Australia ‘on the cusp’ of potentially ‘unprecedented’ property value change

A new report claims Australia’s housing market could face a $1 trillion wipe-out.

Property data company Cotality’s head of research Tim Lawless told 3AW Mornings host Tom Elliott a 10 per cent decrease in property value across the country “doesn’t seem too unlikely”.

“To see values fall by 10 per cent or more would be unprecedented, but it’s not too far off those earlier benchmarks,” Mr Lawless said.

Press PLAY to learn why this might happen and the impact it could have on the Melbourne market

Image: iStock