House values are falling in the nation’s two biggest cities in a sign the broader economy is starting to slow. Prices are also easing in Brisbane and Perth.
Sydney and Melbourne house values are showing a downturn and other capitals face similar patterns as high interest rates and an increase in properties for sale combine to take the heat out of the housing market.
While the Sydney and Melbourne markets are shedding value, a slowdown is starting to take hold in Brisbane and Perth.The median house value in Perth rose by another 1 per cent to be 2.9 per cent up over the past three months. This was the softest increase in There is also evidence that pressure on the rental market is easing. CoreLogic’s measure of rentals rose by 0.2 per cent in November to be 5.3 per cent up over the past year.
The September quarter national accounts, to be released on Wednesday, are expected to show economic growth of 0.4 per cent after a lower-than-expected 0.2 per cent increase through the June quarter.
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