Reported 3 days ago
Australian home prices have increased at their slowest rate in almost two years, primarily due to declining prices in major markets like Sydney and Melbourne, amidst growing affordability concerns. In November, Sydney saw a 0.2% decrease, marking its second monthly drop, while Melbourne's prices have fallen in 10 of the last 12 months. CoreLogic's data indicates that home sales in capital cities are down 4.6% compared to last year, with Sydney experiencing the steepest decline in sales volume. The housing market's outlook for 2025 appears weak, driven by high interest rates and a shortage of affordable homes.
Source: YAHOO