Home News Top-tier markets record biggest price drops

Top-tier markets record biggest price drops

Font size :

The most expensive markets are causing median home prices to slide.

Australia's most expensive markets – particularly Sydney and Melbourne, but also the mining capitals of Perth and Darwin –  have recorded bigger price declines than the national average.

These drops were measured in the latest home price index by CoreLogic, which tracks the price changes in each of the state. Citing the index, The Business Insider Australia said the underwhelming performance of these housing markets have offset the gains seen in Brisbane, Adelaide, Canberra, and Hobart. As a result, Australia's median home price has fallen by 2.7%.

The index also showed that the top market tiers have witnessed the fastest downturns, with Sydney and Melbourne's prices seeing 8.4% and 6.7% price falls, respectively.

Hobart still reigned as the strongest housing market, recording a 9.3% price gain over the past year, while the rest of Tasmania prices rise 8.1% during the same period. Interestingly, values also held up in the rest of New South Wales, Victoria, Queensland, and South Australia.

On the other hand, prices for combined state capitals have declined by 3.7%. Given that values for combined regional areas have grown by 1.2% over the past year, it is safe to say that the decline in capital cities is to blame for the national price downturn.

The disparity in prices across Australia reflects the impacts of tighter lending standards, which have restricted the options for cash-strapped buyers, leaving them with no choice but to go after the more affordable markets.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

ANZ plans ramping up investor lending ANZ plans ramping up investor lending

The bank's home lending was almost flat due to the decline in investor loans Read more

Foreign buyers are ditching Australia's housing market Foreign buyers are ditching Australia's housing market But one state remains a bright spot for foreign property investment ... Read more

Going to the bank or meeting a broker? Going to the bank or meeting a broker? Both can help new home-owners in securing a loan, but which one will hand down the best deal? ... Read more

How to approach a 'honeymoon' rate How to approach a 'honeymoon' rate The first year of a home loan is considered to be the most stressful, but will a temporary discount help you get ahead? Or trip you up in the long-run? ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Feb 20, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords