Except for Adelaide… property prices are ALL heading south, Australia
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Aussie property data firm PropTrack says national home prices fell for a seventh straight month in November, with all capital cities continuing their declines.
Except in Adelaide.
In Adelaide, the football is in decline but the property is still rising, up another 0.25% to score a new peak.
Around the grounds for November (worst to least worst):
PropTrack says that in capital cities, prices are down 3.09% compared to a year ago, while around the regions prices are 3.89% higher.
In fresh data, the property downturn is starting to hurt the urban glamour suburbs where you’ll find many Stockhead journos.
In the numbers PropTrack has cobbled together exclusively for the legends at news.com.au, some 144 suburbs around the country have fallen out of the million-dollar property tree, since the central bank started hoisting rates back in May.
News reports that firstly, the top 10 suburbs with the largest falls in value came from Brisbane, the NSW Central Coast (north of Sydney) and Canberra.
No Sydney suburbs were in the top 10.
Yet it was NSW which had the most suburbs copping dramatic median price plunges, effectively robbing them of their million-dollar status, with 63 suburbs handing back their club badges.
“Then in Queensland, 39 suburbs got the boot while in Victoria, 20 dipped below the $1 million mark,” writes Alex Turner-Cohen.
In the ACT 14 suburbs experienced a drop in value (which, let’s face it, is probably 98% of them).
Then down in Tasmania three whole suburbs fell out of the clique, leaving Tassie’s remaining members as probably just the owner of MONA and Stockhead editor Peter Farquhar who lives on in awkward determination out of that antique Rolls Royce parked at the back of an unidentified farm near Launceston.
Many of the areas that dropped out of the millionaire’s club had only managed to scrape their way in last year during the housing boom, which saw properties rise nationally by 25 per cent.
However, the largest drop in value was just over 16 per cent, which means not all the gains from last year have been wiped out.