The ABC reports that house prices in the ACT have fallen by seven per cent in the past three months. Annualized, that turns into a whopping 28 per cent fall!
Of course, this news is accompanied by the usual REIACT statements hosing down any negative consequences for house sellers. I wouldn’t have guessed it, but it turns out that now really is a great time to put your house on the market.
While this will have negative consequences for ppl who borrowed heavily to purchase at the top of the boom and now have no choice but to sell, I think that this is great news for everyone else. The sooner that we can forget about the possibility of a whole generation never being able to afford to buy a house, the better.