By Aidan Wondracz For Daily Mail Australia
Published: 05:18 GMT, 13 February 2019 | Updated: 05:20 GMT, 13 February 2019
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First-time buyers don't seem to be in any rush to snap up homes amid hopes prices will plunge even further.
AMP Capital chief economist Shane Oliver said the uncertain future of the market meant some buyers were just not ready to buy their dream home.
'It's a double edged sword,' he said.
'On one hand you could argue property prices have dropped to a point it is cheaper to buy in.
First-time buyers don't seem to be in any rush to snap up homes amid hopes prices will plunge even further despite an already weakened housing market
AMP Capital chief economist Shane Oliver said the uncertain future of the market meant some buyers were just not ready to buy their dream home
'But on the flip side is that if prices are likely to fall further then nobody wants to buy in now and find a year later they could have paid less.'
Recent CoreLogic data showed housing prices had taken a significant blow in some major cities across Australia.
Worst hit was Sydney's median house price with a plummet of 10.9 per cent in the year to January 31.
Melbourne didn't fare much better with a 10.6 per cent slump.
And experts say prices could dip even further, with Mr Oliver saying Sydney and Melbourne could experience a further 15 per cent downfall.
'That view is based on many aspects, that it's harder to get a loan now, foreign
