Sydney and Melbourne property prices are forecast to fall by as much as 5% next year as affordability challenges and no cuts in interest rates hit the property market, according to a new report by SQM Research.
SQM Research's Christopher’s Housing Boom and Bust report, which has a track record of correctly forecasting price movements, indicated a loss of $80,000 from the average value of houses given prices were already at extreme highs, with the median value of houses currently at about $1.65 million.
Over in New Zealand, CoreLogic’s latest dwelling value results showed average home prices nationally had fallen 16.8% from their post-Covid-19 peak. That drop in house value has had a direct effect on its retirement village operators. Ryman Healthcare in its IH25 results said its unoccupied unit stock increased from 974 at March 2024 to 1.156 at September 2024, predominately newly released serviced apartments.
Village sales and price growth are slowing here in Australia, reported in most conversations with DCM.
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