Sydney housing slump broadens as values fall in 97pct of suburbs

Auction clearance rates have been around the 40-55 per cent mark since the May federal budget. Picture Monique HarmerFalls in Sydney home prices have been accelerating amid warnings of further interest rate hikes, with weaker conditions spreading to areas that had previously been insulated from the ongoing housing slump.Exclusive figures from realestate.com.au, the first full quarter of suburb-by-suburb value movements since the May federal budget, have revealed house prices fell across nearly 97 per cent of Sydney suburbs over the past three months, with only six suburbs recording growth in values.An average of more than $90,000 was wiped off home values over the period in close to 125 areas, or about in five Sydney suburbs.It’s a marked change from the initial stages of the slump, seen in the months before the May budget, when falling home values were largely consigned to the upper and middle-tiers of the market.Price falls have spread to outer suburban areas that had previously been insulated from the slump.MORE: ‘Worst in Aust’: Sydney tenants’ horror rent hikeRecent falls were also widespread across Sydney’s apartment market, which had previously been less impacted by the slum...