This is just the start...the guys from SQM research were told this was going to be a page 1 or page 3 article and are very dissapointed. They have stated they havent fired all their shots and they are about to take this story nationally.
www.sqmresearch.com.au more details here
"While admitting that sometimes as few as 20 per cent of its members (REI NSW) returned data"
So investors are getting their data from a flawed source, this really shows that the REI should not be in charge of providing these figures, the sector needs to be regulated. I feel its too late now though, too many are about to be burnt, as usual the govt will be reactive.
Expect a lot of futher developments coming on this issue as the story is told, they will explain how the REI provided misleading figures to our newspapers and media who gain most of the revenue from real estate advertising.
I would really be starting to worry if i was a property investor.
Your rental story is made up, the commodities sector only employs just over 1% of the population. Unemployemnt is forecasted to rise. Interest rates are forecasted to rise and the bank bills have just started taking off again. Food and oil prices skyrocketing to boot. Property listings are skyrocketing.
What more would it take for you guys to see a big downturn is coming?
