04 Oct 60 Minutes – Bricks and Slaughter

You may have read in my previous blogs that I am no fan of the media and how they influence our views on various topics, especially the property market. I have been in this industry for over 17 years now and I have never agreed with the media and how they depict the truth. Let’s face it, the media’s job is to sell newspapers or attract as many viewers as possible. Sometimes the truth is not as compelling or interesting as the click bait headline that they typically use. An example of this is the recent 60 minutes segment that aired on the 16 September named Bricks and Slaughter, you can watch it here. Making claims like the property market is overvalued by 40% in Sydney and Melbourne. The actual data from CoreLogic (RP Data) suggests that the Australian national property market has dropped by 2.7% since September last year, Sydney has reduced by 6.1% in this period and Melbourne by 3.4%. These figures hardly suggest a crash, especially when we saw increases of 75% since the start of housing boom 5 years ago in Sydney and 59% in Melbourne.

I thought I would also share a recent blog written by Dominic Cavagnino Senior Research Analyst of Bluewealth Property. You can read it here.  For those of you that don’t know, Bluewealth property is the leading Property Research House and the biggest business of its kind in Australia. Dom’s article highlights the key topics of what was discussed on the segment and then his response to those claims based on actual research.

I will let you be the judge

“The media’s the most powerful entity on earth. They have the power to make the innocent guilty and to make the guilty innocent, and that’s power. Because they control the minds of the masses.” – Malcolm X

Thank you for reading