As rates rise, here's how Australian housing prices look in every capital city
The median value of Australian property has fallen 2 percent since early May, to $747,800—a figure that includes homes and apartments, according to the latest housing data. CoreLogic research director Tim Lawless says Australian housing market conditions are likely to worsen as interest rates tick higher throughout the rest of the year. Here’s a breakdown of the states from Australia’s latest housing figures. Sydney: house prices are falling Average change: 2.2 percent drop in July Sydney house median value: $1,346,193 Average unit value: $806.310 Five of the eight capital cities saw month-on-month declines in July, led by Sydney occupancy values which saw a 2.2 percent decline. “Although the housing market is only three months into a downturn, the national Home Value Index shows that the rate of decline is comparable to the start of the global financial crisis (GFC) in 2008, and the sharp decline in the early 1980s,” Mr Lawless said. “In Sydney, where the decline was very rapid, we