Prestigious housing markets are facing price falls greater than their outer-suburban counterparts as a result of the sharemarket downturn and the financial crisis.
Australian property Monitors data shows that house values in Sydney’s inner and eastern suburbs fell eight per cent in the six months to September, The Australian reported today.
In contrast house values in Sydney’s western suburbs declined just two per cent.
Adviser Edge economist Louis Christopher told the paper “there are lots of desperate sellers at the top end of the market, with many of them forced to sell and sell very quickly because of what’s happened in the stock market”.
On the west coast housing markets recorded similar results with Perth’s inner city and coastal suburbs falling seven per cent in the six months to September while houses in cheaper south eastern suburbs fell two per cent.
Melbourne’s outer west house prices rose two per cent while inner city values declined by 3 per cent.
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