What’s forcing national house prices to slump?
House prices are down across most Australia but two unexpected cities are seeing some growth.
Hobart and Adelaide have seen slight increases in house prices, whilst the major cities like Sydney and Melbourne are seeing some softening.
Senior research analyst at Corelogic Data, Cameron Kusher, tells Ross Greenwood what the trends are showing.
“The latest data today shows nationally values are down 0.1%. Over the quarter, most of the capital cities have seen values fall.
“[Investors are] still active, they’re just not as active as they were.
“People simply can’t afford the prices in Sydney and Melbourne anymore and that’s causing a slowdown.”
Mr Kusher says you still have to have a high wage to get close to affording a home in Sydney.
“A bit of a decline in values in Sydney and Melbourne is not something we should see as a bad outcome given how much growth they’ve seen over the last five or six years.”
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