House prices across the country are falling even faster than they did during the Global Financial Crisis amid signs the Reserve Bank will consider an interest rate cut if the jobs market starts to deteriorate.
Bureau chief economist Bruce Hockman said the Sydney and Melbourne markets were being hit by a range of factors. Unemployment is at 5 per cent, including a 40-year low rate of 3.9 per cent in NSW, but overall GDP has suffered its worst back-to-back quarterly reads in 13 years. They also confirmed that RBA members are aware of other signs that falling house prices were starting to have a wider economic impact, pointing to the sharp drop in car sales in NSW.Credit:Ernst and Young chief economist Jo Master said it appeared house price falls were accelerating, adding to a string of poor data.
Hear the great news all you struggling battlers!? You don't need $250,000 up front for the privilege of a set of keys and a 30 yr debt... Now you only need $220,000
Conveniently leave out how much they went up by for the previous 6yrs. Wankers
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