Australia, the only developed nation not to suffer a collapse in property values following the credit crunch in 2008, may go through that downturn now, analysts warn. Prices rose strongly in 2009 and 2010, but fell 1.7 per cent at the first quarter of 2011, the biggest drop since mid-2008, and prices fell 0.3 per cent in April and May.
The county's four biggest banks consider near-full employment, a housing shortage and population growth will stop the market crashing, but bearish overseas investors argue Australia's high debt levels, unaffordable homes and rising interest rates – the highest in the developed world, mean property values may plummet 40 per cent.
The median property price in Australia's eight biggest cities was USD503,000 in May, according to market monitor, RP Data. Mortgage payments more than 30 days late hit a record 1.79 per cent in the first quarter of 2011.
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