SYDNEY house prices could fall by as much as 30 per cent in the next two years, economists say.
They warned the pain will not be confined to Sydney’s struggling south and west, where prices have already dropped dramatically.
“In Sydney, a typical house will cost 8.4 times a typical family’s household income, which is patently unaffordable,” he said.
“That compares with 3.6 times income in America – where prices have recently fallen by 10 per cent – and 5.5 times income in the UK, which is currently experiencing a housing downturn.
» Sydney house prices predicted to fall by up to 30pc – news.com.au, April 9th 2008.