Prices are no longer going up: all regions of Australia are experiencing a downturn in the real estate market 2022

Prices are no longer going up: all regions of Australia are experiencing a downturn in the real estate market

Housing prices in Australia have been falling for several months in a row. This trend is predicted to continue due to rising interest rates and declining demand from consumers.

Australia’s economy is going through a tough time right now, with high inflation of 6.1% being a clear indication of that. But most of the attention is focused on home prices in this country, as they have plummeted for the first time in 40 years. The main reason is the sharp rise in interest rates. As a result, mortgages became unprofitable and people began to hastily postpone their housing question.

First collapsed the real estate market in Sydney – home prices in the city fell by 2.3%; followed by Brisbane with a decline of 1.8%, Canberra (1.7%) and Melbourne (1.2%). In other regions of Australia, prices fell by an average of 1.5%.

Since May, the Reserve Bank of Australia (RBA) has raised interest rates by 175 basis points. It is expected that they will continue to rise to contain inflation and the current rate of 1.85% may rise to 4.0% by the middle of next year. Consequently, homes will sell more slowly and prices will fall under this pressure.

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