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Victoria's second wave 'will see house prices fall fast'

Sky News Australia logo Sky News Australia 30/07/2020 Sky News Australia

Sky News contributor Peter Switzer says the extent of the lockdown in Victoria will cause house prices to fall fast due to reduced confidence.

"You have to expect consumer confidence and business confidence will fall, therefore business investment falls and then house prices will fall faster than they currently are," Mr Switzer said.

a building next to a fence © Provided by Sky News Australia

"It's difficult to sell if you cant get people to go to open houses and the fear factor is getting bigger.

"The last five weeks in a row, confidence has fallen and it is all linked to the lockdown."

Mr Switzer said he believed New South Wales would follow suit.

Image: News Corp Australia

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