House prices in Australia are dropping at their fastest since the global financial crisis — and market conditions are 'likely to worsen' as interest rates continue to rise, according to property analytics firm CoreLogic.
House prices in Australia are dropping at their fastest pace since the global financial crisis — and market conditions are "likely to worsen" as interest rates continue to rise, according to property analytics firm CoreLogic.The median property value dropped 8.5pc during the GFCThe latest data shows that the nation's median property value has dropped by 2 per cent since the beginning of May, to $747,182 .
Melbourne and Hobart also recorded steep falls, with prices in both cities down 1.5 per cent last month, while Canberra prices dropped 1.1 per cent.At the other end of the spectrum, Darwin, Adelaide and Perth were the only capitals where prices actually went up in July . However, it has been a sharp slowdown since May, when the Reserve Bank began to aggressively lift the cash rate from its record low levels.
Many analysts are predicting Australian property prices, on average, will fall between 10 and 20 per cent — with the two most expensive cities Sydney and Melbourne likely to suffer the biggest declines.
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.
‘Tough conversations about prices’: The Melbourne suburbs where house prices have fallen mostHouse and apartment prices in some inner Melbourne suburbs fell by as much as 18 per cent over the year to June, new data shows, while in areas further from the city, prices rose by more than a third. | heagney_melissa and TawarRazaghi
Read more »
Sydney property: The suburbs where home prices have fallen mostHome buyers across dozens of Sydney suburbs can spend less on a property than they would have a year ago, with six-figure price declines recorded in some areas.
Read more »
Inflation rates are high - this is where Sydneysiders will see the biggest price increasesCost of living has jumped to the top of the worry list in Sydney. But prices are rising even faster in other cities.
Read more »
ASX to open higher ahead of another RBA rate riseFinancial markets and economists are convinced the RBA will deliver another 0.5 percentage point increase, bringing the cash rate to 1.85 per cent from 1.35 per cent at Tuesday’s policy meeting.
Read more »
ASX to open higher before another RBA rate riseFinancial markets and economists are convinced the RBA will deliver another 0.5 percentage point increase, bringing the cash rate to 1.85 per cent from 1.35 per cent at Tuesday’s policy meeting.
Read more »
Not enough gas, higher prices, manufacturers shutting shop: Dire warning issued about gas supplyThe latest report by the Australian Competition and Consumer Commission says the gas supply outlook for 2023 is very concerning and likely to place further upward pressure on prices.
Read more »