Cotality data reveals property prices are now falling in more than 90% of Australian suburbs, while analysts expect market downturn to continue
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The prospect of the steepest property market downturn in history will not stop the Reserve Bank from delivering a fourth interest rate hike as it battles to bring inflation back under control, economists say.
New data from Cotality revealed house prices are now falling in more than 90% of Australian suburbs, amid a perfect storm of higher borrowing costs, a weak economy, and a once-in-a-generation change in the tax treatment of property investors.
Continue reading...This article was originally published by The Guardian and written by Patrick Commins Economics editor.
Read original article on The Guardian