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Australia’s property market is facing its biggest price correction in more than 40 years, with values down by 7.1% across the five major markets since early April, according to Cotality.
At the current pace of decline, the housing market should break the record by early December.
The housing market outlook remains dire, with for-sale listings up 23% across the combined capital cities.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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