Australian housing prices set to plunge as much as 15 per cent | WATCH

PHOTO: Australian housing market is under price pressure. FILEhttps://www.propertynoise.com.au/

Housing prices in Australia are predicted to drop significantly over the next 18 months with some areas expected to fall by as much as 15 per cent.

Details of the plunging property forecast were explained in the PropTrack Property Market Outlook July 2022 report. Brisbane, Canberra, Hobart and Darwin are expected to experience a drop in house prices but Sydney and Melbourne are predicted to face the largest falls.

PropTrack Director of Economic Research Cameron Kusher believes rising interest rates are discouraging buyers from entering the property market.

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