House prices fall for second month in a row as Reserve Bank’s aggressive rate hikes hit hard

National real estate prices have fallen for the second month in a row as higher interest rates and unaffordable prices weigh on housing demand, while rents are rising faster than house prices.

Housing data and analytics firm CoreLogic said house prices across the country fell 0.6 percent in June, led by declines in Australia’s largest cities, Sydney (-1.6 percent) and Melbourne (-1.1 percent). but prices also fell in Hobart (-0.2 percent) and regional Victoria (-0.1 percent).

The Reserve Bank raised official interest rates in May and June to curb rising inflation, and stronger increases are expected.

Property values ​​rose the most in Adelaide (+1.3 percent), followed by Darwin (+0.9 percent), Perth (+0.4 percent), Canberra (+0.3 percent) and Brisbane (+0.1%). per cent).

A rival report by the REA Group’s Prop Track found that house prices in Australia fell again in June, falling 0.25 percent, with the declines being led by a 0.4 percent drop in Sydney, down 0.6 percent in Melbourne.

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