Now’s the time to buy property

Now is the time to buy more property and decrease your share portfolio, according to one leading economist.


Economist Nicholas Gruen, CEO of Lateral Economics and chair of Peach Home Loans, said that a major fall in the share market, such as the current disruption caused by the sub-prime crisis, historically precedes a boom in property values.


As a consequence, he believes that “now is a good time to get into the property market”.


“I don’t think that there will be a big boom, but I think values are going to increase,” Gruen said.


“Now is a good time to decrease your exposure to shares, and look at increasing your property portfolio in the next few months.”


Gruen believes that current global financial woes, prompted by the sub-prime mortgage meltdown in the US, will have less impact on the Australian market because “the markets are so different”.


“Our market is much stronger – in Australia property values are climbing, whereas in the US they’re dropping,” Gruen said.


“Rent is the most affordable it has been in 20 years, as a proportion of income – and rents accelerating should be the catalyst for renewed investors and developer interest in 2008.”

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