Record falls for Sydney and Melbourne housing in 2022 – but prices remain above pre-Covid levels

Rents increased by 10.2% nationally, CoreLogic says, despite the decline in home prices

Sydney, Melbourne and Hobart posted record annual falls in property prices in 2022 as higher interest rates sapped demand and amounted to the largest national decline since the global financial crisis, industry analysts say.

However, rent increases were “virtually off the charts” rising an average of 10.2% nationally.

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