Posted on: July 23, 2022 Posted by: Hotel Transylvania Comments: 0

National property prices have fallen for the second month in a row, as higher interest rates and unaffordable prices hit demand for homes, while rental rates are rising at a faster rate than housing values.

Housing data and analytics firm CoreLogic said home values across the country fell 0.6 per cent in June, led by declines in Australia’s biggest cities Sydney (-1.6 per cent) and Melbourne (-1.1 per cent), but prices also dropped in Hobart (-0.2 per cent) and regional Victoria (-0.1 per cent). 

The Reserve Bank increased official interest rates in May and June to curb surging inflation, and more steep increases are expected.

Property values rose by the most in Adelaide (+1.3 per cent), followed by Darwin (+0.9 per cent), Perth (+0.4 per cent), Canberra (+0.3 per cent), and Brisbane (+0.1 per cent). 

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National property prices fall for second month in a row

A rival report by REA Group’s Prop Track found that Australian home prices fell again in June, by 0.25 per cent, with the decreases led by a 0.4 per cent drop in Sydney a 0.6 per cent drop in and Melbourne.