It’s bloody tough out there on the front lines of what is shaping up to be Australia’s biggest ever property downturn.While the experts are predicting national house prices will eventually fall by somewhere between 10 per cent and 15 per cent – HSBC’s local economist Paul Bloxham updated his peak-to-trough forecast to 13 per cent on Tuesday – Sydney-based auctioneer Damien Cooley reckons prices at the upper end of the Sydney market are already down as much as 15 per cent, and some sellers are accepting bids 20 per cent below what they might have expected to receive just a few months ago.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
This is how the housing correction ends. But don’t hold your breath
John McGrath, Australia’s most famous estate agent, sees a bit of hope in the housing gloom. But two conditions for a recovery are a long, long way off.
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