With so many opinions out there who can you trust to give you a real insight into what’s happening in the real estate market.
Well this should help, by following the most trusted economists in the real estate industry.
These economists aren’t just spruikers or trying to sell something.
Their predictions have been proven time and time again and are relatively conservative.
Don’t get me wrong you can’t be 100% right all the time, but I would say if you combine all their opinions you can be up to 80%+ correct.
Insights you will also get:
- You will also get a nice broad outlook and get great insights into the submarkets that you’re interested in.
- This should give you confidence where you want to purchase.
- Help manage your own expectations from being out of sync of what is happening in the property market.
- Auction clearance rates will give you a marker of hell you should make an offer and for how much.
How to interpret economists
By gaining insights from these leading economists it has personally help me make confident decisions when buying and selling property.
Interpreting economists has helped me make over $200,000 in my personal equity, and growing.
Bears and bulls
Basically bears are negative and bulls are positive.
And after reading some of the economists and opinions out there you’ll be able to determine how bullish or bearish they are.
Take this into account when reading the comments, and yes, they can have great insights but they can also be positively and negatively influenced by their own outlook in life.
But one economist said…….
Never take one of economist’s opinions in isolation.
This could land you in big trouble as they can change their opinion in less than a month.
So don’t freak out when your favourite economist said something you don’t want to hear.
They may be right in their opinion but if you combine all the economists and date out together you’ll get a more accurate outlook on that particular subject.
Why only look at 5 economists?
Any more can be too overwhelming to follow and research at the same time.
I recommend you look at opinions they have given 6 months and 12 months prior to see if they were correct.
If you would do this with more than five leading economists I can imagine you probably wouldn’t do the research.
I have found these economists to be right, time and time again in their six-month outlook and even in the twelve-month outlook of the market.
There are a lot of professional opinions out there.
It is very time consuming to filter all the spruikers and salespeople that are just trying to sell you something.
- Dr Andrew Wilson is the Senior Economist at Domain
- Tim Lawless, Core Logic (RP Data’s) chief economist
- Glenn Stevens current Governor of the Reserve Bank of Australia
- SQM Research managing director Louis Christopher
- Big 4 chief economist (constantly changing) – NAB, ANZ, Westpac, CommSec
I count them as one because they all move in one line, usually one falling in, one after another on most subjects.
It may take some time but they eventually fold and say the same thing as each other so don’t freak out.
Take each one’s opinion as a grain of salt. If you take their opinions collectively their 6-month outlook can be very accurate but not so much their 12 month outlook.
You can also get other insights into the mortgage market which can help you get the finance/rate you want.
Check out Pete Wargent’s blog, he is very qualified and an author of 2 investment books.
He uses a lot of hard data to back up his predictions.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.