That’s the consensus from a Bloomberg survey of 15 economists, over a third of which have turned more pessimistic within the last three months.
Sydney’s slump is poised to deepen, with the median peak-to-trough price fall estimated at 10 percent compared to 5 percent for the country as a whole. Still, the data conceals a considerable range of views: while three economists forecast falls of 15 percent in Sydney, two see declines of less than 7 percent.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
