Sydney House Prices Drop Nearly 2% In 4 Weeks
Property prices are dropping at the fastest rate in more than 40 years.
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The effects of the interest rate hikes are being acutely felt in Sydney, with the median house price slumping 1.9% in the past four weeks according to data from CoreLogic. The decline represents the fastest dip in more than 40 years.
Sydney is not alone, with Melbourne prices also falling sharply, down 1.2%, while Brisbane dropped by 0.6%. Across the country, prices have dropped by 1.2% during the same period.
Since prices in Sydney peaked in mid-February, the housing market has fallen by 4.8%. Melbourne’s prices peaked in March and have seen a 3% drop since then.
Both cities are now recording a faster decline than the price drop of 2017 according to Tim Lawless, CoreLogic’s research director.
“Six months ago I would have been surprised at the pace of decline that we are seeing now, but considering the worsening outlook for interest rates, plummeting consumer sentiment and the impact of such high inflation on household balance sheets, the more rapid than expected rate of decline isn’t all that surprising,” Mr Lawless said.
During the 2017 to 2019 property market downturn, Sydney’s housing values were down by 2.6% over the same number of days since peaking and Melbourne was just 0.8% lower than its peak comparatively.
“The reality is housing price declines are gathering momentum, and it’s likely the decline phase will worsen before it gets better,” said Mr Lawless.
“As more cities and regions start to record falling housing values, this will feed into larger reductions in the national, combined capitals and combined regionals index.”
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Australian auction sales warm up week on week as temperatures cool
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In signs that confidence is returning to the Australian property market, the combined capitals recorded their highest preliminary clearance rates since April last year, CoreLogic reports.
More than 2,290 homes went to market across capital cities last weekend with early data revealing a 71 percent clearance rate. This compares with a revised clearance rate of 64.2 percent last week. It marks the second busiest auction week to date this year.
Melbourne led the way, with 1,122 homes taken to auction. Of the 916 results collected so far, 73.5 percent were successful. It was a similar story in Sydney, with 791 homes to go under the hammer. Preliminary results indicate a clearance rate of 71.5 percent.
The smaller capitals including Brisbane, Adelaide and Canberra all experienced higher clearance rates week on week, with Adelaide out in front at 78.6 percent. It was a less spectacular result in Canberra, with a 59 percent clearance rate and in Brisbane at 56 percent.
In Perth, just three of the 13 auctions tallied so far were successful.
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