Melbourne: Housing prices in Australia continue to fall and at the moment the real estate industry does not seem to be getting any relief from this decline anytime soon.

Such a decline in housing prices in the country’s major cities has not been seen in the world recession of 2008-2009 and the last four decades.

According to a report released by Corlogic, a market survey organization, the average house price in Australia has fallen to about $ 64,000 from May 2022 to January. Fluctuations in the Australian economy are directly linked to housing prices, and according to experts, the fall in prices in major cities is not seen as a good sign for economic data for this year.

On the other hand, the Reserve Bank of Australia has steadily increased the interest rates for home loans, under which the installments of most people who have invested money on homes in the past have increased.

The rationale behind the Reserve Bank’s interest hike is said to be to curb rising inflation in the general goods sector.

According to the bank, despite the slowdown, people are spending money on non-essential items, due to which market inflation is not stopping, so the interest rate on loans has been increased.

The fall in housing prices has created a chaotic situation in the domestic industry and according to experts, the shadow of recession cannot be ruled out even during the current year.

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