According to The Australian Financial Review, housing prices could fall as much as 20 per cent across Sydney and Melbourne before the downturn is over, according to a revised forecast from ANZ.
ANZ's economists are the latest to downgrade their predictions amid worsening signals from the housing market and the chilling effect of credit tightening.
As recently as September, ANZ was tipping a a 10 per cent fall peak to trough in Sydney and Melbourne, while warning the current weakness in house prices would extend into 2020.
In research published on Thursday, bank economists Daniel Gradwell and Jo Masters, revised their peak to trough forecasts for Sydney and Melbourne to falls of between 15 per cent to 20 per cent.
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