Property prices falling in over half of suburbs nationwide as the downturn deepens

 Prices in one in two Australian house and unit suburb markets fell last year as rapidly rising interest rates slashed buyer borrowing power and demand.

Median values dropped in more than 2400 house and unit markets nationally in 2022, new CoreLogic figures show, with the downturn spreading to 51.7 per cent of analysed suburbs.

Declines were far more widespread in Sydney and Melbourne, where house values fell in 98.7 per cent and 97.8 per cent of suburbs respectively over the year, CoreLogic’s Mapping the Market Report shows.

Unit values dropped in more than 95 per cent of Sydney suburbs, and about 84 per cent of Melbourne suburbs.

Declines in median house values were also widespread in Canberra and Hobart, dropping in about 87 per cent and 80 per cent of suburbs, respectively, but unit falls were far more subdued.

Read More: https://www.smh.com.au/property/news/property-prices-falling-in-over-half-of-suburbs-nationwide-as-the-downturn-deepens-20230118-p5cdg8.html



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