Homes in Australia are now cheaper – why can’t the government sell this good news story? | Saul Eslake

From the publisher

Residential property prices in Australia’s eight capital cities have fallen by an average of 2.5% from their most recent peak in March, according to data published earlier this week by both Cotality and Proptrack. The declines have been somewhat greater in Sydney and Melbourne – 5.6% and 5.7% respectively – where they started earlier, than in other cities. Indeed, prices have not yet begun to fall in Perth, Hobart or Darwin, nor have they (on average) declined outside the capital cities. Those falls are likely to continue, and to become more widespread, for some time yet. The major banks are predicting that capital city prices will be flat to down…

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