SINCE 1997

Latest Home Value Index News

Property price declines likened to GFC and 1980s crash

With property prices declining for the third consecutive month, comparisons are being to made to the lead-up to the big crash of 1989 and the Global Financial Crisis of 2008.

Apartment building in inner Sydney suburb.
Unit values across the combined capitals are generally recording smaller falls relative to house values.

Australian property is now in a decline “comparable to the onset of the global financial crisis (GFC) in 2008” according to the research director of property data analysts CoreLogic.

The national property price slide has continued, with the July fall of 1.3 per cent marking the third month in a row prices had gone backwards.

The pace of decline is also accelerating, following the previous month’s 0.6 per cent retreat.

After national dwelling v…