Sydney house prices could plunge 16 per cent peak-to-trough as Australia’s housing market experiences its largest downturn on record, according to Commonwealth Bank economists in the latest revision to their forecasts.
The CBA expects the correction will be even more severe in the previously booming markets of Perth and Brisbane, where it is forecasting peak-to-trough declines of about 18 per cent in both cities. Prices are tipped to drop 13 per cent in Melbourne and Adelaide.
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