Published on : Wednesday, January 2, 2019
In more than four out of five council areas and their home prices have reached their highest peak and are descending towards an unknown nadir, as per the latest figures from property market analyst CoreLogic.
As the slouch moves into its second year with little or no hope of bouncing back, the tourism of the country has been badly impacted as well. Also, the downturn in capital city property markets has intimidated to drag down the economy of the rest.
And with an assorted outlook in terms of the global economy, doubts are evolving about where Australia will increase to its near-record run of 27 years of unbroken financial growth.
“The likelihood of Australia facing the longest housing downturn in history has increased,” says UBS chief economist George Tharenou.
“It seems quite plausible to me that house prices will continue to fall for all of the next year into 2020.”