Homes in Sydney are now worth less than $1 million on average, but prices are no longer falling at a record rate.
the first time in nearly two years that homes are worth less than $1 million on average,
“This looks like a trend that’s becoming more firmly established. I think broadly, we probably will see the Melbourne’s median dwelling values fell by 1.1 per cent over the month, Brisbane by 1.4 per cent, Hobart by 1.7 per cent and Canberra by 1 per cent. In December, Sydney prices fell by 1.4 per cent, Melbourne dropped by 1.2 per cent, Brisbane by 1.5 per cent Hobart by 1.9 per cent and Canberra by 1.2 per cent.
Sydney and Brisbane values also fell at a slower rate of 3.9 per cent and 4.8 per cent, down from 4 per cent and 5.4 per cent respectively. The remaining capital cities all posted higher quarterly losses.“As prices fall, arguably, more people are taking advantage of the lower prices, particularly in the premium end of the market where there might be some opportunistic buying,” Mr Lawless said.
Since posting the largest quarterly decline of 7.5 per cent in August, prices in the upper end are now falling by 4.1 per cent. Prices have been dropping at a slower rate in the past six quarters.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trains halted and motorists trapped as month's worth of rain dumped in parts of SydneyA severe weather warning was issued this afternoon for Sydney, with locals being warned an 'unpredictable' thunderstorm had been fuelled by humid weather and a trough in central NSW. 9News
Read more »
Scooter rider tracked by police drone before alleged $1m meth bustWA Police drone vision shows how they tracked the movements of an e-scooter rider before he was arrested in a alleged meth sting.
Read more »
High humidity in Sydney to persist for remainder of the weekSydneysiders are being warned high humidity could linger for most of this week following a warm weekend across the harbour city. Temperatures reached 30 degrees yesterday along the coast as the apparent temperature rose to 33 degrees. The SES were called out to 30 storm-related jobs after winds knocked down trees and caused minor flash flooding. Rain and severe thunderstorms are likely today ahead of an afternoon southerly change. Despite the change humidity will remain high until Thursday.
Read more »
Sydney schools linked to conservative Catholic group Opus Dei investigated over 'broad' curriculum concernsSydney schools linked to the conservative Catholic group Opus Dei are being investigated over 'broad allegations' made about teaching to the curriculum.
Read more »