Aussie house prices to fall 15-20%

Christoper Joye, reporting for Livewire:

So there is good news and bad news. The bad news is that national house prices are falling at a record 14% annual rate based on the last three months of data from CoreLogic, with a total draw-down of 7.4% since the 5 capital city index’s May 2022 high watermark. And this is before a veritable tsunami of $500 billion worth of fixed-rate home loans see their interest rates more than double from 2.0% to 2.25% to 5-6% as they switch back to variable-rate next year. Our forecast for a record Aussie house price correction of 15-25%, which we published in October last year, remains unchanged.

Christoper Joye

The good news, the pace of house price declines are beginning to slow down, but still remain negative.

Read more here…

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