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Melbourne and Sydney’s joint housing market slide could contribute to a recession, a leading commentator has declared.
Louis Christopher of SQM Research said the deepening downturn was “shaping up to be the worst … we’ve seen since the 1990 recession”, with a peak-to-trough fall of up to 30 per cent potentially on the cards.
He said househunters shouldn’t rush to buy into Australia’s two biggest cities.
SQM’s latest Housing Boom and Bust Report states Melbourne dwelling prices — taking into account houses and units — have fallen 4.7 per cent this year and are expected to shed up to 9 per cent in 2019.
This marks a dramatic turnaround from last year’s 12.1 per cent growth
