Property owners shouldn’t worry about dire predictions that prices will drop, according to Personal Finance writer for The Australian, Anthony Keane.

Keane says while there is a lot of bad news being peddled as prices ease, there are many reasons to remain positive about the longer-term outlook for property.

He says major bank economists are tipping that real estate prices will drop by 15-20% by the end of next year but he does not believe that will happen.

“Those forecasts take me back to April 2020, when there was panic selling and predictions property prices would drop 30% because of the pandemic,” he says.

“They didn’t – and instead home values rose more than 35% over the next two years as demand for real estate surged.”

Keane says real estate has proven its resilience many times.

“Since 2000 we’ve witnessed wars, a pandemic, stock market collapses and a global financial crisis, yet home prices are much higher than two decades ago.”