Sydney house prices have slumped 1.9 per cent in the past four weeks, the fastest rate of decline in more than 40 years, as rapidly rising interest rates take their toll on the market, data from CoreLogic shows.
“This really reflects the sensitivity of the household sector and the housing market to higher interest rates.”had fallen by 4.8 per cent and Melbourne by 3 per cent since its March peak. “Six months ago I would have been surprised at the pace of decline that we are seeing now, but considering the worsening outlook for interest rates, plummeting consumer sentiment and the impact of such high inflation on household balance sheets, the more rapid than expected rate of decline isn’t all that surprising,” Mr Lawless said.
“The risk is that monthly price declines will accelerate, particularly if the Reserve Bank continues at this pace,” he said.“That could really speed up the rate of price falls, higher than what we’re seeing now.
Source: Loan Digest (loandigest.net)
Only 4x 50bps to go.
Hope the pace continues!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
On the trail of a killer: Police test crucial evidence 40 years onOn Father’s Day, 1981, Deborah Smykalla drove home to Capalaba, where a soon-to-be killer lurked. But who knew she was alone before she was found with her head in an oven, dog lead around her neck?
Source: brisbanetimes - 🏆 13. / 67 Read more »
Sydney house prices could have topped $2.2m, modelling shows - realestate.com.auModelling by one of the country’s leading real estate agencies shows why the current slowdown comes as ‘a relief to most’ as the city grapples with a chronic lack of housing.
Source: dailytelegraph - 🏆 21. / 51 Read more »
Ten-year-old boy one of three people killed in horror south-west Sydney house fireBREAKING: A ten-year-old boy has sadly died following a fatal house fire in Sydney's south-west this morning. He is the third person to be killed by the blaze, including two other occupants. 9News DETAILS:
Source: 9NewsSyd - 🏆 23. / 51 Read more »
Two dead, child injured in 'very intense' Sydney house fireTwo people have been pronounced dead at the scene of a fierce blaze in Sydney's south-west, while two firefighters have been injured battling the flames.
Source: abcnews - 🏆 5. / 83 Read more »
Ten-year-old boy one of three killed in Sydney house fireInvestigations continue into an intense house fire in Hinchinbrook that killed three people, including a 10-year-old boy. vella_lara 9News DETAILS:
Source: 9NewsSyd - 🏆 23. / 51 Read more »
Ten-year-old boy one of three killed in Sydney house fireThree family members died in the blaze in Sydney's southwest and among them, a ten-year-old boy. There are claims the Hinchinbrook home DIDN'T have smoke alarms installed. DETAILS: sophie_walsh9 9News
Source: 9NewsSyd - 🏆 23. / 51 Read more »