{"id":39306,"date":"2022-06-29T09:24:55","date_gmt":"2022-06-28T21:24:55","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39306"},"modified":"2022-06-29T09:24:55","modified_gmt":"2022-06-28T21:24:55","slug":"sydney-and-melbourne-set-to-lead-property-price-tumble","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/sydney-and-melbourne-set-to-lead-property-price-tumble\/","title":{"rendered":"Sydney and Melbourne set to lead property price tumble"},"content":{"rendered":"

PHOTO: Properties in Sydney and Melbourne are spending longer on the market and clearance rates are down on the same time last year.<\/span>\u00a0Photograph: Dan Himbrechts\/AAP<\/strong><\/p>\n

As interest rates rise, prices are already down 3% in Sydney<\/a> and 1.8% in Melbourne<\/a>, with other capitals tipped to follow suit.<\/p>\n

\"property<\/a><\/div>\n
\n
\n

Sydney and Melbourne have \u2018absolutely turned into buyers\u2019 markets\u2019<\/a><\/h2>\n<\/header>\n<\/div>\n

Property price falls in Sydney and Melbourne are gaining momentum as borrowing costs rise, setting a trend likely to be followed in other state capitals, according to industry analysts CoreLogic.<\/p>\n

Data taking in most of June indicates home values in Sydney are down 3% from their peak in February and are about 1.8% lower in Melbourne after a peak in March, said Tim Lawless, CoreLogic\u2019s founder and research director.<\/p>\n

In June alone, prices in Sydney were down about 1.4% from May. \u201cWe\u2019re seeing the rate of decline in housing values gathering very clear momentum,\u201d Lawless said. The trajectory is already much sharper than in the previous decline in 2017.<\/p>\n

\u201cThere\u2019s still probably another potentially 12 months ahead of us in this downturn,\u201d he said. Lawless predicted the market was in the \u201cfairly early stages\u201d of a decline, with the extent of falls contingent in part on how rapidly the Reserve Bank lifts its interest rate to quell inflation.<\/p>\n

\"Adam<\/a><\/div>\n
\n
\n

Melbourne real estate agent accused of taking rival\u2019s signs<\/a><\/h2>\n<\/header>\n<\/div>\n

A range of indicators point to a cooling of the property market. Last week, almost 29% of properties scheduled for auction in Sydney were withdrawn from the market because of weak demand, the largest proportion since April 2020 when the first Covid wave was arriving, CoreLogic said.<\/p>\n

\n
\n