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2022 was not a great year for Australian house prices (from an owner’s perspective at least).
The nation’s median value fell 5.3% last year — the biggest annual drop since the financial crisis in 2008, according to property analysis firm CoreLogic.
The biggest falls were seen in Sydney (-12.1%) and
Melbourne (-8.1%), followed by Hobart (-6.9%), Canberra (- 3.3%), and Brisbane (-1.1%).
However, three capital cities saw price increases over the year:
Adelaide (+10.1%), Darwin (+4.3%), and Perth (+3.6%). However, prices have been starting to fall in those smaller cities in recent months.
CoreLogic’s research director, Tim Lawless,
said national home values peaked on May 7 (shortly after the Reserve Bank began its aggressive rate-hiking cycle).
“Since then, CoreLogic’s
national index has fallen 8.2%, following a dramatic 28.9% rise in values
through the upswing,” he added.
For more on this (and how various suburbs performed), here’s a detailed breakdown from reporter Shiloh Payne.
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