Sydney’s housing values fell faster than those in Melbourne last month, as declines in the NSW capital sped up to 0.9 per cent on the back of higher borrowing costs and weaker consumer confidence and investor activity following last month’s federal budget.Sydney’s decline in May only just eclipsed Melbourne’s 0.8 per cent fall, but with sales volumes dropping faster and a higher exposure to investor buyers, the NSW capital was set to lead the country’s housing markets down, data provider Cotality said.
Sydney now leads Melbourne in race to bottom of housing market
Accelerating declines in value in the two largest cities have tipped the basket of capital cities negative for the first time since January last year.
82 words~1 min read
