No solution in sight for flat market: Professionals

No solution in sight for flat market: Professionals

21 September 2011 by Staff Reporter 0 comments

James Mitchell

The government needs to do more to curb the affect that poor consumer confidence and a housing shortage are having on the real estate industry, one industry figure has claimed.

Speaking to Real Estate Business, Professionals Real Estate Group chief executive Glyn Morgan said growing uncertainty around interest rates and the removal of stamp duty concessions for first home buyers have also presented a challenge to agents.

“Consumer confidence is lower than it could be,” Mr Morgan said.

“The government could provide assistance or support to attempt to pick up sentiment a bit,” he said.

Mr Morgan said he had seen firsthand how much the shortage of houses was affecting the market and believes investors are not providing a solution like they used to.

“Up until now the investors were the guys who used to build the houses, or buy the houses, for people who were immigrating to the country,” he said.

“If that doesn’t happen it means the state government is going to have to do it which means that money is going to have to come from more taxes.

“It’s a counterproductive strategy.”

James Mitchell

The government needs to do more to curb the affect that poor consumer confidence and a housing shortage are having on the real estate industry, one industry figure has claimed.

Speaking to Real Estate Business, Professionals Real Estate Group chief executive Glyn Morgan said growing uncertainty around interest rates and the removal of stamp duty concessions for first home buyers have also presented a challenge to agents.

“Consumer confidence is lower than it could be,” Mr Morgan said.

“The government could provide assistance or support to attempt to pick up sentiment a bit,” he said.

Mr Morgan said he had seen firsthand how much the shortage of houses was affecting the market and believes investors are not providing a solution like they used to.

“Up until now the investors were the guys who used to build the houses, or buy the houses, for people who were immigrating to the country,” he said.

“If that doesn’t happen it means the state government is going to have to do it which means that money is going to have to come from more taxes.

“It’s a counterproductive strategy.”

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