ANZ Bank has warned a steady decline in the nation’s house prices is going to keep dropping – and it’s going to fall faster.
ANZ senior economist Daniel Gradwell said the “weakness in Australia’s housing market has persisted longer than we expected, and the rate of decline in prices has recently accelerated”.
Mr Gradwell said the main contribution was a shift away from interest only loans and the tightening on credit following the royal commission.
Sydney has seen some huge drops in house prices – with houses selling for 4.2 percent more a year ago. While Melbourne has seen some noticeable price falls in the past three months.