Fitch ratings believes the drop in Australian house prices this year would be the worst in the world.
Fitch Ratings, one of the world's major credit ratings agencies forecasts Australian house prices would fall by another 5 per cent this year after house prices have already dropped by 6.7 per cent since their peak.
In a report, Fitch ratings believes the drop in Australian house prices this year would be the worst in the world.
It said Australia’s house debt-to-GDP ratio is at 121 per cent and it would be a risk to the nation’s economy.
Fitch said the price will stabilise in 2020 thanks to trend GDP growth and strong net migration.
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