessie Hassan.
“In fact, a 5 to 10 per cent increase is somewhat conservative—it’s a common belief that property value doubles every seven to 10 years.”
Hassan also pointed out that the current drop in prices could only be an indication that the market is entering a correction phase.
“While there was concern about a ‘housing bubble’ or unsustainable growth for some time, we’ve now seen a correction phase where the property market has softened yet is likely to go up again in the future,” she said.