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MANY people who bought houses on Melbourne’s fringes in recent years could be facing financial ruin after a slump in prices has left them owing more to the bank than their homes are worth which means they now have negative equity in their homes, experts have warned. A three-bedroom brick veneer house in the western …
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Chief Economist at the Macro Investor Leith van Onselen shared his 12-month price forecasts for Australia’s capital city housing markets based on consideration of key price drivers: housing finance; housing supply; affordability; and the macroeconomic outlook. Melbourne: -8% to -5% Melbourne’s recent price performance has been poor, declining by 11.0 per cent (houses) and 7.4 …
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Australia property prices continued to drop in June 2011, according RP Data-Rismark Hedonic’s latest home value index for capital cities. Based on almost 150,000 home sales nationally over 2011, the report found that Sydney house prices dropped 0.2 per cent in June 2011. Melbourne house prices dipped 0.1 per cent for the month, pushing the …
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The housing market in Australia is making a very controlled exit from the strong growth conditions of 2009/10 and now the correction phase of the cycle is coming. Australia’s housing market remained flat with prices falling 0.6 per cent nationally, according to the latest Australian Property Monitors’ March quarter house price index. Sydney prices fell …
Continue reading “The Australia housing market correction is happening”