Vly News - Professional news Platform

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

Furthermore, only 1.9 percent of its loans have a debt-to-income ratio of six times, while Baum estimates these highly leveraged mortgages have accounted for a quarter of the major banks’ new mortgages in recent years. As interest rates rose sharply, it was these newer borrowers that Baum was most concerned about. “We’re going to see potentially disastrous outcomes on a human level on a scale I think most Australians have forgotten about, because we haven’t had a recession for 30 years,” he said from Tic:Toc’s headquarters in Adelaide. “We should have been more responsible five years ago. Because guess what? We will get a 10 percent increase, not a 25 percent increase in house prices. And the downside that we are now navigating will be much more manageable.” Baum said years of gradual easing of lending rules had allowed household debt to build up, giving policymakers and central banks limited flexibility as they tried to steer the economy through a world of higher inflation and slow