The fact is that every time ‘experts’ have predicted ‘crashes’ of between 15 and 20%, nothing of the sort has transpired.

While there have been significant reversals in Sydney & Melbourne recently, prices are still rising in Perth, Adelaide and Darwin – albeit at a slower rate. And, while regional markets have weakened in NSW, QLD, TAS and VIC, they’re outperforming capital cities and still rising in SA and WA.

There are reasons why house prices will fall further, but equally, there are reasons why they could rise. Mortgage stress is not yet evident amongst homeowners, post-pandemic Australians are sitting on historically high levels of household savings, and banks say a majority of customers are ahead on their mortgage repayments.

Most economists foresee falling interest rates next year, rents have risen 10% on the back of low vacancy rates, which is tempting property investors back to the fold, and more Australians can now buy a home with a 2% deposit.

For many reasons, it’s likely that Australia’s housing market could return to growth, after a short period of adjustment.