Sydney & Melbourne property prices expected to fall by up to 4 per cent
According to the latest report from property analysis firm SQM Research, housing prices in Sydney as well as melbourne are predicted to fall by up to 4 percent this year. This is a major reversal of its formerly rosy forecast — that two priciest cities of Australia would see their prices surge by around 4-8 per cent. SQM Research says that the Sydneyas well as Melbourne property markets are overvalued by at least 45%, based on its comparison of nominal aggregate incomes to housing prices. It expects “this overvaluation to wind down somewhat over an extended period of time”. Its new downgraded forecasts for 5 capital cities of Australia are: · Sydney - 4 to 0 per cent · Melbourne - 3 to 1 per cent · Darwin - 5 to 0 per cent · Brisbane 0 to 3 per cent · ...