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Buyers' Market as Housing Prices Continue Downturn
Sydney and Melbourne led the decline as higher rates and weaker investor demand cooled buyer activity, Cotality said.
- National home prices fell 0.9 per cent in August, marking the fifth consecutive monthly decline, according to data from property firm Cotality released on Tuesday.
- Three Reserve Bank interest rate hikes, alongside federal government tax changes restricting negative gearing, have cooled investor demand and driven the market downturn.
- Sydney and Melbourne led the monthly downturn with price falls of 1.4 per cent and 1.1 per cent respectively, while nearly 93 per cent of capital city suburbs recorded value drops.
- Ray White chief economist Nerida Conisbee noted "uncertainty" is the dominant theme, as open home attendance dropped to around two people, down from four last year.
- Independent economist Alan Oster warned unemployment climbing to 5 per cent or 6 per cent could worsen property conditions, though current owners remain stable despite the downturn.
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Sydney Morning Herald+3 Reposted by 3 other sources
House prices continue downward trend nationwide
The nationwide slump in house prices is worsening, creating a trend that is helping first home buyers.
·North Sydney, Australia
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Australia’s home prices extend declines in August as downturn deepens
SYDNEY, Sept 1 (Reuters) - Australian home prices fell for a fifth month in August as the housing downturn spread to more cities and regional areas, data showed on Tuesday, with the risk of more policy tightening pointing to tougher conditions ahead....
Coverage Details
Total News Sources15
Leaning Left7Leaning Right2Center4Last UpdatedBias Distribution54% Left
Bias Distribution
- 54% of the sources lean Left
54% Left
L 54%
C 31%
15%
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