Property prices dipping Down Under
While property markets crashed around the world during and after the global recession Australian real estate markets were going from strength to strength but it seems as if the tide is turning down under.
Sydney property prices went through the roof in the wake of the financial crisis as did the cost of Melbourne real estate and homes in both of these major cities became beyond the reach of many of the local populace.
But now according to the most recent RP Data-Rismark real estate price index property prices in state capitals have been steadily decreasing for six consecutive months and with rumours of impending interest rate increases experts believe the cost of Australian property will continue to fall. Several leading property experts suggest that house prices in Australia are well overvalued and are in line for a huge price correction.