‘Doomsday’ myth: Real reason home prices can’t fall far

Add as a preferred source on GoogleA property mogul says there is fierce competition for budget-priced homes Buyers are still snapping up capital city homes for as little as $200,000, with the stampede for dirt-cheap property the real reason median house prices are sliding. As the cost-of-living crisis bites, an influx of buyers into the bottom end of the market is creating an iron-clad floor under property values, stopping prices from falling too far, according to property mogul Nathan Birch. The founder of B.Invested, who holds a personal portfolio of almost 400 properties, said delayed economic numbers were used to paint a gloomy picture about the federal budget, masking the reality on the ground. Property investor Nathan Birch has a different take on the gloomy market outlook “The widely circulated claims that it’s the new tax reforms that have caused property prices in most capital cities to fall by $100,000 or more are based on outdated data, some up to 12 months old, and have nothing to do with current market conditions,” Mr Birch said. Instead of a market in free fall, the investor revealed he was still actively buying in major capitals for a fraction of the average price. ...