Property falls in Sydney and Melbourne larger than expected, NAB says

NAB has revised down its prediction for property prices in Australia's two biggest cities, saying the fall in values since the start of last year has exceeded its forecasts.Over the same time, prices in Melbourne are expected to fall 15 per cent"We now expect Sydney to decline by around 20 per cent from peak to trough, while Melbourne is expected to fall around 15 per cent," NAB Group chief economist Alan Oster said.

"Overall, we expect some further price declines in 2019, before levelling out in 2020," Mr Oster said, with"the weakness to be driven by ongoing declines in Sydney and Melbourne". Australia will see the world's biggest house price declines in 2019 and homeowners have to wait until 2020 to see any recovery, says a leading credit rating agency.

The analysts from the country's fourth-largest bank — who also tip the Reserve Bank of Australia to cut interest rates twice this year — forecast Sydney unit prices to fall by 7.2 per cent in 2019 and drop by 2.5 per cent in 2020 while saying Melbourne unit prices will slide 4.3 per cent in 2019 and dip 1 per cent in 2020.

"The key factors we see as having driven these declines include the early prudential tightening , some tightening in credit conditions , waning foreign investor demand as well as weaker price expectations themselves," Mr Oster said.expected home prices in the two big cities to continue falling"Overall, Sydney and Melbourne are likely to see a top to bottom fall of around 25 per cent spread out to 2020," Mr Oliver said.

The price of your home doesn't matter if you're not in the market to sell. We Renovate and bring in Trades. We pay attention if we want to sell and won't sell until the price is reasonable and where you move to, is comparable. 😂panicPanicpanic No!

Still cant buy it

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NAB says property price falls larger than expectedNational Australia Bank has revised down its prediction for Sydney property prices, saying the fall in values since the start of last year had exceeded its forecasts A running revision not yet exhausted
Source: smh - 🏆 6. / 80 Read more »

NAB says property price falls larger than expectedNational Australia Bank has revised down its prediction for Sydney property prices, saying the fall in values since the start of last year had exceeded its forecasts A running revision not yet exhausted
Source: smh - 🏆 6. / 80 Read more »

House values to fall sharply in Sydney and MelbourneHouse prices are expected to fall sharply in Sydney and Melbourne over the course of the year, according to a new report. Building windmills nearby? Thanks crookedbill, not yet in the lodge and already scaring the shit out of those thinking ahead 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.
Source: newscomauHQ - 🏆 9. / 77 Read more »