{"id":41387,"date":"2023-01-03T09:57:37","date_gmt":"2023-01-02T20:57:37","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=41387"},"modified":"2023-01-03T09:57:37","modified_gmt":"2023-01-02T20:57:37","slug":"distressed-sellers-house-prices-dive","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/distressed-sellers-house-prices-dive\/","title":{"rendered":"\u2018Distressed sellers\u2019: House prices dive"},"content":{"rendered":"

PHOTO: Australian house prices have taken a huge hit in 2022. FILE<\/strong><\/p>\n

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House prices have tumbled for the ninth month in a row as interest rate increases take a bite out of the property market.<\/p>\n

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The Block \u2018conwoman\u2019 at it AGAIN<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n

The cost of purchasing a home has deepened by 0.21 per cent in December, bringing values to 2.29 per cent below where they were 12 months ago, according to the latest Home Price Index from PropTrack.<\/p>\n

The largest declines in December were seen in Canberra (-0.43 per cent) and Melbourne (-0.34 per cent).<\/p>\n

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Sydney has seen the greatest change in the past year, with prices dropping by a whopping 6.99 per cent to a median value of $989,000.<\/p>\n

House prices are expected to continue to drop until at least halfway through 2023 with interest rate rises being the \u201ckey reason\u201d behind the shift according to PropTrack economist and report author Anne Flaherty.<\/p>\n

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\u201cThere\u2018s often a bit of a lag effect between interest rates rising and then the flow on effects to property prices, so, we\u2019re still continuing to feel the impact of interest rates rises we\u2019ve already have,\u201d she said.<\/p>\n

The cash rate currently sits at 3.10 per cent after eight consecutive rises, with the major banks expecting further increases in 2023.<\/p>\n

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\u201cIf we do see one or two more interest rate rises this year. Again, that\u2018s going to further restrict what buyers can borrow,\u201d she said.<\/p>\n

There are concerns about an upcoming mortgage cliff when consumers reach the end of their fixed-term loan and are forced to pay a higher variable rate.<\/p>\n

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