23 Jun '17, 7pm

#Sydney, #Melbourne home prices to gradually ease and not crash - PropertyGuru Singapore

While home prices in Sydney and Melbourne are overvalued by 14 percent and eight percent, respectively, advisory group KPMG Economics believes the bubble will deflate and not burst, reported The Australian. “Whether or not the current Sydney and Melbourne housing prices constitute a bubble is a matter for debate, but we estimate that short-term factors have pushed median dwelling prices above their long-term equilibrium prices by about 14 percent and eight percent respectively,” said Brendan Rynne, chief economist at KPMG. He noted that prices surged in previous price cycles before tapering back without the sort of collapse witnessed in some countries following the global financial crisis. “We expect the same again to happen here now — we anticipate a cooling in price growth, and from next year prices will start to gradually come down,” he said, adding that prices in Sydne...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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