Australian House Prices Are Falling At Their Fastest Rate Since The GFC So WTF Does That Mean?

Congratulations, guys! Property analysts reckon house prices across Australia are falling at their fastest rate since the global financial crisis hit in 2008. But there’s a catch. Prices have really only dropped from “exorbitantly expensive” to “slightly less exorbitantly expensive”, according to new data from CoreLogic. The data showed that as at 31 July, 2022, the national average house price dropped by 1.3 per cent month-on-month, with a quarterly decline of 2 per cent. Not really big, sexy numbers if you ask me. “The rate of growth in housing values was slowing well before interest rates started to rise, however, it’s abundantly clear markets have weakened quite sharply since the first rate rise on May 5,” CoreLogic research director Tim Lawless

media release

Five of the eight capital cities recorded a month-on-month decline in the national Home Value Index for July:

Sydney -2.2%
Melbourne -1.5%
Hobart -1.5%
Canberra -1.1%
Brisbane -0.8%https://t.co/QPoBm95kg2#propertymarket #housing #homevalueindex #corelogic

— CoreLogic Australia (@corelogicau) July 31, 2022

Domain’s June 2022 house price reportMichael CatonThe CastleSydney Morning Herald

just heard about sydney housing prices (which increased an average of 7.6% every year for the past 25 years) falling by 2.2% last month… feel like shit. hope all the landlords out there are doing ok <3

— cammyboo AO (@cameronwilson) July 31, 2022

“I think this downturn will be similar to the global financial crisis in that it will be quite short and sharp,” Lawless told the ABC.

Reserve Bank of AustraliatooDomain

“If we saw say, a 15 per cent drop in national housing values, it would take prices back to where they were in about April 2021,” he told the ABC.

April 2021

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