Following on from Koshee’s recent delivery of bad news for the Australian housing market, Louis Christopher from SQM research appeared on sunrise this morning to give the market a full strength bear mauling. His prediction of this years damage is as follows:
CAPITAL CITIES (worst to best)
Perth (total 2011 9.8%) – Currently down 3.8% from peak. Expected further declines in 2011 is 4-6%
Brisbane (total 2011 9.6%) – Currently down 3.6% from peak. Expected further decline in 2011 is 4-6%
Darwin (total 2011 8.3%) – Currently down 1.3% from peak. Expected further Declines of 5-7% in 2011
Melbourne (total 2011 7.5%) – Currently down 2.5% from peak. Expected further declines in 2011 is 3-5%
Sydney (total 2011 6%) – Currently down 2% from peak. Expected further decline in 2011 is 2-4%
Adelaide (total 2011 4.3%) – Currently down 1% from peak. Expected further declines in 2011 is 1-3%
Hobart (total 2011 3.5%) – Currently down 0.5% from peak. Expected further declines in 2011 is 1-3%
Canberra (total 2011 3.4%) – Currently down 0.4% from peak. Expected further declines of 1-3% in 2011.
WORST HIT OTHER MARKETS
Western Australia
Mandurah – Currently down 8% from peak. Expected further decline for 2011 is 8-12%
Queensland
Surfers Paradise – Currently down 9.5% from peak. Expected further decline for 2011 is 9-15%
Sunshine Coast – Currently down 9.0% from peak. Expected further decline for 2011 is 9-15%
New South Wales
Central Coast – Currently down 3% from peak. Expected further decline for 2011 is 5-8%
Tweed Heads – Currently down 8.0% from peak. Expected further decline is 9-15%
Sydney’s prestige property market – Currently down 12% from peak. Expected further decline is 5-8% for 2011.
Victoria
Melbourne’s Inner ring – Currently down 6% from peak. Expected further decline of 7-9% for 2011
South Australia
Port Adelaide – Currently down 3% from peak. Expected further decline of 5-8% for 2011.
Tasmania
Launceston – Currently down 3% from peak. Expected further decline of 5-7 for 2011%
Northern Territory
Darwin – Currently down 1.3% from peak. Expected further Declines of 5-7% in 2011.
Given that it is already May , those are some very scary numbers.
