National Media Statement – WBP Residential Advice
WBP Property held its fifth annual Melbourne Property Outlook seminar this morning in front of a sold-out audience of 400 delegates from the property, mortgage and finance industries.
Held at the prestigious RACV Club, Melbourne Property Outlook 2011 took a hard look at the residential market in Melbourne and tackled the question of whether Australia was facing a housing price bubble.
Justin Smirk, Senior Economist at Westpac told the audience, “The real measure of a property market’s viability is the amount of income coming into it. While it may have become harder for single households, dual income households are helping to support the market.”
Greville Pabst CEO of WBP Residential Advice, “There’s no question that the Melbourne market and those in other major cities are less affordable than they were 10 years ago. But that trend is shaping demand, not breaking the market.”
John Symonds concurred telling the audience, “While I expect the market to be cooler for the next 6 months, I don’t see any danger of a housing bubble in Australia.”