Australian property prices fall by up to 20%

Australia's property prices are undergoing a sharp correction, with declines reaching up to 20% in some urban markets, according to John McGrath, who believes the correction is faster than official figures suggest. Other sources have described the correction as the largest in the living memory of the Australian housing market, a development that matters to buyers, investors and property owners alike.

AI-written summary of 2 sources; every verified point is backed by a verbatim quote. How Iyan works

• According to the Cotality daily home value index, values have fallen by 7.6% since early April across Australia's five major cities.

  «Cotality’s daily dwelling values index has plummeted by 7.6% since early April across the five major capital cities»

  MacroBusiness
• Sydney led the decline, with home values there dropping by 9.8%.

  «led by Sydney, where values have fallen by 9.8%»

  MacroBusiness
• McGrath warned that regional markets face further declines, and that the collapse of a major property developer could have wide-ranging repercussions for the sector.

  «warning that regional markets face further declines and the collapse of a major developer could have far-reaching consequences for the industry»

  Elite Agent
• Values continued to fall at an accelerating pace, dropping by 4.2% over the last quarter.

  «Values continue to fall at a furious pace, down 4.2% over the past quarter»

  MacroBusiness

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