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A growing majority say house prices have to fall. Even owners
A growing majority of Australians want house prices to fall, in some cases by more than 20 per cent, and contentious measures in the federal budget are winning more support among voters, a new poll has revealed.
Sixty-one per cent of people supported a decline in property prices, an exclusive Resolve Political Monitor Poll has found, with a majority of every age, political and income group agreeing that prices were too high.
Support for a drop increased by seven points on the 54 per cent recorded in June. Opposition eased to 9 per cent from 11 per cent, while the proportion who were undecided or neutral also slipped, from 35 per cent to 29 per cent.
House prices and bank stocks are about to tank. Are you ready?
That might be good or bad news depending on your perspective. Either way, blame Canberra’s catastrophic budget and the Reserve Bank of Australia’s rate rises.
The great Aussie housing bust is gathering momentum. Over the past three months, Cotality data shows Melbourne and Sydney dwelling values deflating annually by 11 per cent and 13 per cent respectively.
While Brisbane and Perth prices are still technically climbing, they are losing steam fast. It would not surprise me if Brisbane, barely appreciating at a 3 per cent rate, rolls over soon.
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