PHOTO: The property market is deflating, but with a gentle hiss rather than a cacophonous bang. House prices in Sydney have been hit the hardest.
What is the outlook for Australian property prices now that the property market has passed its peak? Will house prices continue to deflate in key markets?
For a country used to ever-rising property prices – they have soared more than 370 per cent in the past 30 years – a new reality of shrinking property values and is taking shape.
Since the market peaked in September 2017, the home value index compiled by property market analyst CoreLogic has slid 1.3 per cent, including a 0.2 per cent decline in June 2018.
The searingly hot Sydney market has been hardest hit. House prices there have tumbled 4.6 per cent since the peak.
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