Housing market faces steepest decline since Great Depression | 7NEWS

By 7NEWS Australia

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Australia's housing market is facing its steepest potential decline since the Great Depression, with Sydney's median house values falling $112,000 since February. The Reserve Bank warns that a 20% price drop would push 160,000 households into negative equity, particularly those who purchased under the federal government's 5% deposit scheme. AMP Chief Economist Shane Oliver has called for immediate cuts to government spending, noting total expenditure has risen from 23% to 28% of GDP since COVID. Subscribe and set 🔔 » https://7news.link/YTSubscribe | For the latest Australian news and breaking news alerts, connect with 7NEWS online: Visit » https://7news.com.au 7Plus » https://7plus.com.au/ 7NEWS Podcast » https://open.spotify.com/user/dm9fk9hzoe68ibpttheragdgi Facebook » https://www.facebook.com/7NewsAustralia TikTok » https://www.tiktok.com/@7newsaustralia Instagram » https://www.instagram.com/7newsaustralia/ X » https://x.com/7NewsAustralia 7NEWS combines the trusted and powerfu

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