The Reserve Bank has fresh evidence the property market is rapidly slowing due to higher interest rates as new data shows the biggest fall in Sydney and Melbourne house prices since the depths of the global financial crisis.
Sydney is the epicentre of the price correction. The median house value fell another 2.1 per cent to be down 7 per cent over the past three months. Through the year to date, the median house value in Sydney is down 9.2 per cent or by more than $100,000.Loading CoreLogic research director Tim Lawless said there were some signs of a slowdown in the rate of fall in dwelling values.But he cautioned it could re-accelerate if the Reserve Bank continued to lift rates aggressively.
Source: News Formal (newsformal.com)
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