Bill Evans, Westpac’s chief economist, says the housing market is “unraveling” as home prices fall from their “peak”.
“We’ve already seen the housing market unravel, house prices fell about eight per cent from the peak and Sydney has obviously suffered a lot more than that,” Mr Evans told Sky News Australia.
“We are now starting to see house price declines moderating, it seems that the peak at which prices fell, for example in the September quarter, is starting to moderate.
“I wouldn’t expect this to create a shock horror in the housing market. I think the market will continue to flake off, but at a slower pace.”