Prices have risen a lot, fallen a little
With the national property price rebounding, now is the perfect time to see how far prices in each city have fallen from their 2022 peak.
The answer is not much, when you compare how much prices grew in 2020-22 (the second column of the CoreLogic graph) with how much they’ve fallen since (the third column).
History suggests that property prices increase over the long-term, which means there are more months in which prices go forwards than backwards.
That said, as we look at these peak-to-trough numbers, some context is needed.
While the Australian median price rose in March (by 0.6%), following 10 consecutive months of declines, it’s too early to say we’d reached the bottom of the market. Also, even as the national price rose, prices fell in four individual cities (Adelaide, Hobart, Canberra, Darwin).
Subiaco finance brokers are here to help
Interest rate rises are here, but you don’t have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. We’ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
