Sydney will be hit hardest with values forecast to fall a further 9.3 per cent this year. Apartment values are tipped to decline slower than houses, with an expected drop of 5.9 per cent in 2019, followed by a turnaround in 2020.showing house prices had dropped at a faster rate than during the global financial crisis.
Across the nation overall, Moody’s expects house prices in major cities to fall 7.7 per cent this year, while apartments will see a smaller 4.3 per cent decline, according to the ratings agency report. The median unit prices have fallen from over $720,000 two years ago to about the $650,000-$670,000 mark in North Ryde and nearby Meadowbank.The news isn’t great for Perth either, with house values tipped to decline 7.6 per cent in 2019.
Labor’s plan to abolish negative gearing on existing properties for new investors could put a halt to a near-term rebound in the market. Moody’s expects the Reserve Bank to keep the official cash rate on hold at 1.5 per cent until the middle of 2021.
Matey & wifey at it with the bank at the mo
I'm not surprised that the apartment price keep falling off in Ryde seeing how many apartment blocks have been built in recent years. Maybe next to fall would be Lane Cover with massive apartment blocks :p
It is clear there is a long way down yet. Only agents try to talk up the market. Probability is 25% off 2017 prices before leveling out.
Thanks crookedbill, not yet in the lodge and already scaring the shit out of those thinking ahead
Building windmills nearby?
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