Home prices back to 2021 levels, Sydney falls lead nation

Auction clearance rates took another hit on the weekend after it became clear last week that there was likely to be another rate hike. Picture: Sam Ruttyn Sydney home values have tumbled for the eighth month in a row in a shift that’s stripped an average $131,000 from city home values and plunged prices back to 2021 levels in some suburbs. Exclusive figures from realestate.com.au revealed city dwelling prices – based on sales of units, townhouses and houses – dropped 0.4 per cent over October and are now an average 6.6 per cent lower than a year ago. Falls in house prices were substantially more, with the median house value dropping by 8 per cent annually. It comes as economists warn an expected rate hike on Melbourne Cup Day this week could plunge the property market into the deepest correction since the 1980s. Realestate.com.au economist Eleanor Creagh said a rate increase on Tuesday “will certainly reinforce the downward pressure already weighing on home prices around the country”. RBA Governor Michele Bullock is expected to announce a rate hike this week. Picture: Nikki Short Economist Andrew Wilson of My Housing Market said the current correction had already equalled the inten...