Sydney, Hobart, Brisbane: Cities where property prices fell by double-digit ... trends now
Property prices have plunged by record double-digit figures in major Australian cities since peaking last year with another interest rate rise expected next week.
While some markets are still peaking, Sydney, Brisbane and Hobart are suffering from a record decline in prices, or are close to it.
Capital city property prices in January fell by another 1.1 per cent for an annual decline of 8.7 per cent, making it the most dramatic slide in CoreLogic records going back to 1981.
The price plunges, however, would still do little to unwind the surges in value between 2020 and 2022.
This means housing affordability is still a lot worse than it was before the pandemic, leaving fewer options for first-home buyers as interest rate rises further limit what banks can lend.
Sydney is by far Australia's worst-affected market with the median house price plunging by 15 per cent in the year to January to $1,205,618, marking the biggest annual fall since 1983.
Property prices have plunged by record double-digit figures in major Australian cities since peaking last year with another interest rate rise expected next week (pictured is a Melbourne auction)
Prices there peaked in January last year, when interest rates were still at a record-low of 0.1 per cent.
House and unit prices together in Australia's most expensive capital city property market have plunged by 13.8 per cent during the past year to $999,278, not far off the record drop of 14.9 per cent for Sydney between 2017 and 2019.
But this sharp downturn would barely unwind the 27.7 per cent surge between 2020 and 2022.
In Brisbane, property prices peaked a bit later in June and have since dived by a record 10.7 per cent to $698,204.
Home prices in the Queensland capital, however, soared by 42.7 per cent during the pandemic.
The city's median house price of $773,509 is 6.4 per cent weaker than a year earlier.
Hobart's house and unit price has dived by a record 10.8 per cent to $666,431 from the May peak, but this would be insufficient to undo the 37.7 per cent trough-to-peak surge.
The Tasmanian capital's median house price has fallen by 9.4 per cent during the past year to $713,061.
Regional Tasmania home prices surged by 51 per cent during the pandemic and have fallen by 6.1 per cent since the June peak to $506,293.
Melbourne's mid-point house and unit price has fallen by 9.3 per cent since the February 2022 peak, back to $746,468, but this would still be insufficient to unwind the 17.3 per cent pandemic surge.
The Victorian capital's median house price plummeted by 10.8 per cent to $900,107 in the year to January.
Adelaide home prices
