With Australia’s housing market suffering the worst price bust in modern history:
And losses accelerating:
CoreLogic’s research director, Tim Lawless, has advised first home buyers (FHBs) to hold-off from buying. From The AFR:
CoreLogic research director Tim Lawless says there is “no urgency” to buy given his company’s forecast of Sydney and Melbourne prices falling between 18 and 20 per cent from peak to trough…
“Prospective first-home buyers should be getting their finances in order to get the best mortgage rates,” he adds. “And then they should look for the property that suits their budget and lifestyle because property won’t be rising for some time.”
Sage advice. Given the various stiff headwinds facing the housing market, dwelling values will likely fall well into 2020.
