Market back to the future of 2008
The number of house sales in recent months has dropped to around one third from the same time last year and are approaching similar levels of sales seen during the peak of the recession two years ago, according to Quotable Value.
But "unlike 2008, when overwhelming negative sentiment of the global economic crisis drove house values down, we are now seeing more of a ‘do-nothing' sentiment," according to QV research director Jonno Ingerson.
"No body is saying the sky is falling. In fact, our valuers are saying property is largely off the radar for many people."
Values dropped almost 10% from the market peak of late 2007, but recovered some lost ground in the second half of last year. This year, values remain 4.7% below the market peak, although values in July are now 4.1% above the same time last year.
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