Sydney’s house prices are set to fall by 11 per cent this year, and Melbourne by 10 per cent, as the RBA raises the interest rate at a higher and faster pace, the Commonwealth Bank of Australia said.and Melbourne prices are expected to slump by a total of 18 per cent each.
“The extent to which prices contract will depend in large part on the speed and magnitude at which the RBA lifts the cash rate.”Nationally, home prices are expected to fall by 6 per cent this year and by 15 per cent from peak to trough. Prices were up 13 per cent in Perth, 15 per cent in Darwin, 25 per cent in Canberra and 21 per cent nationally.have already started to fall, with Sydney posting the largest decline of 1 per cent in May, and Melbourne 0.7 per cent.Sales volumes are also starting to ease from recent highs, with initial sales estimates over May plummeting by 26.9 per cent compared to the same month last year, data from CoreLogic shows.Properties are now taking longer to sell.
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Sydney house prices are dropping and experts say it's an indicator of what's going to happen across AustraliaAs interest rates rise, Sydney house prices are dropping and experts say it is a 'bellwether' for what is about to happen across the rest of the country. Lol no one wants to live in NSW or Victoria because it is too expensive that is why the house prices are falling. The gang crime and drug wars alone no sane person wants to live there. Gee, thanks. Can't wait to buy a house for $90k. Just around 2x the minimum wages. CarolRi29641054 That’s good isn’t it🥹
Source: abcnews - 🏆 5. / 83 Read more »
Sydney, Melbourne home prices could fall 20 per centHome prices in Australia’s biggest cities rose the highest and have the furthest to fall as mortgage interest rates rise faster than expected. “Could fall 20%” 😂 I guarantee those well located shacks selling for $3 million last year will be closer to $2 million in 2 years time. Judgement day has arrived. Morons thought rates would never go up and house prices never go down Well they just went up 30%, so a net gain of 10% seems about right. BringbackBernie That’s OK.RBA has done what Labor and LNP at State and Federal have failed to do for the last 20 years, address housing affordability. A good 20% will do it. Some will pay a price but greed got the better of them as were into capital gains investors and first home owners alike.
Source: FinancialReview - 🏆 2. / 90 Read more »
Why property prices could fall faster than first expectedProperty price falls are expected to accelerate and become more widespread as buyers face reduced borrowing power, experts say. you should be happy to pay a million for a two hundred thousand dollar house the more you can pay the more we will charge ,a classic case of profiteering in a manipulated market Maybe because they went up faster than expected?
Source: smh - 🏆 6. / 80 Read more »
Why property prices could fall faster than first expectedProperty price falls are expected to accelerate and become more widespread as buyers face reduced borrowing power, experts say. Bet you the land valuations won’t. a crash would be good for millennials
Source: brisbanetimes - 🏆 13. / 67 Read more »
Why property prices could fall faster than first expectedThe impact of rising interest rates will flow through to the market quickly by capping the borrowing capacity of buyers, says ANZ senior economist Felicity Emmett. It's not new mortgages that are the worry, it's people walking away from existing mortgages because they cannot feed themselves.
Source: theage - 🏆 8. / 77 Read more »