9News: Falling Faster

Peter Overton: The speed of falling house prices is accelerating across Australia.

National averages suffered their biggest drop in six years  last month, and some say the worst is still to come.

Ross Greenwood: Its no longer a housing boom that’s a worry for our economy. Now, it’s the risk of a housing bust.

Paul Dales: What been a bit worrying really is house prices have been falling for almost a year now.

Cameron Kusher: Its kind’ve inevitable now that this was going to happen at some point in time.

Ross: A year ago, average Melbourne house prices cost $740,000. Today. $813,000 but falling faster than other capitals, down 1 percent in the last month.

Cameron: Whereas Sydney peaked in July last year, Melbourne peaked in November.

Ross: Sydney houses are below a million dollars for the first time in two years, they’ve dropped 7.5 per cent; $81,000 in the past year.

These falls highlights that other markets, in Brisbane or Adelaide, are volatile.

Cameron: A lot of the buyers simply couldn’t afford or weren’t willing to pay those prices people were seeking.

Ross: Claire Wolczak and her family packed up and headed for Hobart. It gave them more money in their pocket and time on their hands.

Claire Wolczak: We don’t actually have a mortgage anymore Ross, we actually…it was a gift, it really was.

Ross: They also lucked into the hottest property market in the country. Hobart prices are up 12.4 per cent, easily the best in the country.

Claire: It was an intense journey and it was a lot of work. Packing up your home, packing up your life, leaving your family…

Ross: 12 months ago, the greatest fear was a property crash after the boom that the bubble would burst.

The best hoped for outcome was a mild downturn, the so-called soft landing.

But today, with Sydney and Melbourne prices falling so fast, again there are fears of the big property bust could hurt the overall economy.

Cameron:  I think picking the bottom of the market is very difficult.

Ross: Ross Greenwood, Nine News

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