Australian home prices mark worst year since 2008
AUSTRALIAN home prices skidded nearly 5 per cent in 2018, marking their worst year since 2008, led by tighter credit conditions and waning investor interest, and analysts expect the weakness to persist this year. Property values across the country fell for the 15th consecutive month in December,
Published -
Jan 4, 2019 5:28 AM
AUSTRALIAN home prices skidded nearly 5 per cent in 2018, marking their worst year since 2008, led by tighter credit conditions and waning investor interest, and analysts expect the weakness to persist this year. Property values across the country fell for the 15th consecutive month in December, with the rate of decline in Sydney and Melbourne - the two largest markets - worsening over the year, according to property consultant CoreLogic. Its index of home prices nationally dropped 1.8 per cent in December 2018 from November, and tumbled 2.3 per cent for the quarter - the worst quarterly decline in eight years. Values in the combined capital cities fell 1.3 per cent in the month and 6.1 per cent for the year. Sydney was the worst performing capital city with prices down 1.8 per cent in December. Regional centres fared better with prices outside the cities staying almost flat.
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