Aussies Capitulate To Lower Home Prices As Reality Hits!

Despite the prospect of more RBA rate hikes as soon as September, the Australian property markets are moving into the spring selling season as new stock comes on market, and vendors drop their price expectations. The market, currently in a downturn following three interest rate rises, while changes to negative gearing, CGT and SMSF purchasing have added to uncertainty. Cotality reported in their monthly update that 93% of properties have fallen in value, with an average drop of 3.1% over the past 3 months, and 3.7% in the combined capitals. Sydney dropped 4.7%, Melbourne 3.9% and Perth 3.2%, according to their […]