House prices in some top-tier markets are falling four times faster than the national average as the downturn deepens in response to rising interest rates, data from CoreLogic shows.
In Melbourne, house prices in Stonnington east, Darebin south and Glen Eira slumped by 8.9 per cent, 7.7 per cent, and 7.5 per cent respectively.“Arguably, many of the areas that have recorded the highest rate of capital gain through the growth cycle are the same markets where values have overshot the market,” said Tim Lawless, CoreLogic’s research director.
House prices in the Richmond Valley in NSW have dropped by 6 per cent over the past three months while Creswick-Daylesford-Ballan in Victoria fell by 5.2 per cent. “It’s likely the commutable regional markets will have some level of permanency to the change in housing demand seen through the pandemic, with more employers formalising their hybrid working policies,” Mr Lawless said.