Toula (Toorak) property. (photo by Australian newspaper)
As the Australian housing market continues to cool, prices in Sydney and Melbourne are the biggest on record, more than 20 percent, according to the Australian newspaper.
It is reported that the current Australian housing market is mixed. In the year to July, prices for stand-alone homes in (Armadale), Melbourne, and apartments in (Hunters Hill), Sydney`s Hunter Hill, were new, with the largest drop in Victoria. Brisbane housing prices fall in areas concentrated in the supply of new apartments in areas.
The weakness in the housing market has had an impact on tightening lending policies for investors and risk buyers. According to official figures, investor loans fell 1.3 percent in July, while homeowners` loans rose 1.3 percent.
Kush (Cameron Kusher), head of research at CoreLogic, a property data analysis firm, said demand in high-priced areas was lower than in the past few years as housing affordability declined and lending measures tightened.
In Melbourne, buyers can find more valuable properties in popular urban areas.
It is reported that in the year to July, Amadil`s independent home prices fell 23.6 percent, Molvin (Malvern) independent home prices fell 15.4 percent. Central Park (Middle Park) `s flat prices fell 14.6 percent, while Hawthorne (Hawthorn) `s stand-alone homes fell 11.2 percent. Toura (Toorak) also saw a 8.9% drop in house prices.
Barks (Cate Bakos), vice president of the Australian Real Estate buyers Association (Real Estate Buyers Agents Association of Australia), said the once-popular urban areas had passed the height of the housing market, and because of credit policies, it was difficult for buyers to get enough loans. As a result, buyers who intend to buy their homes in these places face less competition in the market.
In addition, the hunting area in Sydney, the largest decline in apartment prices, to 22.5%. The price of apartments in (The Rocks) and (Balmain East) fell 19.9% and 16.2%, respectively.
In Brisbane, apartment prices in (Bethania), a suburb of Bezaniya, fell 24.7 percent, while in the southern city of Brisbane, (South Brisbane) and (West End), in the west, fell 8.7 percent and 7.4 percent, respectively.
In Perth, the prices of apartments at Poswood (Burswood) and Crowley (Crawley) fell 24.8 percent and 20.7 percent, respectively.
The biggest drop in median house prices in the past 12 months in urban areas. (photo by Aussie)
