THE CEO of RiskWise Property Research, Doron Peleg, was invited to discuss housing policy with Prime Minister Scott Morrison, Treasurer Josh Frydenberg and Assistant Treasurer Zed Seselja.
Mr Morrison opened last week’s meeting which was also attended by such property heavyweights as Yellow Brick Road founder and chair Mark Bouris, hedge fund VGI Partners Global Investments director Noel Whittaker, Property Investment Professionals of Australia chairman Peter Koulizos, Real Estate Institute of Australia acting chief Jock Kreitals, the Master Builders Association of Australia and the Property Council of Australia.
Mr Peleg said the property market had already been hit hard with an impact on confidence and lower demand for credit across the country, and the steepest reduction in prices since 1980 in Sydney and Melbourne, with weaker markets like Perth and Darwin also significantly impacted, and more reductions forecast.
“People need to understand the vast majority of investors are first-timers which means for them to be separated from half a million dollars is a very big decision.
It is something that they will only undertake if they are confident to do so,” Mr Peleg said.
“The proposed changes and impact definitely don’t provide the environment and confidence to make those investments.
“Which means what we will see is no presales, no sales, no dwelling commencements and a reduction in sales of off-the-plan properties and this all adds up to continued housing affordability.”
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Western Advocate, Bathurst, Page 7, 28 February 2019\
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