They dropped 2.2 per cent in June, says CoreLogic. More listings and higher interest rate could fuel a 4 per cent monthly decline by the end of the year.
Sydney house prices dropped by 2.2 per cent in July, the sharpest decline in more than 30 years as fewer buyers can afford, or are willing, to enter the market amid rapidly rising interest rates, the CoreLogic home value index shows.were set to accelerate each month until the end of the year as rates rise.
“But there’s not much relief on the horizon just yet, so there’s a high risk of further acceleration in price declines as the possibility of a rate cut is more than a year away.”The pace of price falls has also gathered speed in Melbourne where dwelling values have fallen by 1.5 per cent over the month.
“The expected rate rises this coming week and months are going to put further downward pressure on housing prices,” Mr Lawless said. Adelaide was the best performing market over the quarter with a 3.6 per cent rise in median dwelling values, followed by Darwin with 1.9 per cent increase and 1.2 per cent gain in Perth.
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.
Diamonds uncover hidden gems in 83-30 defeat of ScotlandThe Australian netball team powers to a second straight victory at the Commonwealth Games, with Stacey Marinkovich again testing the depth of her playing group.
Read more »
Sydney house prices fall for fifth straight month
Read more »
‘Manhattan without Central Park’: The Sydney suburb fighting for green spaceWentworth Point residents want the NSW government to abandon plans to build two residential towers on the last patch of public land ahead of the 2023 election | angusthomson_
Read more »
Sydney motorists being slugged $2 billion a year in tolls, report findsSydney motorists are undertaking more than one million toll trips a day, which is adding up to more than $2 billion a year in toll revenue for the government. 9News
Read more »
Nurses walkout of Sydney hospitalNurses have staged a walkout at a major Sydney hospital over plans to substitute critical care trained nurses with less experienced assistant nurses in the intensive care unit.
Read more »
Start practising the Nutbush: The Tina Turner Musical is heading to SydneyComing to Sydney in 2023, Tina: The Tina Turner Musical is based on the life of the legendary artist and is presented in association with Turner herself | _thmitchell
Read more »