House prices across Melbourne and Sydney face significant falls over the next 18 months, with National Australia Bank economists warning a shrinking economy, falling consumer confidence and a drop in migration will weigh on the two markets.
NAB economists believe house prices in every capital city market are likely to go backwards over the next 18 months.Brisbane house prices are expected to slip 3.7 per cent this year and then 8.6 per cent in 2021 while in Perth the falls are forecast to be 1.2 per cent and 3.5 per cent. "While interest rates are very low and will act to support prices, rising unemployment, slower wage growth and weak confidence will weigh on prices.
swrighteconomy wow a whole 6.5%
swrighteconomy
swrighteconomy If he reckons 2.9% is a big drop then the bloke must think he's sky diving everytime he walks down the stairs..