Australia Property

The significant rise in Australian property prices in 2020 and 2021 is no secret to anybody who has tried to sell or buy a home in the last few years. However, real estate values have been declining recently, and in certain cities, the decline has been significant. Two of the most pressing concerns for investors are how far the market will drop and whether the real estate market will also collapse. According to Eliza Owen, Head of Research, Australia at CoreLogic, “Australia’s housing market had a recent high in April 2022; at that time, the market had grown by around

An open house sign and an overhead picture of a regional Australian property market. The booming local real estate market may be gone. Australians who saw the outbreak as a chance to test the local real estate market may regret doing so as prices fall. Recent data from CoreLogic indicates that the regional housing bubble caused by COVID-19 has popped. According to CoreLogic’s Regional Market Update report, the regions with the most expansion during the boom are currently experiencing the most contraction. In six of the most sought-after lifestyle markets, home prices dropped by six percent or more in the

The most significant drops in house prices ever recorded occurred in Sydney, Melbourne, Brisbane, and Canberra during the past quarter, leaving prices in all the capitals $53,000 lower than in March this year. According to the most recent Domain Home Price Report, the declines have been so severe that house values have fallen below where they were last year in three cities: Darwin at 4.4%, Sydney at 2.8%, and Melbourne at 2%. Dr. Nicola Powell, director of research and economics at the Domain, blamed the sharp spike in interest rates, which have risen at the quickest rate since 1994, as

Queensland’s housing minister deems it “appalling” that landlords have been persuaded to boost rates amid a rental crisis after a Brisbane real estate agent advocated for rises of over 20%. Leeanne Enoch’s remarks came after Guardian Australia reported that Ray White West End emailed landlords pushing them to increase rents by more than double the inflation rate. “It is awful to see several real estate agents implementing significant rent hikes amid enormous demands on the whole housing sector,” said Enoch. “I would strongly urge real estate agents and homeowners to have compassion when we gather at the Queensland housing summit