OPINION: Aussie home values are about to tumble. We should let them
about 15 per cent over the coming 18 months. That’s the prediction of the economists at the nation’s biggest bank, Commonwealth Bank, anyway.
Over the past three decades, there have been several structural downward shifts in interest rates. At every opportunity, Australians have used cheaper debt to borrow more, pushing up the value of homes . That is particularly bad news for people who purchased in the last year or so, who may indeed see the value of their new homes fall below their purchase price. But, provided they stay put and can keep paying their loan repayments, they will likely weather the storm until prices rise again.For people who borrowed before that, check your privilege. You have still enjoyed significant windfall wealth gains.
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