I don't know why we give this guy oxygen, but he's entitled to his views.
To quote from the article:
The ABS numbers are in, and they show a 1.1% national fall over the March quarter. Sydney house prices fell 1.8% according to the ABS,.....
Fine - I have no issues with that. But what bearing does the "Sydney house price falling by 1.8%" have on any one individual who holds a house, or an investor who might be wanting to buy a house?
There is no "Sydney house". There is a Marrickville house that went up, there is a Paddington house that went down in February and back up to near record highs in March, there were places that obviously fell over that time too, so that added together, statistically there was a slight fall.
I'm not sure that trying to track house prices like the share price of a company is actually relevant. Imagine ringing your mortgage broker in the morning and asking "What is my house worth this morning? Then later that same afternoon, "What's it worth now?" ....and then again at 5:00pm - ""Now what?". That's nuts! Yet that is the exact behaviour of some media organisations / commentatrs / attention seeking economists - simply because the data is available.
People buy houses the vast majority of the time (or they should) with a minimum 5-7 year time horizon. Some buy to reno & sell and this holds certian risks because the market can move against your position while you are renovating - sometimes wiping out all your manufactured equity and at other times more than doubling it - so you look like a genius renovator
on one hand or arriving at the conclusion that 'you can't make money renovating' on the other.
Spare me the quarterly house price movements. Tell me how the year has gone to date. Let me look at that in the light of the last 5 year trend and then zoom out to see a full 7-12 year cycle.