‘The largest annual fall we’ve ever seen’

House prices in Sydney and Melbourne fell another 1 per cent in February to bring their annual declines to 10.4 per cent and 9.1 per cent respectively, CoreLogic data released on Friday show.

Sydney and Melbourne house prices have now fallen 13.2 per cent and 9.6 per cent from their respective peaks in July and November 2017. For Sydney it marks the worst fall since the 1980s recession and Melbourne the worst since the early 1990s recession. “Just as the boom was concentrated in Sydney and Melbourne over the period from 2012 to 2017, so too is the post-2017 bust,” AMP Capital chief economist Shane Oliver said in a client note. “But other cities are looking pretty soft too and Perth and Darwin have been falling for nearly five years.”

Dr Oliver said the recent slight rise in auction clearance rates was typical for February and he was “doubtful” the slowing pace of declines was a sign the market was close to stabilising.

Seriously. ... where...

Back to 2016 prices hardly dramatic

hahahahaaa

Great news, still can’t afford to buy!

It had to happen, prices are still ridiculous so there maybe more pain to come

😆😆

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