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...
Home values fall for seventh consecutive month as interest rates dent demand
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The Guardian - AustraliaBy Jonathan Barrett Business editor
EXECUTIVE SUMMARY
Centre of downturn shifts away from Sydney and Melbourne, but after such strong growth most homeowners still sit on sizeable gains Get our breaking news email, free app or daily news podcast Australian 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 sta
Key Takeaways
- Home values fall for seventh consecutive month as interest rates dent demand.
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Published originally on The Guardian - Australia
