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  • ben.franklin36 ben.franklin36 Apr 30, 2009 9:52 PM Flag

    House prices still correcting ...

    "First home buyers are leaping aboard a sinking ship, with house prices set to fall about 20 per cent in the next two years," reports Natalie Craig in today's Age. Professor Quintin Grafton of Australian National University makes a point we've banged on about here before: prices can't grow infinitely higher than incomes.

    --"I wouldn't be surprised if overall we get a 20 per cent decline in nominal house prices over about the next two years," Grafton says. "First home buyers who don't have much of a deposit and can barely afford their mortgage payments on the current interest rates, they'll be in trouble."

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