Australia's housing markets finished the 2022 calendar year on a weaker note, as a national home value index showed a 1.1 per cent fall in December, taking the annual drop to 5.3 per cent -- the largest since 2008.
In a report, the multinational property information provider CoreLogic revealed that the 5.3-per cent drop through 2022 marks the largest calendar year decline since 2008, when values were down 6.4 per cent amid the global financial crisis and successive interest rate rises, reports Xinhua news agency.
Annual value falls were the most significant in Sydney, which slid 12.1 per cent, followed by a 8.1 per cent drop in Melbourne.
Hobart, the Australian Capital Territory, and Brisbane also recorded an annual decrease.
Meanwhile, three capital cities -- Adelaide, Darwin and Perth -- saw values rise over the year, marking 10.1 per cent, 4.3 per cent and 3.6 per cent, respectively.
According to the report, despite the downturn across many areas of the country, housing values generally remain 11.7 per cent above where they were at the onset of the Covid-19 pandemic.
Tim Lawless, CoreLogic's research director, pointed out that 2022 has been a year of contrasts, with housing values mostly rising through the first four months of the year, but falling sharply as the Reserve Bank of Australia (RBA) commenced the fastest rate-tightening cycle on record.
"Our daily index series saw national home values peak on May 7, shortly after the cash rate moved off emergency lows. Since then, CoreLogic's national index has fallen 8.2 per cent, following a dramatic 28.9 per cent rise in values through the upswing," he added.
After lowering the cash rate target to 0.1 per cent in a bid to boost economic recovery, Australia's central bank has launched a spate of consecutive rate hikes since May last year, pushing the rate to a decade-high of 3.1 per cent.
Australia's Consumer Price Index is currently running at 7.3 per cent, with the RBA expecting further rate increases to return inflation back to the 2-3 per cent range.
--IANS
ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app