Interest rate hikes bite
Housing prices continued their decline over recent weeks, to be -8.4 per cent lower than at their highs (albeit after rising by more than 20 per cent last year).
Prices have taken a further leg lower following recent interest rate hikes, with no slowdown in the pace of decline in evidence.
There has been some substantial price discounting in evidence in Sydney in the $3 million plus price range.
Melbourne's index has also retreated to its pre-COVID level of March 2020.
Adelaide and Perth have been the most resistant markets in recent months,
Financial markets are looking for further interest rate hikes in 2023, though much will depend on how the labour market shapes in the early part of next year.
