Higher interest rates, household debt and the erosion of savings since the pandemic have been blamed for the steepest plunge in home values since at least 1980.
It's the deepest peak-to-trough fall on CoreLogic's records, which go back to 1980.The Reserve Bank of Australia's aggressive rate-hiking cycle has triggered theThe 8.4 per cent drop between May 2022 and January 2023 is the deepest peak-to-trough fall on CoreLogic's records, which go back to 1980.
"Higher inflationary pressures, combined with a post-lockdown surge in spending, has also eroded household savings, which could be utilised for a home loan deposit," she added. "Ongoing increases in interest rates will further erode the borrowing capacity, and likely prolong the country's housing downturn until interest rates stabilise," Ms Owen said.
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