Finder.com.au recently warned current and potential homeowners against a drastic drop in real estate prices in Sydney and Melbourne.
According to the survey on cash rates conducted by the Reserve Bank's comparison site for this month, the majority of experts and economists (71%) have subscribed to ANZ Bank's forecasts on the price change.
Last month, the ANZ bank forecast a 15-20% drop in record housing prices in Sydney and Melbourne, while ceasing to urge the RBA to raise interest rates in the past year. 39, next year.
"I did not expect a rate hike next year and I expect a 20% drop in real estate prices in Sydney and Melbourne," said Dr. Shane Oliver, head of investment strategy and economics and chief economist at AMP Capital.
Graham Cooke, head of analysis at finder.com.au, said economists' predictions of landslides in the real estate market have become more dramatic.
"According to ANZ, with a 15% drop, $ 145,500 and $ 118,500 would be erased from the average house prices in Sydney and Melbourne, respectively," Cooke said.
"A 20% drop would make nearly $ 200,000 disappear from Sydney owners' equity."
Young buyers who were able to pay a lower deposit with the help of parents who acted as their guarantors could be in danger.
Cooke said that if the forecasts were realized, recent buyers who deposit a deposit of 20% could eventually be in negative equity by the end of 2018.
Notably, the positive sentiment about affordability reached a peak of the year, rising from 46% last month to 54%.
However, one of the possible consequences of the market downturn is the decline in the construction of new homes. Sixty-six percent of experts expect less construction, while 38 percent expect a drop of at least 10 percent in new home construction by 2019.
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