Australian home prices fell by 0.6% in June

In June, home prices dropped by 0.6% from May but prices were still 11.2% higher for the year, which is a huge gain over 2021 and early 2022.
The home prices in capital cities fell by 0.8% in June, while annual growth stalled to 8.7% which is above 20% early this year.
In Sydney, values fell by 1.6% in the month, while in Melbourne fell by 1.1% and annual growth in Sydney also dropped by 6%.
The slowdown across regions is due to higher borrowing costs as the Reserve Bank of Australia (RBA) raised rates in May and June and will raise them again in the next week to control inflation.

image by Zawya

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