Australia records its largest decline in house and unit values, according to CoreLogic data, with a drop of 7.9 per cent in a year.
abc.net.au/news/million-dollar-homes-australian-real-estate-corelogic-prices/102028862Australia has recorded its largest decline in property values on record, with values dropping by 7.9 per cent in a year and the median value of dwellings in more than 200 suburbs dipping below $1 million.CoreLogic data shows the median price of dwellings has dropped below $1 million in 226 suburbs
The Sydney suburb of Bayview recorded the largest drop in value among the suburbs where the median value is above $1 million, with prices slipping by 25.8 per cent in a year which equates to $765,171. When it comes to renting, CoreLogic data shows the most rapid annual rise is evident in units across Sydney, Melbourne and Brisbane, with rents increasing by about 14 to 17 per cent annually.
"It looks like the areas that are losing million-dollar suburbs seem to be the ones that saw the biggest gain in the upswing," he said. The median value is above $1 million in 59 of the 325 suburbs in Adelaide, 44 of 296 suburbs in Perth and 27 of 99 suburbs in ACT. Median prices in February in Sydney crept back up to $1,006,923 after dropping to $999,278 in January.
"One million dollars still doesn't buy you much in Sydney or Melbourne, despite the downward shift in median prices in those cities in recent months," Ms Porter told ABC News.
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