House prices fall in Sydney and Melbourne as inflation increases

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The latest house price data shows home prices continued to fall in Sydney and Melbourne last month, with Canberra seeing its first drop in three years.

Adelaide, Brisbane, Perth, Darwin and the regions saw prices continue to rise, despite the first increase in mortgage rates in almost 12 years.“Generally speaking, when you see rising interest rates and housing prices, they do not mix well, and housing prices tend to start to fall,” he told Sky News host Ross Greenwood.

Mr Christopher said there is a strong relationship between “rising inflation and rising housing prices”, however further falls are expected. “But if inflation runs well ahead of what the Reserve Bank of Australia expects and they fall behind the curve, it’s very possible the housing market could bottom out and start to pick up again as investors chase real assets,” he said.

Source: Real Estate Daily Report (realestatedailyreport.net)

 

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Buyers finally realised if you stop buying at the ridiculous prices the sellers will drop their prices. 🤦‍♂️

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