House prices in Australia are dropping at their fastest pace since the global financial crisis — and market conditions are "likely to worsen" as interest rates continue to rise, according to property analytics firm CoreLogic.The median property value dropped 8.5pc during the GFCThe latest data shows that the nation's median property value has dropped by 2 per cent since the beginning of May, to $747,182 .
Melbourne and Hobart also recorded steep falls, with prices in both cities down 1.5 per cent last month, while Canberra prices dropped 1.1 per cent.At the other end of the spectrum, Darwin, Adelaide and Perth were the only capitals where prices actually went up in July . However, it has been a sharp slowdown since May, when the Reserve Bank began to aggressively lift the cash rate from its record low levels.
Many analysts are predicting Australian property prices, on average, will fall between 10 and 20 per cent — with the two most expensive cities Sydney and Melbourne likely to suffer the biggest declines.
. Bushit. Look at the data yourself. It is a normal dip after a massive increase last year. Look at it! Houses prices need to fall by 50% in real terms to make them closer to fair value. My first house in 1995 cost me 3x my 21yo gross wage. It was new brick double garage. .
How much have they risen prior to this fall? This is a drop in the ocean.
Might be time to plant that victory garden. Its all going down folks.
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