Sydney, Melbourne tipped to lead Australian housing price drops as market cools
House prices in Sydney and Melbourne are forecast to fall by up to 7 and 8 per cent over the year ahead, according to Domain. But it's far from doom and gloom for existing owners, with resale profits hitting a record.
House prices in Sydney and Melbourne could fall by up to 7 and 8 per cent respectively over the year ahead, according to forecasts from property data provider Domain. The two big cities are leading the downturn in a cooling Australian housing market.
However, the report stresses the picture is far from doom and gloom for existing owners. Resale profits have hit a record high.
The easing in prices points to a market rebalancing amid interest-rate and affordability pressures. Analysts say conditions could improve somewhat for buyers.
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