04 Jul Downturn Gathers Pace
Australia’s housing downturn has gathered pace in June, with continued value falls in Sydney and Melbourne driving this month’s steeper drop of -0.6% in dwelling values nationally. Home values were also down in Hobart and regional Victoria over June.
Every other capital city and broad rest of the state region is now showing clear signs of the slowdown, with Brisbane and regional Queensland virtually flat month-on-month. Adelaide is the only capital city still showing monthly value growth above 1%.
We are operating in diverse markets across the country, however, as housing conditions slow, we will see it swing in favor of buyers.
The rental market continues to go from strength to strength resulting in rents rising at a faster rate than housing values.
We also discuss with Tim, exactly what a 10%, 15%, or 20% decline will have on housing values