RESIDENTIAL PROPERTY
MORE than half of Australia’s house and unit markets reported a decline in value over 2022, with rising rates, inflation and low consumer sentiment fuelling the downturn.
According to CoreLogic’s Mapping the Market Report, 51.7% of the 4,661 house and unit suburbs analysed nationally saw an annual dip in value across the year.
“The market downswing doesn’t discriminate, with only a small proportion of suburban areas riding a...
Kaytlin Ezzy, economist at CoreLogic.
“This has resulted in a reduction in the number of million-dollar suburbs, particularly in our most expensive housing market...
“The downswing has meant buyers who were previously priced out of some markets might start to see opportunities appearing...
In Sydney, just seven of the 547 house suburbs analysed, or 1.3%, saw an increase in values over 2022, with...
Just six, or 1.6% of the analysed Melbourne house suburbs saw a rise over the quarter, with just eight, or...
In Brisbane, 94.4% of the 320 house suburbs recorded a quarterly decline, with the number of suburbs recording an...
Adelaide’s house market saw a quarterly decline of 1.4% in December, compared to a decline of 0.3% in...
Perth was the only capital to record an increase in house values across the quarter, with a 0.1% uptick and a 3.9% increase for the year.
Perth also remains the most affordable capital city for detached homes, with a median house value of $586,721.
In Hobart’s house markets, values fell by 5.0% over the quarter, bring the median house value to $725,736.
In Darwin, suburbs recording a decline in house values increased from 35.1% in September to 84.2% in December.
Finally in Canberra, all 83 analysed suburbs recorded a decline in house values over the quarter, for a...