CBA expects house prices to drop 10 per cent

Are house prices actually dropping? At the moment (anecdotally from the property work that we’re doing) valuations are a little off but nothing alarming that we haven’t experienced before in the last 10-20 years as part of the ‘expected’ property cycle. Time taken for loan applications seem to be blowing out a little and we’re encouraging clients to allow for more time. But aside from that, auctions and private treaty transactions still seem to be going ahead – maybe even more than ever. Perhaps depending on how people look at the current health crisis, it’s either a great time to buy or it’s a great time to sell – and the market adjust accordingly.

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The coronavirus pandemic has not hit the property market as hard as first thought, according to head of the Commonwealth Bank.