Australian house values fall in 82 per cent of suburbs as downturn spreads

Prices have fallen in tandem with declining auction clearance rates. Picture: Robert PozoA “perfect storm” of interest rate hikes, war abroad and controversial federal tax reforms has broadened previous weakness in Australia’s housing market into a wider downturn that is now touching nearly every suburb.New data shows what began as a slump confined to Sydney and Melbourne’s blue-chip enclaves has morphed into a bigger correction, ripping through working-class suburbs and coastal hubs alike.The analysis of exclusive realestate.com.au figures revealed a staggering 82.2 per cent of suburbs nationwide recorded average drops in house values over the past three months. MORE: See the latest figures for NSW / Vic / QldIt marks the first full quarter of suburb-by-suburb market data since sweeping federal budget reforms hit the property sector in May, including caps on negative gearing.Just 10.6 per cent of suburbs eked out growth in house values, while 7.1 per cent recorded no change.The past three month represent the first full quarter of sales results since the Labor government’s sweeping tax reforms in the May federal budget. Picture: Getty ImagesThe pain isn’t limited to stand-alone hou...