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InvestAus

InvestAus

Mortage Broker , Sydney Region

The top 10 markets seeing the biggest property price falls

11Mo ago 0 Replies 160 Views
“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:
  1. Mandurah (WA): -2.2 per cent
  2. Greater Melbourne Melbourne - Inner South: -2.2 per cent
  3. Greater Melbourne Melbourne - Inner: -1.8 per cent
  4. Greater Melbourne Melbourne - Inner East:-1.8 per cent
  5. Greater Perth Perth - South East: -1.2 per cent
  6. Greater Melbourne Melbourne - Outer East: -1.2 per cent
  7. Greater Brisbane Ipswich: -0.8 per cent
  8. Greater Sydney Sydney - North Sydney and Hornsby: -0.7 per cent
  9. Greater Sydney Sydney - Inner West: -0.7 per cent
  10. 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”.

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