Successive interest rate rises, surging inflation, low consumer sentiment and deteriorating affordability drove a shift in Australia’s 2022 housing market performance, CoreLogic’s annual Best of the Best report reveals. The seminal publication, which sums up the country’s annual property performance and provides an outlook for the year ahead, shows the diversity in market conditions across geographies, value segments and property types. When summing up the year that … Continue reading CoreLogic Best of the Best 2022 | From records to resilience: a year in property unlike any other

Today the RBA increased the cash rate a further 25 basis points to 3.10%, marking the largest rate tightening cycle since the early 2000s at 300 basis points. A cash rate of 3.1% is the highest target adopted in 10 years. The increase follows signaling from the RBA it is committed to tackling the “scourge” of inflation, which has been shown to create lasting, detrimental … Continue reading Rate rise number eight could cause ‘sticker shock’ for mortgage holders

CoreLogic’s national Home Value Index (HVI) moved through a seventh month of decline in November, down -1.0% over the month to be -7.0%, or approximately -$53,400, below the peak value recorded in April 2022.  The decline comes after national housing values surged 28.6% higher through the recent upswing, adding roughly $170,700 to the value of the average dwelling. Although values are continuing to trend lower, … Continue reading National dwelling values fell -1.0% in November, the smallest monthly decline since June

Many recent home buyers who have come off COVID-sweetened fixed-rate home loans are in for a financial shock as they face as much as a 50% hike in their monthly mortgage repayments. Over $380 billion in home loans have been refinanced since the start of the pandemic, peaking in August 2021 when multi-year fixed rates were at record lows of about 2%. Since then, however, … Continue reading How to cushion fall from a brutal “fixed-rate cliff”

The number of suburbs in Australia’s million-dollar club has shrunk considerably in the past six months as the weight of rising inflation, consecutive rate hikes and falling property values takes its toll. Since April, the median value in 169 suburbs around the country have dropped below seven figures while only seven suburbs across capital cities and regional areas have increased in value to $1 million … Continue reading Rising rates shrinks Australia’s pool of million-dollar markets

The COVID-induced boom for Australia’s regional housing market has burst, with several regional markets that had the strongest value growth through the upswing now among the fastest declining markets, said CoreLogic. The Regional Market Update, which examines Australia’s 25 largest non-capital city regions, shows house values in six of the most popular lifestyle markets recorded falls of -6% or more last quarter, including Richmond-Tweed (-11.7%), Southern Highlands … Continue reading Heat leaves regional hot spots as popular markets outpace wider downturn