realty

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

The National Australia Bank predicts that between 2022 and 2023, house values will decline by 23% in several states. The majority of Australia’s metropolitan cities, except Sydney, will witness a severe decline in housing values in 2023 due to the pandemic. NAB discovered that Hobart will have the most significant decline in home prices next year, with prices expected to decrease by 16.6% after falling by 6.4% this year. This could result in a 23 percent decline in Hobart home prices over the next two years, shaving as much as $174,000 off the price of a $758,000 median-priced home. The