{"id":36332,"date":"2022-01-02T11:05:54","date_gmt":"2022-01-01T22:05:54","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=36332"},"modified":"2022-01-02T11:05:54","modified_gmt":"2022-01-01T22:05:54","slug":"end-of-the-sydney-and-melbourne-property-boom","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/end-of-the-sydney-and-melbourne-property-boom\/","title":{"rendered":"End of the Sydney and Melbourne property boom?"},"content":{"rendered":"

PHOTO: Sydney & Melbourne<\/strong><\/p>\n

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The Sydney property marke<\/a>t slowed dramatically in December while Melbourne<\/a> values fell, prompting experts to call the end of the housing boom in the nation\u2019s most expensive capital cities.<\/p>\n

Official results for the end of 2021 from property research house CoreLogic are due on Tuesday, but the daily index shows a rapid deceleration in the property markets in December. Sydney median home values increased at the relatively slow rate of 0.3 per cent over the month, while Melbourne values fell by 0.06 per cent.<\/p>\n

December can be a quieter month in the housing market due to holidays, but the preliminary price results are a sign the pandemic property booms have slowed.<\/p>\n

\"Melbourne\"<\/a><\/div>\n
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Melbourne is running out of land for new homes as the city faces a real estate squeeze | WATCH<\/a><\/h2>\n<\/header>\n<\/div>\n

Deloitte Access Economics partner Chris Richardson is among experts who say the boom is fast dissipating in the Sydney and Melbourne markets. One of the major factors is the prospect of rising interest rates, with one, two and three-year fixed mortgage rates increasing.<\/p>\n<\/div>\n

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\u201cThe heat is already out of the market,\u201d Mr Richardson said. \u201cYou might see prices increase a little [over 2022], but you won\u2019t see them increase much.\u201d<\/p>\n

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