Why we need house price ‘crash’

PHOTO: House prices have dropped in our biggest capital cities — but for many of us, it’s a good thing.

We’ve all seen the worrying headlines — house prices are falling, with tens of thousands of dollars wiped off the values of homes across the country.

In fact, we’ve been in panic mode for much of 2018 as Sydney and Melbourne’s housing industry in particular took hit after hit.

CoreLogic data shows national house prices fell for the 13th month straight in October, with Sydney prices down by 7.35 per cent and Melbourne by 4.67.

Last month, Deloitte Access Economics partner Chris Richardson told news.com.au house prices were falling “by about $1000 a week in both Sydney and Melbourne”.

Meanwhile, CoreLogic figures from late last month also revealed the median house price in Sydney had fallen by $72,041 in a year, and $45,376 in Melbourne.