Sydney, Melbourne Home Prices Drop 2.7% and 2.3%, Wiping A$185 Billion
Updated
Updated · Bloomberg · Jun 25
Sydney, Melbourne Home Prices Drop 2.7% and 2.3%, Wiping A$185 Billion
1 articles · Updated · Bloomberg · Jun 25
Summary
A$185 billion has been erased from Sydney and Melbourne housing values so far this quarter, marking a sharp hit to Australia’s two biggest property markets.
Sydney led the decline, with prices down 2.7% between March 31 and June 25, cutting A$120 billion from housing stock value; Melbourne fell 2.3%, wiping A$65 billion.
Bloomberg Economics calculated the losses using data from property consultancy Cotality and the Australian Bureau of Statistics.
The downturn threatens the wealth effect that supports household consumption, raising the risk of weaker consumer spending across the broader economy.