Australian Property Prices Fall Again in Aug 2022

Australian Property Prices Fall Again in Aug 2022

Real Estate news

In early 2022, Australian property prices were going high reaching peaks. Avg apartments saw an increase of $150K and houses saw an increase of $300K. The increase was more in Qld. This was due to many factors like it was a lesser affected state during Covid, less expensive compared to Sydney and Melbourne and other similar factors.

Post-Covid, a lot of people decided to move to Qld. Inflow of people from other states caused an increase in prices. But now things are changing again after June 2022. Property prices are going up again.

One of the most obvious reasons is the cost of living which is going up with inflation. Currently, inflation is all-time high due to the covid and Ukraine war. Floods in Australia and supply chain issues also cause rates to go up for food and commodity.

The latest data shows that house prices are just 1.66 per cent below their peak in the latter half of last year.

According to PropTrack’s Home Price Index, released on Monday, home prices dropped 0.43 per cent nationally in July.

However, they still remain way out of reach for the average person.

Nationally, house and unit prices remain 32.9 per cent above March 2020 levels.

That number was exacerbated in regional areas; properties are 48.8 per cent higher than before Covid-19 arrived on Australia’s shores.

Sydney and Melbourne suffered the biggest drop in prices, and are both down more than three per cent for the year so far.