/ 10 January 2023

Home prices take a historic dive

Image source: Getty
Image source: Getty

Australia’s property market saw its biggest downturn on record, with prices across the nation falling 8.4% since peaking at an all-time high last May. According to analysts CoreLogic, the 9-month price drop – primarily brought about by rising interest rates – eclipsed the previous record 8.38% decline between October 2017 and June 2019. Home prices in Sydney saw the biggest falls (-13%), followed by Brissie (-10%) and Melbourne (-8.6%). Analyst Eliza Owen says prices are more sensitive to rate rises than in the past because Aussies have more individual debt. And this isn’t the end… Home prices are expected to fall further over the coming months as interest rates continue to rise. As for renters, things aren’t set to ease up anytime soon, either…

Know someone who'd be interested in this story? Click to share...

The Squiz Today

Your shortcut to being informed, we've got your news needs covered.

Get the Squiz Today newsletter

Quick, agenda-free news that doesn't take itself too seriously. Get on it.