It's the deepest peak-to-trough fall on CoreLogic's records, which go back to 1980.The Reserve Bank of Australia's aggressive rate-hiking cycle has triggered theThe 8.4 per cent drop between May 2022 and January 2023 is the deepest peak-to-trough fall on CoreLogic's records, which go back to 1980.
"Higher inflationary pressures, combined with a post-lockdown surge in spending, has also eroded household savings, which could be utilised for a home loan deposit," she added. "Ongoing increases in interest rates will further erode the borrowing capacity, and likely prolong the country's housing downturn until interest rates stabilise," Ms Owen said.
Also, high immigration,work&business&skilled&employer sponsored/short&long&talented®ional visa, 2or3or6or12 months/contracts/temp/casual jobs mostly. IT&T jobs moving to India/Singapore/Asia. Making impossible to get job in our own country and compete with overseas ppl.
We should be worries about the cost of groceries. House prices are paper value - they should never have climbed this high anyway. Of it takes ta war to do it, prices will return to 5 times your annual salary
Crash now or catastrophic crash later
8-13% drop?! 😂 from a 25-100% corona surcharge? let’s keep them falling
finally some good news
interest rates have never been this low in decades. Some should look at the 1990s 17% interest rates.
or it could be common sense is prevailing.
How good is life under a Labor government they are masters at destroying the economy.
bloody bs!! Here in Byron Bay half the people around town live in cars, sheds and tents!! 500 for a bloody room!! Same is happening on the Gold Coast, rent prices have gone up heaps and there are not enough houses for everyone!! Bloody mess!!
Plunge, what plunge.
Is it not more due to the fact prices were distorted beyond any logic?
I don't see any investors with five negatively geared houses crying on the streets, so the downturn is probably not steep enough.
And not massive over spending fuelled by irrational lending and / or crooked money and nearly 1M unoccupied properties?