While tax reforms and interest rate hikes have resulted in a slide in property prices across Australia, is the market truly in ‘freefall’?
With national property values down by 5.2% in September from their March peak, Australia’s housing market is in a distinct downturn. This has sparked concerns voiced by the opposition leader, Angus Taylor, of a housing market “in freefall”.
Translated into dollar terms, using the Domain property price series, the price of a typical home has dropped to about what it would have fetched one year ago.