Property values have fallen 7 per cent in Melbourne in the year to November. When 2022 began, experts expected the property boom would slow down, but the price falls arrived sooner than thought.
, but as 2022 dawned, there was little sign it would bring the fastest price falls for decades.
“We didn’t expect the housing downturn trajectory would be as rapid as what we’ve seen since May, nor did we expect that the rate hiking cycle would be as significant and rapid as what it has been,” he said. Many homeowners watching the steep falls reconsidered selling their properties this spring, leading to a spring selling season he dubbed “an absolute fizzer”.
Domain chief of research and economics Dr Nicola Powell began 2022 by forecasting the property market would tip further in favour of buyers, although affordability would be an issue. Another unusual factor was that markets across the capital cities rose during the boom, but now a multi-speed market has re-emerged where prices in Sydney and Melbourne are falling faster than in Adelaide or Perth.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Popular suburbs where property buyers splashed the most cash in 2022From prestige homes by the water to more affordable options, property buyers spent a total of more than $1 billion in some sought-after neighbourhoods this year.
Read more »
Chess, fishing, cornhole: why did cheating scandals plague sports in 2022?As pressure grows on athletes to turn in elite performances, another side of human nature emerges, experts say
Read more »
Rough return to the skies: How Australia’s airlines performed in 2022But with 2022 coming to a close, just how well did the airlines go with their on-time performance and the number of cancelled flights?
Read more »
Editor’s pick: The stories we loved in 2022If you missed these stories from the worlds of fashion, design, travel, motoring, fine dining and more the first time around, here’s another chance.
Read more »
2022 Recap - Booze and boos: how Boris Johnson hangs on - ABCCan you imagine if an Australian prime minister broke strict COVID-19 lockdown rules, held more than a dozen parties at The Lodge, was fined by police for breaking the law, and still managed to keep the job? Well, in the UK, that's what Boris Johnson managed to pull off for several months until he finally stepped down. But how? Today, the chief political commentator at The Independent newspaper in London, John Rentoul, on the boozy nights at 10 Downing Street and how Boris Johnson managed to stick around for so long. Originally published on 10 June, 2022 Featured: John Rentoul, chief political commentator, The Independent, London
Read more »
Ten of the best fashion reads from 2022Against the backdrop of a wild year in fashion, fashion editor Lauren Sams shared the stories of some of the industry’s most interesting people and ventures. Here are 10 of the best read stories for the year.
Read more »