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Housing market’s biggest drop since GFC comes as ‘no surprise’

Luke Grant

It’s a buyers market, with Australian house prices experiencing their biggest drop since the Global Financial Crisis.

In Sydney, Ryde, Sutherland and Parramatta are among the worst performing suburbs.

CoreLogic data shows values dropped 8.9 per cent last year, but Premier Gladys Berejiklian says she’s not worried about the fall in prices.

Harris Partner’s Peter O’Malley tells Luke Grant the drop was “no surprise”.

“We’ve been advising our clients for 18 months that this was coming.

“The property market was overpriced, and if I’m frank about it, it’s probably still overpriced.

“I think there’s a little bit more to go.”

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