‘Sinking all the boats’: House price downturn hits double digits

Sydney property values have tumbled more than 10 per cent since the market peaked, new figures show, while values in Melbourne and Brisbane have fallen more than 6 per cent and experts predict further falls ahead.

Sydney’s median home value has fallen 10.1 per cent since the city’s market peak in February, as rising interest rates curtail buyer borrowing power and demand.

Values in Melbourne have declined 6.4 per cent since the city’s January peak, CoreLogic’s daily home value index shows, while values in Brisbane have dropped 6.1 per cent since June.

Read More: https://www.smh.com.au/property/news/sinking-all-the-boats-house-price-downturn-hits-double-digits-20221024-p5bse9.html