Investing in Australian property will continue to be a positive step, with the market expected to remain strong over the next few years, according to Commonwealth Bank chief economist Michael Blythe.
Speaking as part of a panel discussion at the recent Australian Banking and Finance Mortgage Innovation Forum in Sydney, Mr Blythe stressed that the market has dealt with a number of economic slumps in the past and came through relatively undamaged, Property Observer reports.
"That's probably the best indication that we've not got a genuine bubble as we know them from historical experience," argued the chief economist.
He added that the laws of supply and demand suggest property prices are likely to remain steady, despite the market being placed under some pressure.
The event brought together a number of people involved in the mortgage and property industries, including DST Global Solutions Regional Manager Shaun McKenna, to discuss the global and domestic funding issues facing Australian housing provision.
Posted by Steve Douglas
