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“So far, property value declines have been fairly mild. Nationally, the May home value index results show that the dwelling market declined just 0.4 per cent over the month, and preliminary indicators for June are showing the rate of decline has gathered some momentum through the month. “However, the Australian housing market is not one market, but a collection of many. Over the past few months, dwelling market performance has varied by region, in both a cyclical and structural way,” Ms Owen explained. The top 10 markets seeing the biggest property price falls are: Mandurah (WA): -2.2 per cent Greater Melbourne Melbourne - Inner South: -2.2 per cent Greater Melbourne Melbourne - Inner: -1.8 per cent Greater Melbourne Melbourne - Inner East:-1.8 per cent Greater Perth Perth - South East: -1.2 per cent Greater Melbourne Melbourne - Outer East: -1.2 per cent Greater Brisbane Ipswich: -0.8 per cent Greater Sydney Sydney - North Sydney and Hornsby: -0.7 per cent Greater Sydney Sydney - Inner West: -0.7 per cent Greater Sydney Sydney - Northern Beaches: -0.7 per cent “Unsurprisingly, Melbourne’s inner city and eastern suburbs have seen the largest decline across the metropolitan region, and the past two months have seen a decline in values across some high end markets in Sydney, such as North Sydney, the Inner West and the Northern Beaches,” Ms Owen said. “International border closures in response to COVID-19 may have created a significant demand shock, which had interrupted a recovery in the Perth - South East region. Prior to this, dwelling values in the area had seen four consecutive months of growth between December 2019 and March 2020.” Ms Owen noted at a suburb level, the biggest price falls are more reflective of the historic cyclical trends, “where the downturn is most prevalent in the high end of Sydney and Melbourne this far”. Source: x 10 areas where property prices are falling New research has identified the top 10 areas recording the greatest change in dwelling market values from 31 March to 31 May.
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Adelaide is renowned for its steady rental market but the scales are tipping when it comes to prices, with some suburbs seeing rents jump as high as others have seen them plunge in the past year. New data from reveals the suburbs with the largest increases and decreases in rent for houses over the past 12 months. Tusmore in the city’s east recorded the highest increase with its median weekly rent climbing 28.3 per cent to $590, which was based on 10 houses listed for rent in the period. Its neighbour Hazelwood Park came in close second with a 26 per cent increase to a median of $630 each week, followed by Marryatville with 23.2 per cent growth to $468 per week. At the other end of the scale, Unley Park experienced the largest decline at 20.1 per cent to a median weekly rent of $563, based on 12 houses listed for rent throughout the year. Hyde Park (18.8 per cent to a median of $483 a week) and College Park (18.4 per cent to a median of $518 a week) rounded out the top three. TOP 10 SUBURBS WITH LARGEST INCREASES (Suburb, median weekly rent (12 months), no. of rental listing (12 months), year-on-year weekly rent change) Tusmore – $590, 10, 28.3 per cent Hazelwood Park – $630, 14, 26 per cent Marryatville – $468, 10, 23.2 per cent Maylands – $540, 18, 20 per cent Royston Park – $540, 13, 20 per cent Myrtle Bank – $595, 29, 17.1 per cent Coromandel Valley -$473, 30, 16.8 per cent Tennyson – $650, 17, 16.5 per cent Malvern – $650, 35, 16.1 per cent Bellevue Heights – $480, 34, 15.7 per cent TOP 10 SUBURBS WITH LARGEST DECREASES (Suburb, median weekly rent (12 months), no. of rental listing (12 months), year-on-year weekly rent change) Unley Park – $563, 12, down 20.1 per cent Hyde Park – $483, 41, down 18.8 per cent College Park – $518, 10, down 18.4 per cent Medindie – $660, 17, down 17.5 per cent Wayville – $468, 20, down 14.1 per cent Aldgate – $500, 29, down 13.0 per cent Cheltenham – $350, 19, down 7.9 per cent Park Holme – $400, 59, down 7.0 per cent Netherby – $610, 22, down 6.9 per cent Walkerville – $590, 27, down 6.8 per cent Read more:x The top 10 South Australian suburbs where rents ar... Are you a renter or an investor? New data has revealed the suburbs where prices have jumped or fallen across Adelaide. Will you be jumping for joy or tightening your purse strings? See the full list h...
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