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Australian residential property price declines accelerated in October to their fastest pace in more than 40 years, with economists predicting further weakness ahead as interest rates continue to rise, according to Bloomberg.
Data from real estate research firm Cotality showed its national home value index fell 1.2% in October, marking a seventh consecutive monthly drop. The national index is now 6.7% below its peak recorded in March, wiping approximately AUD 63,400 off the average Australian home value, while the combined capital cities index slumped 8.1% over the past seven months.
The downturn aligns with federal tax increases on property investors and monetary tightening by the Reserve Bank of Australia (RBA) to curb inflation. The RBA is expected to deliver its fifth interest rate hike next week, pushing official borrowing costs to a 15-year high. Brisbane and Perth outpaced Sydney in monthly declines during October, falling 2.0% and 1.7% respectively, compared to Sydney's 1.6% drop. Total national sales volume over the past three months dropped 23% year-on-year.
Tim Lawless, research director at Cotality, noted that borrowing capacity constraints and living costs have weighed heavily on housing demand despite low construction activity, adding that home buyers retain significant equity buffers due to cumulative capital gains in prior years.
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