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The typical capital city home price has slipped back below $1m as buyers fail to show up in a “buyers market”, property data firm Cotality has reported.
The median price in the capitals surpassed $1m for the first time back in October but has steadily fallen this year with demand suppressed by rising interest rates and weak confidence in the economy. By the end of August, it fell to $990,394, Cotality found.
The typical home price in Perth passed $1m in March, but slipped to $999,987 by the end of August.
Longer selling times, larger vendor discounting and persistently low auction clearance rates all point to a buyer’s market, yet buyers are lacking the confidence to transact at the moment.
I know so many of your hearts are breaking right now. Look around you, all of Victoria stands behind you and every candle in Federation Square is lit up for you. You are not alone.
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