Property prices suffer biggest ever fall
The gains made in real estate in the past five years continue to erode, with property prices in Sydney, Brisbane and Melbourne hardest hit, although some areas are still recording strong growth.
Sydney home values have seen a peak-to-trough decline of 13.0 per cent. (Image source: Shutterstock.com)
Indebted Australians being slammed by rapidly rising interest rates have contributed to the largest housing market decline on record.
While the fall in national home values of 8.40 per cent is the largest peak-to-trough decline on record, at the end of 2022 home values were still 16.0 per cent higher than they were five years ago, and 59.8 per cent higher than 10 years ago.
That will offer little consolation to buyers who entered the market aro…
