Australian home prices saw the biggest annual decline in 2022 due to interest rate hikes

Posted on January 9, 2023   |  

In 2022, Australian Home Value Index fell by 5.3% and the nationwide decline in home values is due to a drop of 12.1% in the bellwether market of Sydney, followed by an 8.1% decline in Melbourne, which is the largest annual decline since 2008.

Australian national values fell by 1.1% in December and the $9.4 (A$) trillion housing market declined by 8% since reaching its peak in April 2022, after soaring 28.6% from a pandemic-induced trough.