Some of Melbourne`s wealthiest urban areas were hit hardest during a weak Australian housing market. (photo by Daily Mail)
According to the Daily Mail, some of Melbourne`s wealthiest urban areas were hit hardest during a weak Australian housing market.
In 2018, the worst performing area in the Australian housing market came from inner Melbourne, where median house prices plunged 13.4 percent, including the urban areas of Kew (Kew) and Hawthorne (Hawthorn), according to CoreLogic, a property data analyst.
Median house prices in Ryder (Ryde), north of Sydney, fell 13.3 percent last year.
Eight of the 10 worst performers in Australia`s housing market are from Sydney.
Among them, in the year ending December 31, the southwestern part of Sydney, the southern part of Sutherland County, north-west of (Sutherland Shire), (Baulkham Hills) and Hoxbury (Hawkesbury), in the north-west Western Balamata (Parramatta) and other areas such as housing prices have seen those double-digit decline. The southern part of Melbourne was another area where house prices fell by more than 10% over the same period.
The housing market is not reported to be weak only in Sydney and Melbourne. Data released by Core Logic on Wednesday showed the housing market across Australia was at its worst level since 2008.
Sydney`s house prices have fallen 11.1% since July 2017. More than the 9.6% decline between Year Nineteen Eighty-nine and 1991. In 2018 alone, the city`s median home price fell by 10% to A $918130. Melbourne`s median home price fell by 9.1% to A $751246.
Prices in the two big markets are expected to fall at least 15 percent since their peak in 2017, CoreLogic said.
In addition, overall house prices in Australia fell 4.8 percent last year and 2.3 percent in the last quarter, the biggest quarterly decline in a decade.
In state-run cities, home prices rose 8.3 percent in 2018, with prices rising 8.3 percent. Median prices in Adelaide, Brisbane and Canberra also rose 1.3 percent, 0.4 percent and 3.6 percent, respectively.
The Perth housing market is still struggling, with median house prices falling 4.3% last year.
The median price of Darwin independent homes rose 3.7 percent, but apartment prices plummeted 10.4 percent.
The best performer in remote Australia was a 11.4 percent increase in prices in Longseston (Launceston), northeast of Tata. Melbourne`s lab-chip (La Trobe) and Gypsland (Gippsland) region grew 8.7%.
Inland Kunzhou is the worst, with home prices falling 14.1%. Prices in rural areas of wheat-producing areas in southern Western Australia fell 11 percent, with (Bunbury) in Banbury, south of Perth, down 8.8 percent.
Australia`s most visible decline in house prices in 2018 (annual decline in house prices)
Eastern Melbourne: 13.4% lowe
Ryder (Ryde): down 13.3% north of Sydney
Southwestern Sydney: 10.9% lowe
(Sutherland): down 10.9% in Sutherland, south Sydney
(Hawkesbury) and (Baulkham Hills): fall 10.8% in Hoxbury, north-west Sydney
Western Sydney Baramata (Parramatta): down 10.7%
Southern Melbourne: 10.5%
Southwest Sydney: 9.3%
(Blacktown): falls 9.1% in Perak, west Sydney
Inside and west Sydney: 8.8% lowe
