High-end property hit by steepest price falls as affordable end of Australia’s housing market proves resilient
Summary
High-end homes in Australia’s biggest cities like Sydney and Melbourne have fallen in price by more than 10%, while more affordable homes have stayed more stable. Rising interest rates and tax changes are making the housing market slower, but lower-priced homes are still attracting buyers, especially first-time owners.Key Facts
- Houses in the top price range in Sydney and Melbourne have dropped over 10% from their highest prices.
- More affordable homes in these cities have dropped less, around 4% to 6%.
- Nationally, home values fell 3.1% over the last three months but still grew slightly over 12 months.
- Expensive homes tend to change price more sharply because buyers buy them more on hopes of profit.
- Changes in tax rules have made housing less attractive to investors but better for people buying to live in.
- First-time buyers benefit from a government scheme letting them buy homes with just a 5% deposit, with price limits depending on the city.
- Experts warn that unemployment rising sharply would be the biggest threat to housing prices.
- Current job levels in Australia remain strong, helping support the housing market.
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