According to the CoreLogic Daily Home Value Index, this is the deepest peak-to-trough decline, surpassing the previous record-breaking fall between 2017 and 2019.
The current record slump has been triggered by the RBA’s aggressive interest rate hikes – the fastest rate of tightening since 1994.
CoreLogic noted previous housing market cycles in the mid to late 2010s were driven more by changes in housing investment activity and tighter lending standards.
CoreLogic Head of Research Eliza Owen said a collective 300 basis points’ worth of tightening to the cash rate since May has quickly rebalanced the housing market in 2022/23.
www.savings.com.au/news/australian-property-market-records-biggest-downturn
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