New data on Australia's home prices shows interest rate rises are having an impact, but property values are still well above pre-pandemic levels.
PropTrack economist and report author Anne Flaherty said prices would likely keep falling into 2023.
Dwelling values are up 11.7 per cent across the combined capitals and 32.2 per cent across regional markets compared to March 2020, CoreLogic found.In Melbourne, dwelling values are now only 1.5 per cent above March 2020 levels according to CoreLogic, unwinding most of the pandemic gains for property owners.
Australia's property downturn has picked up pace again, but Melbourne is the only capital city getting close to erasing the entirety of its pandemic upswing.Adelaide, by contrast, has only fallen 1.5 per cent from its peak, and dwelling values remain 42.8 per cent above pre-COVID levels.
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