Two in five properties around Australia are worth less than they were three months ago - a sign the pandemic property boom has well and truly drawn to a close. 7NEWS
The CoreLogic data suggest property prices have declined by 0.2 per cent nationally, but in Sydney house prices have fallen by three per cent, while unit prices have dropped by 2.1 per cent.
Still, with anticipated high inflation data to be released on July 27 likely to prompt the Reserve Bank of Australia to jack up interest rates again at its next meeting in August, the benefits may not be fully realised.The fall in property values may be a bitter pill to swallow for some who recently bought their first properties - especially given recent statistics gathered by comparison site Finder show that more than a third exceeded their budgets.
Irrespective of any downturn in the market, capital cities like Sydney and Melbourne are still very expensive to buy into - often prohibitively so.
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