shane: One leading economist signalled there was even worse to come for Sydney and Melbourne, according to The Guardian. Shane Oliver, chief economist at AMP, revised his forecast for prices in the big two cities and now thinks they could fall 25%, citing the plunging auction clearance rate and accelerated price falls late last year. The latest report from Domain Group for the fourth quarter of 2018 has revealed Australia's housing market has continued to slow, with national prices recording the steepest annual fall in 15 years while Sydney house prices are back to mid-2016 levels. But while the continued downward trend in the harbour city's overheated housing market will give hope to first-home buyers, the median house price in Sydney remains above the 1m mark first set in 2015. It's only the second time since Domain began keeping records in 1993 that prices in the city have fallen for four consecutive quarters. Prices in Sydney have now fallen by 11.4% since their peak in mid-2017.
(news.financializer.com). As
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