Smart Australian property investors are able to look past any current problems in the market to the brighter future that lies ahead, a real estate expert has claimed.
John McGrath, founder and chief executive officer of McGrath Estate Agents, wrote in his most recent blog that, during the financial crisis, some investors did well by buying homes in suburbs like Palm Beach, where holiday homes were being sold off at discount prices.
He went on to say that an "opportunity for bargain buyers" lies in the country's major regional markets as property prices have only risen by five per cent in these areas over the 2010 financial year.
"But it won't last long - I'm tipping mid-2011. There are already signs of improvement in these major regional markets and that's exactly when you want to buy - on the cusp of an upswing," Mr McGrath explained.
Last month, the expert wrote in his blog that the Australian property market will experience a turnaround for the better this year, with Sydney, Melbourne and Canberra leading the way into recovery.
Posted by Ravin Chatlani
