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Australian Home Prices Show First Decline in Two Years as 2024 Ends

share-iconWednesday, January 01 comment-icon3 weeks ago 7 views
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reutersREUTERS
Australian Home Prices Show First Decline in Two Years as 2024 Ends

Credited from: REUTERS

  • Australia's home prices experienced a 0.1% decline in December 2024, marking the first drop in nearly two years.
  • Major metropolitan areas saw even more pronounced decreases, with Sydney and Melbourne prices falling by 0.6% and 0.7%, respectively.
  • Despite the monthly decline, home values increased 4.9% over the year, adding approximately A$38,000 to the average property value.
  • The Reserve Bank of Australia's high mortgage rates, at 4.35% late in 2023, have contributed to affordability issues and weakened buyer demand.
  • Expectations are for modest property price increases of around 5% in 2025 and 2026, driven by population growth and limited supply.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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