Australian housing prices have experienced their steepest drop since the global financial crisis, according to property analysts CoreLogic.<\/p>\n
On a national basis, property prices fell 4.8 per cent last year \u2014 driven mainly by sharp declines in Sydney (-8.9 per cent) and Melbourne (-7 per cent).<\/p>\n
The latest figures from CoreLogic show national dwelling values have slumped 5.2 per cent since their peak in October 2017.<\/p>\n
“This is the worst fall we’ve seen since the GFC, which was a short and sharp correction, down about 5 per cent from peak to trough,” CoreLogic’s head of research Tim Lawless told ABC News.<\/p>\n
“We see the Australian market slip further into negative territory \u2014 a longer and steeper downturn.”<\/p>\n
Values have dropped in half of the nation’s capital cities, with Perth (-4.7 per cent) and Darwin (-1.5 per cent) also recording substantial falls.<\/p>\n
Prices are still rising in the other capitals \u2014 Hobart (+8.7 per cent), Canberra (+3.3 per cent), Adelaide (+1.3 per cent) and Brisbane (+0.2 per cent) \u2014 but at a much slower pace than before.<\/p>\n
Tighter lending standards were the biggest contributor to the property downturn, followed by a significant drop in foreign buyers, and a rise in mortgage rates.<\/p>\n
Despite Sydney and Melbourne recording the weakest market conditions, they have fallen much less from their peak prices compared to Perth and Darwin.<\/p>\n
Since July 2017, Sydney values have fallen 11.1 per cent, back to where they were in August 2016.<\/p>\n
Melbourne prices have dropped 7.2 per cent since their November 2017 peak.<\/p>\n
Meanwhile, the Perth and Darwin downturns have resulted in them dropping 15.6 and 24.5 per cent from their respective peaks.<\/p>\n","protected":false},"excerpt":{"rendered":"
Australian housing prices have experienced their steepest drop since the global financial crisis, according to property analysts CoreLogic. On a national basis, property prices fell 4.8 per cent last year \u2014 driven mainly by sharp declines in Sydney (-8.9 per cent) and Melbourne (-7 per cent). The latest figures from CoreLogic show national dwelling values […]<\/p>\n","protected":false},"author":2,"featured_media":2201,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47,69],"tags":[],"class_list":["post-2199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australia","category-breaking-news"],"views":4,"_links":{"self":[{"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/posts\/2199"}],"collection":[{"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2199"}],"version-history":[{"count":1,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/posts\/2199\/revisions"}],"predecessor-version":[{"id":2202,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/posts\/2199\/revisions\/2202"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=\/wp\/v2\/media\/2201"}],"wp:attachment":[{"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theworldinsight.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}