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The most painful housing market plunge is here. And it’s not prices
Falling house prices are the new national obsession. But there’s another property market metric that spells real trouble for the broader economy.
While Australia’s obsession over the question of how far house prices might fall in this historic downturn has gone to a new level following the Reserve Bank’s interest rate rise last week, the biggest threat to the broader economy from this great housing correction is already under way.
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Property downturn deepens with less than 50pc of auctions leading to a sale
The traditional spring selling boom is off to a poor start. (ABC News: Kate Ainsworth)
Property sales for the spring season are off to a weak start.
It comes off the back of two long weekends in major capital cities and the RBA lifting the cash rate again last week.
Some economists predict capital city property prices could fall 10-15 per cent from peak to trough.
Australia's auction clearance rate has slumped to a three-month low, while new data shows the number of unsold homes has surged by more than 20 per cent in the past year.
Less than half the auctions that occurred across the country last week resulted in a successful sale.
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222 dirt-cheap Aus suburbs under $350k named – 7 under $100k
This 32 sqm studio apartment in York, WA, sold for $50,000 in November. Source: Realestate.com.au
Australia’s brutal capital city home values may be out of reach for millions, but a tiny group of regional strongholds is offering dirt-cheap property as low as $50k – here’s what experts say.
Exclusive national real estate trends data reveals just 222 unique suburbs remain across Australia where homes can still be snagged for $350,000 or less – with the bottom-dollar floor sitting in an agricultural border town where houses cost less than a deposit on a Sydney parking space.
Topping the nation’s bargain basement charts is Boggabilla in NSW’s New England region, where the median house price sits at an astounding $50,000 – though that figure comes off just 11 sales over the past year.
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