UBS announces Australia’s housing boom is over.
Sydney home prices fell 0.6% over the quarter and were down 0.5% over the month, according to property data group Corelogic. Sydney home prices are up 74% since the growth cycle began in early 2012.
Home prices in Darwin and Perth were also down, 4.4% and 0.7% respectively, over the quarter.
Melbourne’s market conditions remain resilient compared to Sydney, with home prices up 0.5% for the month and reaching growth of almost 2% over the quarter.