Australian home values have declined for seven months straight, with capital city prices now falling at their steepest rate in four decades due to higher mortgage rates dampening buyer demand. Data indicates the downturn is spreading beyond Sydney and Melbourne, now heavily impacting mid-sized cities like Brisbane and Perth, which saw the sharpest declines in October. Despite the correction, many homeowners still hold significant property value gains from years of strong growth. The shift in market pressure raises questions about regional resilience as affordability challenges intensify.
Centre of downturn shifts away from Sydney and Melbourne, but after such strong growth most homeowners still sit on sizeable gainsGet our breaking news email, free app or daily news podcastAustralian home values have dropped for a seventh consecutive month, with prices in the capital cities now falling at the fastest pace in 40 years as rising mortgage rates scare off buyers.Cotality data shows the centre of the downturn is also shifting away from Sydney and Melbourne toward the mid-sized state capital cities, with Brisbane and Perth leading October’s declines. Continue reading...
