Westpac Chief Economist Bill Evans says the housing market is “unravelling” as house prices come down from their “peak”.
“we’ve already seen the housing market unravelling, house prices down around eight per cent from the peak and Sydney of course has suffered a lot more than that,” Mr Evans told Sky News Australia.
“We’re starting to see house price falls moderating now, it looks as if the peak at which prices were falling, say, in the September quarter – that’s starting to moderate.
“I wouldn’t expect that to create a shock horror in the housing market, I think the market will continue to peel off but at a slower pace.”
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