Australian home prices fall past 10 per cent from February peak
Summarised from 2 outlets · Updated 1 Nov, 17:02 · Archive
Australian home prices have fallen more than 10 per cent from their February peak as rising interest rates and higher taxes weigh on housing demand. The national median dwelling value fell another 1.2 per cent in October, extending the overall price slump to 6.7 per cent since the March peak, according to data provider Cotality. In Sydney, which led the downturn, prices fell 1.6 per cent in the month alone. The median Sydney dwelling is now worth $1,178,959, down from its February peak and now lower than it was five years ago.
Mid-sized capitals have experienced sharper declines. Brisbane's median value fell two per cent in October but remains 46 per cent more expensive than five years earlier. Perth, where prices were growing at about 25 per cent annually a few months ago, saw values fall 1.7 per cent. According to Cotality head of research Gerard Burg, these larger percentage falls reflect the enormous value accumulation in those cities over the past five years, meaning home owners 'do not feel too much direct pain' despite the sharp declines.
Melbourne has underperformed the rest of Australia for five years but is now giving up value more slowly than other mainland capitals. Burg noted that Melbourne's affordability advantage is beginning to attract residents, reversing the exodus to Perth and Brisbane during the COVID-19 pandemic.
How it is being reported
- Sydney home price downturn plunges past 10 per centThe nation's median dwelling value has fallen more than $63,000 in seven months as rate rises and the federal budget weigh on demand.Perth Now · 1 Nov, 16:32
- Sydney home price downturn plunges past 10 per centThe nation's median dwelling value has fallen more than $63,000 in seven months as rate rises and the federal budget weigh on demand.The West Australian · 1 Nov, 16:32
In this story: Sydney · Perth · Brisbane · Melbourne · Cotality · Gerard Burg
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