Posted July 18, 2019 16:14:28 The price of luxury apartments is set to drop dramatically next year, with the average price dropping from $2.2 million to $1.7 million.
It will be the lowest in five years, according to data released today by the Australian Bureau of Statistics (ABS).
The price drop has occurred for the first time in five months.
In November, the average home price was $2,847,400, down $2 million from October.
That is a decrease of more than 60 per cent.
“The average price is now below $1 million, which is very rare,” Mr Williams said.
The ABS figures show the average property price in the capital is $2 billion, down 10 per cent from October’s $3.3 billion. “
We’re seeing prices fall by more than $1,000 a month, which means an average Australian family of four is spending more on housing than they would have if they were to own their own home.”
The ABS figures show the average property price in the capital is $2 billion, down 10 per cent from October’s $3.3 billion.
That was before the price shock from the carbon tax and the introduction of a carbon tax-free superannuation benefit.
Property prices in the region have also fallen.
The average property in the Capital fell $2 in real terms between October and November.
Mr Williams expects the price drop will continue in the coming months, especially for luxury apartments, which are a key factor in making up for the loss of income in the past year.
“When you see prices dropping at such a rapid pace, it’s a huge shock to people, so we’ll see prices drop even further,” he said.
Mr Thompson said he thought it was too soon to speculate on the future of the market, but he predicted the price fall would be even more significant if it continued.
“It’s certainly an indication that this is going to be a pretty long, hard slog for luxury apartment buyers,” he added.
This is going, at least for now, to be the most expensive housing market in the world, with no real hope of any recovery in the medium term.”