Property prices drop nationally again, with Sydney diving 6pc annually and regional Australia following suit – Investment Watch

by Boo_Randy

Property prices continue to fall nationally as interest rates hit, with key capital city housing markets falling by up to 6% in the past three months alone.

CoreLogic data shows that in September properties sold for 1.4% less on average nationally than in August.

The only capital city that did not see a monthly drop was Darwin, with values ​​down 1.8% in Sydney and nearly as much in Brisbane and Canberra.

Sydney’s housing market is down 6.1% in the past three months, while Hobart and Canberra have also shaved 4.5% and 4.4% respectively.

Watch below.

As shown above, house values ​​fell in all submarkets except Darwin, where values ​​were flat.

The quarterly pace of decline has accelerated, however, with both the combined capitals (-4.3%) and regions (-3.6%) bombing:

Australia’s Business Cycle Explained… The RBA is currently holding its cash rate at 2.35% with its next meeting scheduled for October 4

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