Australia’s Home Prices Suffer Largest Annual Decline Since 2008
Original Source:
Australia House Prices Tumble Most Since 2008
Australia House Prices Tumble Most Since 2008
According to CoreLogic, Australia’s housing market in 2022 experienced its largest annual decline since 2008, as sharp interest rate hikes weakened home buyers purchasing power and turned off would be investors.
CoreLogic’s Australian Home Value Index declined 5.3% in 2022. The nationwide decline in home values was led by a 12.1% drop in the bellwether market of Sydney, followed by an 8.1% decline in Melbourne. According to the report, Australian national values fell 1.1% in December alone.
CoreLogic notes that Australia’s $9.4 (A$) trillion housing market has declined 8% since reaching its peak in April 2022, after soaring 28.6% from a pandemic-induced trough.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.