PHOTO: Property armageddon

Prices in some areas of Sydney and Melbourne are set to tumble even further by 2022, with experts predicting the worst is yet to come.

With Sydney and Melbourne’s falling house prices infecting other capitals such as Brisbane, Darwin and Perth, some doomsayers say property prices could slump by as much as 50 per cent by 2022.

Digital Finance Analytics chief Martin North says Sydney and Melbourne houses will suffer price falls of 20 to 30 per cent, while high-rise units could slide by up to 50 per cent from their peak prices in 2017.

Moody’s Analytics released forecasts last week showing property price corrections in Melbourne and Sydney could be deeper than earlier predictions.

Moody’s says house prices in 2019 will fall in the following five cities: Melbourne (down 11.4 per cent), Sydney (down 9.3 per cent), Perth (down 7.7 per cent), Darwin (down 2.7 per cent) and Brisbane (down 0.6 per cent). It’s a happier story in Hobart (up 4 per cent), Canberra (up 3.2 per cent) and Adelaide (up 1 per cent)