PHOTO: Australia’s property
Now that a couple of banks have reported their half year results and real estate research firm CoreLogic has released its property price numbers, it is possible to get a better overall view of how Australia’s property price correction is going.
The good news is, that although annual price falls have been the worst since the Global Financial Crisis, the pace of falls is slowing and the worst of the downturn may be behind us.
Overall, Australian dwelling prices fell by 0.5% to -7.2% in the year to April, but the rate of decline has eased since December when values fell by 1.1%.
Of course, this could be a lull before further falls but CoreLogic head of research, Tim Lawless, doesn’t think so.
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