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Australia: How homeowners can make the property downturn work for them

32 11 11

THE dire forecasts in the Australian property market have some investors starting to panic, with some economists even claiming it poses a threat the famously stable economy. But it doesn’t have to be doom and gloom if you’re a homeowner with dropping prices. What could at first seem like a problem could be turned into an opportunity.

According to the Financial Times, national house prices fell 1.3 percent in December, the largest monthly fall since 1983, which resulted in an annual decline of 6.1 percent last year.

Prices in Sydney, the country’s biggest property market, are down 11.1 percent from their peak, which warned this week the slump could torpedo Australia’s run of 27 years without a recession – a modern global record.

SEE ALSO: Former ‘ugly ducklings’ of Melbourne housing market are now the golden eggs


© Asian Correspondent