The ongoing debt crisis in Europe should have little impact on the Australian property market.
Presently the European situation is affecting consumer confidence, but a couple of extra rate cuts should help improve confidence and stimulate the property market once more, Australian Property Monitors senior economist Andrew Wilson has claimed.
"The problems in Europe are having a negative impact on confidence, but the RBA is currently working to fix that. Regardless of what happens in Europe we remain in the sphere of East Asia," Mr Wilson told The Adviser.
"And, I expect Asia's resilience to grow as America grows and prospers once more. It is predicted to get off the ground next year. I am not concerned by what is happening in Europe."
Mr Wilson said claims that Europe and the rest of the world could be set for GFC 2 was a bit of a "media beat-up".
"The sequel always gets more airplay and more coverage than the first one and that is what is happening here. I am not a bear about what is happening in Europe...I don't think we have any reason to be concerned."