Australian House Price Slump Has Much Further to Go
Dow Jones
Oct 01
2251 GMT - The slump in Australian home prices continued in September with prices down 1.1% according to property research group Cotality. Capital city prices fell 1.2% and previous months were revised to show bigger falls. Further falls are likely as home prices are being hit by a perfect storm of rate hikes, tax hikes on investors, poor confidence and poor affordability depressing demand, with a high risk of distressed sales flowing from higher mortgage rates and unemployment, says Shane Oliver, chief economist at AMP Capital. AMP now expects national average property prices to have a top to bottom fall in prices of 10% to 15%, of which they have done 5.2% so far.
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