Lol, thanks mate!

I think that Alan Mitchell’s article is pretty much right. Alan Mitchell questions whether and how fast the house prices are falling and if apartment prices are falling as the current data for property prices and market forecasting is not very accurate. There are several indicators that property buyers refer to such as interest rates, property values, market sentiments, negative gearing, long term investing vs. short term investing GDP (Gross Domestic Product), disposition and interest rates. Many would agree with Alan Mitchell and would like to see other methods of market forecasting or ways of improving the current system.

Real estate property valuing works in a bizarre as when the purchaser buys a property on a certain date the value of how much the buyer has bought it for isn’t recorded until the settlement period is over. Therefore, this method of showing the value of properties is inaccurate as some settlement periods could go up to 3 months. If the value of the property had fallen within that period from the price that the buyer bought the property at then the records would be three months old and imprecise. How can people rely on the official ABS house pricing data if it isn’t what it should be? Alan Mitchell’s points on the weakness of the ABS house pricing data are spot on as the ABS house pricing data clearly unreliable and not

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