DESPITE property prices in the ACT expected to fall by nearly 6.5 per cent, comparison site Finder says six out of 10 experts say now is not a good time to buy property.
The Reserve Bank of Australia has today announced a hold on the cash rate for the second consecutive month.
Finder said it asked e xperts and economists how much they expected prices to dip by 2021, following recent predictions of a housing downturn due to COVID-19.
They report, using Core Logic figures, that Canberra is expected to experience drops of 6.4% per cent compared with, say, Sydney 10.2 per cent. In the ACT this represents a fall of $44,800 on an average price of $700,000.
Graham Cooke, insights manager at Finder, said with increasing unemployment and growing economic uncertainty house prices will slide over the rest of the year.
“Both househunter and seller demand has weakened in the last month as Australians hunker down to help stop the spread of coronavirus. ,” he said.
“It’s not just experts, we’ve also seen consumer sentiment about whether it is a ‘good time to buy’ drop from a peak of 60 per cent in July 2019 to just 42 per cent in April.”