The value of homes in New South Wales in Australia has dropped by almost 10 per cent in 2022. This has been the sharpest decrease ever since the pandemic.
Following this, CoreLogic, is a CA-based corporation providing financial, property, and consumer information, analytics, and business intelligence. This company recently released data stating declines in several regions. It mentioned several places where house prices had decreased by almost 9.8 per cent.
Apart from this, the housing markets have also cooled down in all the capital cities. In Sydney, the housing market has fallen down by 8.2 per cent.
Most of the declines took place in the month of May 2022 and January 2023. This happened when Australia’s home value index had come down by 8.4 per cent. This has been the steepest decline ever in the country’s history. This comes after a meteoric increase in house prices during the pandemic.
Commenting on this, CoreLogic’s head of research, Tim Lawless, stated that regional areas like Richmond-Tweed and the Southern Highlands got to experience the maximum declines in property values.
Agricultural Markets, Rental Markets Trending in Opposite Direction
Commenting on this, Tim Lawless said, looking far west and Orana or the Riverina, more agricultural markets, are on the rise as compared to what they were 12 months ago.
Other areas like Illawarra have too seen a rise of 2.7 per cent in the past three months. While the Newcastle region has witnessed a rise of 1.8 per cent in the housing sector.
Speaking of the rental market, in the last one-year rents in Australia have risen by 9.9 per cent. While Sydney witnesses an increase of 13.2 per cent.
While inner-city apartments have risen by almost 20 per cent because of the return of international students.
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