Australian property values fell just 4.1% over 2022
National house prices have fallen over 2022 following the remarkable price boom recorded through 2021.
The national capital city median house price recorded over the December quarter fell by 4.1% compared to the December quarter 2021, according to the latest data from My Housing Market.
The 2022 annual decline in national house prices was the first calendar year fall recorded since 2018 when prices were down 5.5%.
The overall fall in the national house price reflected sharp declines in Sydney and Melbourne where prices were lower by 9.2% and 5.8% respectively over the year.
Canberra and Hobart also reported annual house price falls, however Perth, Adelaide and Brisbane reported positive prices growth over 2022, with Perth the top performer up by 7.1%.
Despite declines recorded over 2022, house prices in all capitals have increased significantly over the past two years with Brisbane, Adelaide and Hobart the top performers higher by 35.0%, 31.5% and 31.3% respectively, and Melbourne the underperformer but nonetheless up by 17.2%.
By Dr Andrew Wilson
Originally published by Property Update
