Australian house prices drop for third consecutive month
Sydney led the way with a 2.2% drop in the last month.
2 min
Housing values fell in five of the eight capitals last month, according to CoreLogic’s national Home Value Index, with Australian dwelling values dropping -1.3 per cent over July. Sydney led the way with a -2.2 per cent drop, followed by Melbourne on -1.5 per cent. Hobart also recorded a -1.5 per cent decrease, followed by Canberra on -1.1 percent.
Brisbane recorded its first drop since August 2020 with values down by -0.8 per cent. Darwin saw the highest increase in values in July at +0.5 per cent, followed by Adelaide on +0.4 per cent and Perth on +0.2 per cent.
Regional markets have also softened, with NSW leading the way with a -1.1 per cent drop, followed by regional Victoria (-0.7pc), regional Queensland (-0.7pc) and regional Tasmania (-0.6pc). Regional South Australia (+1.1pc) and regional Western Australia (0.1pc) both saw values increase. Overall, regional markets continue to outperform capital cities.
CoreLogic’s research director Tim Lawless said housing values were already slowing before interest rates started rising but markets have weakened sharply since the first increase was announced on May 5.
“Although the housing market is only three months into a decline, the national Home Value Index shows that the rate of decline is comparable with the onset of the global financial crisis (GFC) in 2008, and the sharp downswing of the early 1980s,” he said. “In Sydney, where the downturn has been particularly accelerated, we are seeing the sharpest value falls in almost 40 years.”
Lenders such as Westpac and ANZ are predicting the Reserve Bank of Australia will announce another half a per cent rate increase this month, putting further pressure on cost of living.
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3 min
There’s no shortage of design inspiration online but nothing beats the joy of spending an afternoon immersing yourself in a good interior design book. Edited, carefully curated and, above all, designed, these titles take you behind the scenes of some of the world’s most beautiful interiors in a considered way. Think of it like the difference between listening to a few tunes on Spotify versus releasing a thoughtfully crafted studio album. We’ve assembled our top six of interior design books on the market right now for your viewing and reading pleasure.
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Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
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