Well it's the beginning of the New Year, in fact the beginning of a new decade.
It wasn't that long ago I remember the turn-of-the-century when we were all worried about the why 2K bug.
All those predictions of mayhem that didn't occur.
In fact we are now 20% through the 21st century – that's a scary thought isn't it.
So what's ahead for the new decade.
I'm sure there will be lots of scary predictions, and my first prediction is that most predictions will be wrong.
But to get an idea of what might remain the same over the next decade and what might be different let's have a chat with Australia's leading housing economist Dr Andrew Wilson and chief economist of myhousingmarket.com.au
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- Also read:Sydney property market forecast for 2024
- Also read:Boom to bust: What makes property prices rise and fall
Watch as we discuss...
- Australia’s population will keep growing and adding around 400,000 people per annum
- Australia’s population could hit 30 million by 2030 – up over 20% from 2017
- Net migration will account for over half this increase
- The population growth will remain concentrated in Melbourne, Sydney and Brisbane
- More congestion on our roads – proximity to public transport will be more important than ever
- The poor will live further out than ever because the rich do not like commuting
- We’ll have the requirement for 170 -190,000 new dwellings each year
- Property prices will continue to increase
- The property cycle will continue, the long-term trend will be up driven by owner occupiers, the cyclical ups and downs will be more driven by investors
- The property pessimists will still be out there telling us our property markets are going to crash
- Property spruikers and get rich quick artists will still be there taking money from naïve property investors looking to get rich quick
- Australians will continue to aspire to home ownership – underpinning our property markets
- More will move to medium and high density living – apartments and townhouses – the dream of owning a quarter acre block will be nearly gone
- The younger generations will continue to leave regional Australia for the big smoke
- The property pessimists will still be there telling us we’re in a bubble that will burst
- Australians will continue to invest in residential real estate to secure their financial future.
- We will be living in the best country in the world at the best time in history
- Low interest rate, low inflation , low wages growth environment
- Cycles may be flatter because of the above
- Most Baby Boomers will have retired and Gex X will be coming up to retirement age
- Pension system won’t be able to cope and super won’t be enough to support your longer life
- 30-40% of the jobs we know could disappear in the next decade
- Fewer people doing more productive work, offshoring, AI
- China will be more powerful
- Maybe a cashless society?
- New technology we haven’t even dreamed of