House prices to fall ten per cent

Sydney house values dropped by 2.1 per cent in the June quarter, dragging the annual growth rate to -8.4 per cent according to Australian Property Monitors. Perth houses also slipped 2.8 per cent over the quarter, while Melbourne's auction market reached it poorest state since 2004. Property values across the nation are expected to dip by 10 per cent over the next 12 months. There are currently more than 25,000 extra properties on the market nationally when compared to this time last year. More vendors are competing for the attention of fewer buyers, which results in pressure to discount said APM.

Source: My Mortgage