Signs are beginning to appear that some of Australia’s more affluent housing markets are feeling the pinch, according to RP Data.
Sydney’s eastern suburbs, a traditionally popular market, has seen house values fall by 0.9 per cent in the last six months. In Melbourne’s Boroondara Council area prices have fallen by 2.7 per cent.
Tim Lawless of RP Data said that considering 12-year high interest rates and rising numbers of margin calls, upper working class and seaside markets would be more exposed to price falls.
“As more owners place their luxury homes on the market and with fewer buyers, we may see cracks spread further through the inner city and coastal markets,” Mr Lawless said.
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