{"id":37254,"date":"2022-03-07T11:47:02","date_gmt":"2022-03-06T22:47:02","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37254"},"modified":"2022-03-07T11:47:02","modified_gmt":"2022-03-06T22:47:02","slug":"staggering-house-price-drop-predicted","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/staggering-house-price-drop-predicted\/","title":{"rendered":"Staggering house price drop predicted"},"content":{"rendered":"

PHOTO: House prices<\/strong><\/p>\n

House prices have risen sharply in the past 12 months, but it coud be \u201cthe beginning of the end\u201d for Australia\u2019s property boom.<\/p>\n

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The Commonwealth Bank is predicting overheated house prices will plunge in Sydney<\/a> \u2014 and across Australia.<\/p>\n

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Median house prices in the Harbour City have spiked 23 per cent in the past year, but could drop nearly $200,000 by the end of 2023, analysis by the Commonwealth Bank shows.<\/p>\n

The bank\u2019s dwelling price projections predict the median house price across Australia will drop by eight per cent in 2023.<\/p>\n

This includes a three per cent drop this year and a nine per cent fall next year in both Melbourne and Sydney.<\/p>\n

That means Sydney\u2019s median house price could plunge from $1,410,128 to $1,213,686 \u2014 a drop of $196,442.<\/p>\n

In Melbourne, prices could also fall from $998,356 to $880,871.<\/p>\n

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\"Sydney<\/div>\n

Sydney house prices have boomed in the past 12 months. Picture: NCA NewsWire \/ Christian Gilles<\/strong><\/em><\/div>\n

RateCity.com.au\u00a0research director Sally Tindall said prices in Australia\u2019s two biggest cities were beginning to falter amid buyer fears of purchasing at the peak, higher fixed rates and stricter serviceability tests.<\/p>\n

\u201cThis could be the beginning of the end for the current property price peak in Australia\u2019s two biggest cities,\u201d she said.<\/p>\n

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Ms Tindall acknowledged that falling property prices \u201ccan be stressful\u201d for any buyers who have bought at the peak, but it would be an exciting opportunity for aspiring homeowners.<\/p>\n

\u201cProperty price drops will provide a reprieve for people hoping to get into one of Australia\u2019s many overheated property markets, however, would-be first home buyers should crunch the numbers before they pop the champagne,\u201d she said.<\/p>\n

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\"CommBank<\/div>\n

CommBank predictions show house prices could drop significantly by the end of 2023. Picture: NCA NewsWire \/ John Gass<\/strong><\/em><\/div>\n

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