Sydney property values are falling at their fastest rate since the mid-1980s, while in Melbourne they are falling as fast as during the global financial crisis.
Sydney property values are tumbling at their fastest rate in almost 40 years as the Reserve Bank’s aggressive tightening of interest rates starts to bite, and even more rate pain is on the cards this week for home buyers.
Nationally, home values lifted by 28.6 per cent during the pandemic, but they have now shed 2 per cent since peaking in April. Despite the sharp fall, house values in Sydney are still 2.1 per cent up over where they were a year ago, with the median value at $1.35 million. Melbourne is up by 0.2 per cent, with the median house value sitting at $967,000.
But even they have not been immune to the impact of the RBA’s interest rate rises. Values are down by 1.1 per cent in Geelong over the past three months, by 2.2 per cent in Newcastle, by 4.4 per cent in the Illawarra and by 2.3 per cent across the Sunshine Coast.The impact on housing markets is likely to continue with the Reserve Bank board meeting on Tuesday. The Reserve is expected to lift the cash rate by half a percentage point to a six-year high of 1.85 per cent.
Commonwealth Bank chief economist Gareth Aird said last week’s inflation figures, which showed consumer prices growing at their fastest rate in 21 years, had solidified the case for another lift in rates.
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.
Sydney house prices fall for fifth straight month
Read more »
Appeal for information after Brisbane woman's 'out of character' disappearance from SydneyMystery surrounds Kathleen&x27;s &x27;out of character&x27; disappearance with police today launching a fresh appeal for information.
Read more »
Tiny turtle pooed ‘pure plastic’ for six days after rescue from Sydney beachGreen sea turtle hatchling was missing a flipper when it was found lying on its back in a rockpool and taken to Taronga zoo
Read more »
Tiny turtle pooed ‘pure plastic’ for six days after rescue from Sydney beachGreen sea turtle hatchling was missing a flipper when it was found lying on its back in a rockpool and taken to Taronga zoo
Read more »
Appeal for information after Brisbane woman's 'out of character' disappearance from SydneyMystery surrounds Kathleen&x27;s &x27;out of character&x27; disappearance with police today launching a fresh appeal for information.
Read more »
Tyler, the Creator exudes mix of danger and excitement in Sydney showFrom the moment he appears on stage, the effortlessly charismatic 31-year-old rapper is like a powder keg that could go off at any second.
Read more »