APM’s September quarter data showed median house prices fell in most capital cities, with Brisbane (5.2 per cent), Hobart (4.3 per cent) and Perth (3.4 per cent) recording the largest drops. Over the past 12 months median prices for houses in Perth, Sydney and Hobart contracted, while there was growth over the year in Brisbane, Canberra, Melbourne, Adelaide and Darwin.
Rapidly rising mortgage rates are now biting hard across all capital cities All major capitals have experienced a softening of house values over the June quarter Nationally, house and unit values are expected to dip by 10% over the next 12 months Sydney has experienced a 2.1% decline in house values over the quarter which is an annualised drop of 8.4% Expect Perth properties to deflate more rapidly. Expect declines of between 10 and 15% for house and units over the next 12 month. Sydney has experienced the largest price drop in houses since June 2004 dropping by 2.1% Sydney apartment values have eased for the second consecutive quarter.
