Jul 23, 2018 · Australian home prices are up sharply since 2000 but it looks like the tide is turning. Home prices nationally have fallen slightly from last summer and Sydney is down 4.5%.
Australian home prices are up sharply since 2000 but it looks like the tide is turning. Home prices nationally have fallen slightly from last summer and Sydney is down 4.5% . I have a bit of real estate bubble PTSD after living through the Phoenix real estate bust when home prices fell by 60% and in some of the poorest zip codes by 80%.
Australian home prices are falling. Australia’s most expensive homes are largely responsible for the national fall. The value of homes on the other end of the scale are flat.
In contrast, Tasmania has the cheapest housing in Australia, at a mean price of AU$360,400 (US$281,508) over the same period. House prices in Australia surged 44.2% (30.9% inflation-adjusted) from 2011 to 2016. As such, many believe that Australia´s housing market is severely overvalued.
Australian home prices have been falling in recent months, according to CoreLogic, led by its largest and most expensive market, Sydney.
Perth continues to have the weakest real estate market in the nation, with house prices falling another six per cent in the 12 months to the end of April, new figures show.
They dropped 7.5% from March in the Northeast and were also down 5.1% from April 2016. Sales in the South fell 4% from the previous month, but were up 4.1% annually.
Australia used to invest $20 in businesses for every $1 that went to being a landlord. Now it’s $1.40.