{"id":19048,"date":"2019-05-26T09:15:34","date_gmt":"2019-05-25T21:15:34","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=19048"},"modified":"2019-05-26T09:15:34","modified_gmt":"2019-05-25T21:15:34","slug":"state-by-state-a-may-update-on-australias-property-markets","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/state-by-state-a-may-update-on-australias-property-markets\/","title":{"rendered":"State by state: A May update on Australia\u2019s property markets"},"content":{"rendered":"

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PHOTO: Australian property<\/strong><\/p>\n

Nationally housing prices have been falling since mid-2017 and are now 10% down from their peak.<\/p>\n

But lately, people are starting to ask: \u201cAre we there yet? How much further property prices likely to fall?\u201d<\/p>\n

This current market downturn, which looks like it will end up as the\u00a0 longest and most severe downturn in modern history, is being caused by the constrained ability to access finance, poor consumer confidence and the oversupply of too many of the wrong properties, rather than the typical cause of a market downturn such as economic recession or high interest rates.<\/p>\n

However, some green shoots are appearing\u2026 so let\u2019s look at the latest graphs and statistics from\u00a0CoreLogic\u00a0to get a better idea of what\u2019s happening around our property markets in Australia<\/p>\n

CoreLogic\u00a0report that:<\/p>\n