House prices have plummeted by close to 8 per cent in the Australia's largest city, but an expert says homeowners have nothing to fear.
Sydney's median house price fell to $976,365 in September, the lowest level since 2015 and the third straight month they have been below the $1million mark, real estate data group Core Logic has revealed.
Detached property values plunged by 7.6 per cent in just one year, after peaking in mid-2017.
Melbourne also fared badly. Median house prices within Victoria's capital fell by an annual pace of 4.5 per cent to $799,657, after hitting a peak in November last year.
Australian house prices have plummeted by close to 8 per cent in one city- but an expert says home owners have nothing to fear
Sydney's median house price fell to $976,365 in September, the lowest level since 2015, real estate data group Core Logic has revealed. Pictured is Manly on Sydney's northern beaches
The declines in both cities, each home to more than five million people, dragged down the overall national market, causing median house prices to slide by 3.1 per cent in the year to September 30.
Together, Sydney and Melbourne comprise about 60 per cent of Australia's housing values.
When house and unit prices were analysed together, real estate values across Australia plummeted by 2.7 per cent in one year, with Sydney declining by an even steeper pace of 6.1 per cent and Melbourne falling by 3.4 per cent.
The story wasn't much better in Melbourne (Port Melbourne pictured), where median house prices fell by an annual pace of 4.5 per cent to $799,657, after peaking in November last year
Despite the bad news, Core Logic's head of research Tim Lawless said the drop in real estate prices, after six years of strong growth, was less severe than the aftermath of the global financial crisis.
'Hardly a crash, and a slower rate of decline relative to the previous housing market downturn - June 2010 to February 2012 - when national dwelling values fell by 3 per cent over the first twelve months, declining 6.5 per cent from peak to trough,' he said.
Hobart continued to buck the national trend, with house prices rising by 9.4 per cent annually.
The pace of growth in Brisbane, however, has slowed to a year-on-year rate of just 0.8 per cent, a dramatic drop from 2.9 per cent a year ago.
Darwin was the worst performing market when it came to apartments, with values sliding by an annual rate of 15 per cent.
The pace of growth in Brisbane has slowed to a year-on-year rate of just 0.8 per cent, a dramatic drop from 2.9 per cent a year ago
House prices in the Northern Territory capital however were holding up, rising by 2.3 per cent over the year
Perth's apartment market also fared badly, with median unit values falling by 6.1 per cent during the same period, compared with Sydney's 2.6 per cent.
Across the capital cities, median house prices were $683,437, compared with $564,290 for units.
Hobart continued to buck the national trend, with house prices rising by 9.4 per cent annually. Pictured is a house at Taroona, in the southern suburbs of the Tasmanian capital
hienalouca.com
https://hienalouca.com/2018/10/01/sydney-median-house-prices-plunge-by-7-6-per-cent-in-one-year-to-976365-core-logic-data-showed/
Main photo article House prices have plummeted by close to 8 per cent in the Australia’s largest city, but an expert says homeowners have nothing to fear.
Sydney’s median house price fell to $976,365 in September, the lowest level since 2015 and the third straight month they have been below the...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
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