第二部分。

"We need people with confidence to act so we can get more momentum in the economy and I think this will happen soon," he says.

McGrath Real Estate chief executive John McGrath is confident about the health of the market, predicting bargains aplenty in suburbs such as Vaucluse, Hunters Hill, Longueville, Northwood, Northbridge, Cremorne, Mosman, Avalon, Whale Beach and Palm Beach.

"These areas count among the best in the country, so now is the time to buy in before the market surges back, which I suspect it will in these areas by 2010," Mr McGrath says.

Dr Hardman says now is the perfect time for cashed-up home owners with secure jobs to upgrade to a bigger, more expensive home because the discount is proportionately better in a falling market.
WHAT THE BULLS SAY

REAL-ESTATE agents such as John McGrath, apartment developers Meriton and the head of NSW's Real Estate Institute, Steve Martin, are happy to talk about their confidence in the market.

"In all my time in real estate, this is the perfect buying platform," Mr Martin says. "Interest rates are attractive, first home buyer grants are attractive and there is a stagnant market."

Mr McGrath admits that asking a real-estate agent whether it's a good time to buy is "akin to asking your barber whether you need a haircut", but he says falling prices have made the market ripe for buying.

"With prices down by 10 to 20 per cent, interest rates falling by 2.5 to 3 per cent and rents up 10 to 15 per cent, an investment in residential property now makes so much better financial sense than it did a year ago when people were lining up at auctions each week."

Meriton sales director James Sialepis says the stockmarket turmoil and lower interest rates mean property investors will return.

"Astute investors are also aware that falling interest rates are having a negative effect on their bank term deposits and, with the sharemarket volatile, we expect investors to return to the property market and take advantage of the higher yields on offer."
WHAT THE BEARS SAY

UNIVERSITY of Western Sydney Associate Professor Steve Keens caused a storm last year when he predicted house prices would fall by 40 per cent.

"Those sorts of predictions are just ludicrous because the Australian property market has floors under it and the drops won't be that drastic," argues Rismark International head of research Matthew Hardman, who says there will definitely be price falls in some Sydney suburbs this year.

AMP Capital Investors chief economist Dr Shane Oliver says 40 per cent falls are unlikely, unless the economy hits a very deep recession or depression.

"But with the economy on track for a mild recession and, if not, then a very serious slowdown, house prices are likely to fall 10 to 15 per cent over the next year or so."

Australian Property Monitors Liam O'Hara forecasts house prices to fall by about 10 per cent.

SQM Research analyst Louis Christopher says people are not as keen to take on large mortgages - and the banks aren't keen to give them out - which will wind back prices.

Macquarie Group's head of property research, Rod Cornish, predicts moderate price falls throughout NSW.

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