Property billionaire Con Makris has come out in support of the Australian property market, suggesting the risks of a further substantial slide have been removed with the certainty of the Scott Morrison Liberal government, and he has also predicted the market will rebound for an extended period of time from early 2020, which is welcome news for property investors.
Ranked 69th on the 2019’s Financial Review Rich List, Mr Makris is suggesting the extra confidence generated by the Liberal leadership’s running of the economy, and the rejection of Labor’s negative gearing and capital gains tax changes will see the property market slowly begin to build again.
He is suggesting the recovery will take a ‘few more months’ for the positive momentum to filter through into the market, but once it does he expects full confidence to kick in in 2020 and is predicting that trend to continue for a ‘good few years’.
“I reckon that it may go a little bit down in the next few months. About six months I reckon,” he told the Australian press recently.
“But then it will start taking off and it will be a good few years.”
He’s clearly a supporter of Scott Morrison, believing the quiet confidence and steady approach he’ll bring to the country and the economy cannot be underestimated.
The Australian Prudential Regulation Authority loosening of borrowing restrictions will also have a positive effect but these positive effects will take some time to flow through.
Mr Markis arrived in Australia as a teenager in 1964, his first venture was a chicken shop but then he spent the next five decades building up his property empire through property development.
What we are seeing here is another astute property investor lending their voice to how we here at Plan Assist expect the property market to go over the short term and the next few years. So what does this mean for property investors? We are predicting this is now currently one of the best times to be buying as the market is bottoming out with the upside kicking in in early 2020.
If you need some help looking for a bargain, because we see them out there in the current Sydney property market, be sure to give the team at Plan Assist a call.