Heat is starting to go out of the market: LJ Hooker boss
Pointing to falling listings in Sydney and across Australia, LJ Hooker chairman Greg Paramor said that the heat is already coming out of the market.
Speaking to the AFR’s Nine Financial Review program on Sunday, Paramor said that listings are down by 16% in Sydney and 11% across Australia.
“That would indicate any heat is starting to go out of the market,” he said, noting that foreign buyer discussions are confused, with talk about the queues of people buying hundreds of units is due to a structural undersupply in Sydney.
“One thing you don’t want is a market that gets out of control. You need to try and moderate that and all the talk is helping that,” he said.
However, he warned that macro-interference would “put a dampener on local buyers” and first home buyers, a situation that, in an undersupplied housing market across the country, he sees as undesirable.
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