House prices plunge in almost every capital city as values drop by most in 39 years

Lawless expects the downturn to continue throughout 2022 and potentially extend into next year, depending on interest rate decisions.“It’s hard to see housing prices stabilising until interest rates find a ceiling and consumer sentiment starts to improve,” Lawless said.

“As borrowing power is eroded by higher interest rates and rising household expenses due to inflation, it’s reasonable to expect a further decline in consumer confidence and lower housing demand.” There’s some silver lining though: lower housing prices could mean housing is more affordable. But CoreLogic points out that mortgage costs and rents are rising, and household budgets are stretched.

“The wash-up is that lower housing prices and higher incomes should make home ownership more achievable for non-home owners,” Lawless said. “But headwinds remain in being able to save for a deposit and demonstrate the ability to service a loan amid such a high cost of living.”

Another 50% drop and most will be at their value.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

How much have property prices risen over the past 30 years?Prices might have slipped in the past few months, but new research tracks the phenomenal growth over decades and highlights the neighbourhoods where values have risen most. So many houses in my upper-middle class Melb. 'burb are EMPTY. More than these empty dwellings are the 4 BR homes w/ only one or two occupants. Legalise squatting so selfish a-holes don't leave these homes empty. 116,000 Aussies are homeless, FFS.
Source: theage - 🏆 8. / 77 Read more »

How much have property prices risen over the past 30 years?Prices might have slipped in the past few months, but new research tracks the phenomenal growth over decades and highlights the neighbourhoods where values have risen most.
Source: smh - 🏆 6. / 80 Read more »