According to new data, prices are now slowing at their most rapid pace since 1989. 9News
Property growth in Hobart has fallen away the quickest of any period since 1986, while Adelaide and Perth have also stagnated.
Economist Paul Ryan said the slowdown was perhaps "not surprising" and blamed recent interest rate rises, with further"Looking ahead, the rapid slowdown in price growth signals the housing market is likely to continue to see slow growth over the rest of 2022," he said. Buyers will be hesitant because there is now so much uncertainty about how high mortgage repayments could rise, he said.
"Resolving this uncertainty about the path of interest rates will be the key element buyers look for over the rest of the year."Ryan said it was normal for house prices to come down after periods of sustained growth, but the sudden six-month deceleration was a potential concern. "Perhaps this is not surprising," he said of current market conditions, pointing to 2021 as the third fastest period of home price growth in Australia's history."In general, the market moves more gradually, indicating there are other factors involved."The Reserve Bank yesterday lifted the nation's interest rates for the second month in a row, raising it by 0.5 per cent, at the higher end of expectations.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Aussie freedom fighter hurt in UkraineAn Aussie freedom fighter has been hurt in Ukraine, after helping take on Russia in a battle in the eastern city of Sievierodonetsk. 9News
Read more »
Aussie electric vehicle pioneer fled government hostility to build a unicornTony Fairweather has built EV technology business SEA Electric to almost unicorn valuation in five years in the US, saying he fled “hostile” Coalition government attitudes in Australia.
Read more »
Largesse era is over: Aussie entrepreneurs must protect their cashOPINION: One of Australia’s top venture capitalists says success in the shadow of a US ‘tech wreck’ requires patience, and the winners will be split from the also-rans.
Read more »
Aussie golfer takes home record prize money in US Open winAustralian golfer Minjee Lee has secured the biggest payday in the history of women’s golf as she recorded an emphatic four stroke victory at the United States Women’s Open.
Read more »
Aussie pet owners warned of ‘painful’ disease as winter sets inFreezing temperatures and severe weather warnings have sparked calls for pet owners to be vigilant this winter. 7NEWS
Read more »
Aussie star wins US Open, monster winner's chequeAustralian Minjee Lee won the US Women’s Open by four strokes at Pine Needles, and collected a record pay cheque. 9WWOS
Read more »