House prices in Melbourne’s most affluent areas have dropped almost 10 per cent in just three months, with economists predicting the falls could get worse as the drops near levels seen during the global financial crisis domp
Housing prices in some of Melbourne and Sydney’s most affluent suburbs have dropped almost 10 per cent in the past three months, with economists predicting the falls could accelerate as interest rates continue to rise.
These recent falls come after property prices rose rapidly through the COVID-19 pandemic, as swathes of stimulus and record-low interest rates prompted a flurry of property purchases across the country’s capital cities, and in regional areas. The regions where price declines are the most pronounced are often those that saw the sharpest rises early in the pandemic, he says, meaning while the fall in valuations may look steep, prices are still far above where they were three years ago.
Shane Oliver, chief economist at AMP, said the country’s housing market was “losing altitude rapidly”, forecasting average property prices to fall between 15 per cent and 20 per cent, as interest rates continue to rise and housing supply increases in Sydney and Melbourne.
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.
‘Worse before it gets better’: Sydney, Melbourne house price plunge likely to accelerateHouse prices in Melbourne and Sydney’s most affluent suburbs have dropped almost 10 per cent in just three months, with economists predicting the falls could accelerate.
Read more »
RBA hikes rates again as Sydney and Melbourne lead the property downturn - realestate.com.auBuyers are holding back as mortgage costs go up by the hundreds following the RBA’s latest interest rate hike. But what effect will this have on the property market?
Read more »
Sydney house prices tipped for sharpest fall in 30 yearsSydney 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.
Read more »
Techie buys Sydney house next door to create a $30m compoundAirTrunk founder Robin Khuda has followed up last year’s purchase of his almost $20 million forever home on Balmoral’s slopes in typical Mosman fashion.
Read more »
‘Worse before it gets better’: Sydney, Melbourne house price plunge likely to accelerateHouse prices in Melbourne and Sydney’s most affluent suburbs have dropped almost 10 per cent in just three months, with economists predicting the falls could accelerate.
Read more »
So much for the soft landing for house prices. It’s now a painful thudHaving begun tightening monetary policy too late, the RBA’s catch-up is occurring at warp speed and borrowers can do little but brace for impact.
Read more »