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Property values in Sydney slumped by 1.2 per cent to $999,278 in January, the first time in nearly two years that homes are worth less than $1 million on average, but the rate of decline has slowed and the premium end of the market has started to show early signs of a turnaround, data from CoreLogic shows. The pace of monthly price falls also eased in Melbourne, Brisbane, Hobart and Canberra, but accelerated in Adelaide and Perth. Melbourne’s median dwelling values fell by 1.1 per cent over the month, Brisbane by 1.4 per cent, Hobart by 1.7 per cent and Canberra by 1 per cent. In December, Sydney prices fell by 1.4 per cent, Melbourne dropped by 1.2 per cent, Brisbane by 1.5 per cent Hobart by 1.9 per cent and Canberra by 1.2 per cent. Sydney and Brisbane values also fell at a slower rate of 3.9 per cent and 4.8 per cent, down from 4 per cent and 5.4 per cent respectively. The remaining capital cities all posted higher quarterly losses. https://www.afr.com/property/res ... -1m-20230131-p5cgrk |
