Financenews.com.auAussie property market facing $1.3tn wipeout
Australian home values have already fallen $34 billion and AMP's chief economist warns up to $1.3 trillion could be wiped from the property market by mid next year.
Households are officially $34.1bn poorer, but experts warn the worst is yet to come as property prices are tipped to fall for the next 12-months.
ABS data confirmed Australian homeowners are officially $34.1 billion poorer as the housing market enters its fifth straight month of decline.
AMP chief economist Shane Oliver forecasts prices will fall more than 10 per cent from peak to trough, wiping around $1.3 trillion off the market by mid next year.
Sydney and Melbourne are tipped to fall hardest, though Oliver expects a rebound once the Reserve Bank starts cutting interest rates around mid next year.
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