Brisbane Property Prices Tipped to Shed 15 Per Cent

LATEST NEWS RALPH NICHOLSON 01 AUG 22

Capitals’ Property Prices ‘Will Fall 20 Per Cent’

Property prices across most major cities are set to fall by as much as 20 per cent in the next 18 months, according to financial services giant AMP Limited.

The company’s?chief economist Shane Oliver says cash rates are expected to top out at 2.6 per cent early next year, which would see average property prices across the country fall between 15 and 20 per cent, top to bottom.

Oliver said?Sydney, Melbourne and Canberra are forecast to see falls of 20 per cent with the low?likely be reached in the second half of next year.

“The fall in home prices this cycle could well see some cities—notably Sydney and Melbourne—reverse all or much of the boom in prices since their 2020 pandemic low,” Oliver warned, “which will likely see a rise in negative equity for recent low deposit buyers.”

Brisbane, Adelaide and Hobart are likely to see 15 per cent declines, with Perth and Darwin dipping 5 to 10 per cent.

The economist was commenting on the latest figures from property data company CoreLogic which show the country’s prices last month fell by an average of 1.3

AUTHOR Ralph?Nicholson