Australian property prices face biggest drop in 39 years
September 4, 2022
Image courtesy of @bellebynso
Australian property prices have gone down by 1.6% in August. This is the fourth straight month decline and the biggest month-on-month fall since 1983. Sydney’s value fell the most whereas Darwin was the only capital city that did not experience a downturn.
- Sydney fell by 2.3% with $1,066,493 median value
- Brisbane fell by 1.8% with $762,284 median value
- Canberra fell by 1.7% with $909,748 median value
- Hobart fell by 1.7% with $714,370 median value
- Melbourne fell by 1.2% with $782,053 median value
- Perth fell by 0.2% with $561,781 median value
- Adelaide fell by 0.1% with $653,959 median value
- Darwin went up by 0.9% with $512,531 median value
Regional areas also experienced a 1.5% drop in August. Even with falling numbers, Sydney prices rose 27.7% since March 2020 and have since dropped by only 7.4%.
Source: CoreLogic’s national Home Value Index.
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