House prices nationwide have dropped at a record-breaking pace amid rapid interest rate rises and soaring inflation, CoreLogic research shows.
Economists expect another 0.25 percentage point increase by June before the central bank pauses to assess the fixed-lending cliff that awaits borrowers.
Brisbane’s prices tumbled 10 per cent, almost as much as the record-breaking decline posted in the 2010-2012 downturn, when home values fell 10.8 per cent. In dollar terms, Sydney home values have dropped by $150,758 on average from the peak, Melbourne’s by $70,243 and Brisbane’s by $78,381.Adelaide posted a smaller peak-to-trough decline of 1.6 per cent, or $10,395, while Perth fell by 0.7 per cent or $3897.Despite the sharp falls, Sydney dwelling values are still 9.1 per cent higher than before the onset three years ago of the pandemic, after surging by 27.9 per cent during the boom.are still worth 28.
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