Property prices across the country are tipped to fall up to another 5 per cent before the year is out, a new report forecasts. 7NEWS
“The recent run-up in prices, coupled with reducing borrowing capacities as interest rates rise, is likely to see price falls broaden and then accelerate further into 2023, with the more expensive cities expected to record the largest price falls,” Kusher said.
According to PropTrack, the average price of a house and unit in Sydney is $1,435,000 and $780,000 respectively, meaning a worst-case scenario would shave $86,100 off the price of a house and $46,800 off the price of a unit before the year is out. Canberra’s are projected to decline between 3 per cent and 6 per cent this year and 7 per cent and 10 per cent next year.
The report predicts that the most expensive cities, Sydney and Melbourne, will lead the falls in prices.Economists predict another interest rate hike when the RBA board meets on Tuesday following the release of Australia’s inflation rate, which jumped to 6.1 per cent.But he did forecast more interest rates would follow.
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